Portolan Capital Management LLC Buys 87,080 Shares of Reddit, Inc. (NYSE:RDDT)

Portolan Capital Management LLC grew its holdings in shares of Reddit, Inc. (NYSE:RDDT - Free Report) by 195.5% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 131,622 shares of the company's stock after buying an additional 87,080 shares during the period. Reddit accounts for approximately 1.4% of Portolan Capital Management LLC's holdings, making the stock its 18th biggest position. Portolan Capital Management LLC owned 0.07% of Reddit worth $21,512,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of RDDT. Jennison Associates LLC bought a new position in shares of Reddit during the fourth quarter valued at approximately $494,861,000. Renaissance Capital LLC raised its stake in Reddit by 14.2% during the fourth quarter. Renaissance Capital LLC now owns 31,236 shares of the company's stock valued at $5,105,000 after buying an additional 3,892 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Reddit by 27.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 642,456 shares of the company's stock worth $105,003,000 after acquiring an additional 139,135 shares in the last quarter. Assetmark Inc. grew its stake in shares of Reddit by 1,537,566.7% in the fourth quarter. Assetmark Inc. now owns 46,130 shares of the company's stock worth $7,539,000 after acquiring an additional 46,127 shares during the last quarter. Finally, Wellington Management Group LLP increased its holdings in shares of Reddit by 3,640.5% during the third quarter. Wellington Management Group LLP now owns 255,325 shares of the company's stock valued at $16,831,000 after acquiring an additional 248,499 shares in the last quarter.

Reddit Stock Performance

Shares of RDDT traded up $0.66 during mid-day trading on Friday, reaching $96.04. The stock had a trading volume of 2,852,484 shares, compared to its average volume of 5,521,081. The business has a fifty day moving average of $131.49 and a 200 day moving average of $140.37. The firm has a market cap of $17.37 billion and a price-to-earnings ratio of -12.42. Reddit, Inc. has a 12 month low of $40.17 and a 12 month high of $230.41.

Reddit (NYSE:RDDT - Get Free Report) last issued its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.12. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. On average, research analysts forecast that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have weighed in on RDDT shares. Morgan Stanley reduced their price objective on shares of Reddit from $210.00 to $140.00 and set an "overweight" rating for the company in a research note on Thursday. JMP Securities set a $155.00 price objective on Reddit in a research report on Friday, March 28th. Citigroup lowered their price target on Reddit from $220.00 to $150.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Loop Capital reiterated a "buy" rating and issued a $210.00 price objective on shares of Reddit in a report on Tuesday, March 11th. Finally, Redburn Atlantic started coverage on shares of Reddit in a research note on Monday, March 17th. They set a "sell" rating and a $75.00 target price on the stock. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $142.22.

Insider Buying and Selling

In related news, COO Jennifer L. Wong sold 33,334 shares of the firm's stock in a transaction on Wednesday, April 16th. The shares were sold at an average price of $93.99, for a total transaction of $3,133,062.66. Following the completion of the transaction, the chief operating officer now directly owns 1,466,119 shares of the company's stock, valued at approximately $137,800,524.81. This trade represents a 2.22 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Andrew Vollero sold 48,122 shares of the business's stock in a transaction on Monday, February 24th. The stock was sold at an average price of $162.80, for a total transaction of $7,834,261.60. Following the completion of the sale, the chief financial officer now owns 599,295 shares in the company, valued at approximately $97,565,226. The trade was a 7.43 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 714,202 shares of company stock worth $96,326,958.

Reddit Company Profile

Reddit, Inc operates a website that organizes digital communities. It organizes communities based on specific interests that enable users to engage in conversations by sharing experiences, submitting links, uploading images and videos, and replying to one another. The company was founded in 2005 and is headquartered in San Francisco, California.