Renaissance Capital LLC Purchases 3,892 Shares of Reddit, Inc. (NYSE:RDDT)

Renaissance Capital LLC increased its stake in shares of Reddit, Inc. (NYSE:RDDT - Free Report) by 14.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 31,236 shares of the company's stock after buying an additional 3,892 shares during the quarter. Reddit comprises approximately 3.3% of Renaissance Capital LLC's holdings, making the stock its 12th largest position. Renaissance Capital LLC's holdings in Reddit were worth $5,105,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the stock. Jennison Associates LLC bought a new position in shares of Reddit in the fourth quarter worth $494,861,000. Spire Wealth Management acquired a new stake in Reddit in the fourth quarter worth about $35,000. Destiny Wealth Partners LLC grew its position in Reddit by 71.5% in the 4th quarter. Destiny Wealth Partners LLC now owns 63,238 shares of the company's stock valued at $10,336,000 after buying an additional 26,367 shares in the last quarter. Heck Capital Advisors LLC acquired a new position in Reddit during the 4th quarter valued at about $125,000. Finally, New Wave Wealth Advisors LLC bought a new stake in shares of Reddit during the 4th quarter worth about $69,000.

Reddit Price Performance

Shares of RDDT stock traded up $5.53 during mid-day trading on Wednesday, reaching $220.84. The stock had a trading volume of 3,552,210 shares, compared to its average volume of 4,691,711. Reddit, Inc. has a one year low of $37.35 and a one year high of $221.18. The firm's 50 day simple moving average is $171.57 and its 200 day simple moving average is $111.11.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Raymond James lifted their price target on Reddit from $150.00 to $200.00 and gave the company a "strong-buy" rating in a research report on Tuesday, January 21st. Robert W. Baird boosted their price target on shares of Reddit from $100.00 to $160.00 and gave the stock a "neutral" rating in a research report on Wednesday, December 11th. Morgan Stanley upgraded shares of Reddit from an "equal weight" rating to an "overweight" rating and lifted their price target for the stock from $70.00 to $200.00 in a research report on Monday, December 9th. Wells Fargo & Company initiated coverage on Reddit in a report on Wednesday, December 11th. They issued an "overweight" rating and a $206.00 price target on the stock. Finally, Jefferies Financial Group upped their price target on Reddit from $120.00 to $175.00 and gave the company a "buy" rating in a report on Monday, November 25th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $159.70.

Insider Buying and Selling

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $125.98, for a total value of $1,763,720.00. Following the completion of the transaction, the chief executive officer now directly owns 651,775 shares of the company's stock, valued at approximately $82,110,614.50. This represents a 2.10 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, COO Jennifer L. Wong sold 33,333 shares of the firm's stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $128.13, for a total value of $4,270,957.29. Following the transaction, the chief operating officer now owns 1,542,457 shares of the company's stock, valued at $197,635,015.41. This trade represents a 2.12 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 259,357 shares of company stock valued at $41,121,108 over the last ninety days.

Reddit 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.