Renaissance Technologies LLC Acquires 1,198,800 Shares of Reddit, Inc. (NYSE:RDDT)

Renaissance Technologies LLC increased its position in Reddit, Inc. (NYSE:RDDT - Free Report) by 265.4% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,650,500 shares of the company's stock after purchasing an additional 1,198,800 shares during the quarter. Renaissance Technologies LLC owned 0.94% of Reddit worth $269,758,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the company. Ridgewood Investments LLC grew its holdings in Reddit by 100.0% during the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company's stock worth $33,000 after acquiring an additional 100 shares in the last quarter. Proficio Capital Partners LLC raised its position in shares of Reddit by 2.1% during the 4th quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company's stock valued at $966,000 after acquiring an additional 120 shares in the last quarter. Farther Finance Advisors LLC lifted its stake in Reddit by 148.5% during the fourth quarter. Farther Finance Advisors LLC now owns 246 shares of the company's stock worth $40,000 after purchasing an additional 147 shares during the last quarter. UMB Bank n.a. boosted its holdings in Reddit by 10.8% in the fourth quarter. UMB Bank n.a. now owns 1,533 shares of the company's stock worth $251,000 after purchasing an additional 150 shares during the period. Finally, Foundations Investment Advisors LLC increased its stake in Reddit by 3.0% during the fourth quarter. Foundations Investment Advisors LLC now owns 5,325 shares of the company's stock valued at $870,000 after purchasing an additional 155 shares during the last quarter.

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Insider Buying and Selling at Reddit

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the firm's stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $172.79, for a total transaction of $2,419,060.00. Following the completion of the sale, the chief executive officer now directly owns 614,394 shares in the company, valued at approximately $106,161,139.26. This trade represents a 2.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Jennifer L. Wong sold 33,334 shares of the company's stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $173.93, for a total transaction of $5,797,782.62. Following the completion of the transaction, the chief operating officer now owns 1,504,297 shares in the company, valued at approximately $261,642,377.21. This represents a 2.17 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 603,794 shares of company stock valued at $89,386,704 in the last three months.

Reddit Price Performance

Shares of NYSE:RDDT traded down $1.01 on Friday, reaching $101.01. 4,211,959 shares of the company traded hands, compared to its average volume of 5,501,228. The stock has a market capitalization of $18.27 billion and a PE ratio of -13.07. The company's 50 day moving average is $143.88 and its 200-day moving average is $140.36. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $230.41.

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

Wall Street Analysts Forecast Growth

RDDT has been the subject of several research reports. Piper Sandler decreased their price target on shares of Reddit from $220.00 to $140.00 and set an "overweight" rating for the company in a report on Thursday. Citigroup restated an "outperform" rating on shares of Reddit in a research note on Friday, March 28th. Needham & Company LLC reiterated a "buy" rating and set a $220.00 price target on shares of Reddit in a research report on Friday, March 21st. Bank of America reduced their price objective on Reddit from $190.00 to $110.00 and set a "neutral" rating for the company in a research report on Wednesday. Finally, Raymond James dropped their target price on Reddit from $250.00 to $200.00 and set a "strong-buy" rating on the stock in a research report on Wednesday, March 12th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $151.73.

About Reddit

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.