Reddit, Inc. (NYSE:RDDT) Shares Purchased by Assetmark Inc.

Assetmark Inc. lifted its holdings in Reddit, Inc. (NYSE:RDDT - Free Report) by 1,537,566.7% during the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 46,130 shares of the company's stock after buying an additional 46,127 shares during the period. Assetmark Inc.'s holdings in Reddit were worth $7,539,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Plato Investment Management Ltd purchased a new stake in shares of Reddit during the 4th quarter valued at $27,000. Ridgewood Investments LLC boosted its stake in Reddit by 100.0% in the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company's stock valued at $33,000 after acquiring an additional 100 shares during the last quarter. Farmers & Merchants Investments Inc. bought a new position in shares of Reddit during the 4th quarter valued at approximately $33,000. Bogart Wealth LLC purchased a new stake in shares of Reddit during the 4th quarter worth approximately $33,000. Finally, Spire Wealth Management bought a new stake in shares of Reddit in the 4th quarter worth approximately $35,000.

Insider Buying and Selling

In related news, insider Benjamin Seong Lee sold 92,299 shares of Reddit stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $157.35, for a total value of $14,523,247.65. Following the completion of the sale, the insider now directly owns 115,001 shares in the company, valued at $18,095,407.35. This trade represents a 44.52 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of the business's stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $176.20, for a total transaction of $2,466,800.00. Following the sale, the chief executive officer now directly owns 620,971 shares in the company, valued at approximately $109,415,090.20. This represents a 2.20 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 393,386 shares of company stock worth $66,673,388 in the last 90 days.

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Reddit Stock Down 11.4 %

RDDT stock traded down $15.26 during trading on Monday, hitting $118.72. 2,283,735 shares of the company's stock traded hands, compared to its average volume of 5,470,856. The business has a fifty day simple moving average of $181.61 and a two-hundred day simple moving average of $131.51. The firm has a market capitalization of $21.48 billion and a P/E ratio of -15.34. Reddit, Inc. has a 1 year low of $37.35 and a 1 year high of $230.41.

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

Analysts Set New Price Targets

Several research analysts have recently weighed in on RDDT shares. Wells Fargo & Company increased their price target on Reddit from $206.00 to $215.00 and gave the stock an "overweight" rating in a research note on Thursday, February 13th. Needham & Company LLC boosted their price target on shares of Reddit from $190.00 to $220.00 and gave the company a "buy" rating in a research report on Thursday, February 13th. Seaport Res Ptn raised shares of Reddit to a "hold" rating in a report on Thursday, February 6th. Citigroup reaffirmed a "neutral" rating on shares of Reddit in a report on Thursday, February 13th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Reddit from $142.00 to $185.00 and gave the company a "neutral" rating in a research report on Thursday, February 13th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Reddit currently has an average rating of "Moderate Buy" and a consensus target price of $175.95.

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.