Rhumbline Advisers acquired a new stake in shares of Reddit, Inc. (NYSE:RDDT - Free Report) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm acquired 4,520 shares of the company's stock, valued at approximately $739,000.
A number of other large investors also recently modified their holdings of the company. Ridgewood Investments LLC boosted its holdings in shares of Reddit by 100.0% in the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company's stock worth $33,000 after purchasing an additional 100 shares during the period. Farmers & Merchants Investments Inc. purchased a new stake in shares of Reddit in the fourth quarter valued at $33,000. Bogart Wealth LLC bought a new stake in shares of Reddit in the 4th quarter worth about $33,000. Spire Wealth Management bought a new position in Reddit during the 4th quarter valued at about $35,000. Finally, Blue Trust Inc. bought a new position in shares of Reddit during the fourth quarter valued at approximately $59,000.
Insider Transactions at Reddit
In other news, CAO Michelle Marie Reynolds sold 11,965 shares of the stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $157.41, for a total value of $1,883,410.65. Following the sale, the chief accounting officer now owns 48,418 shares in the company, valued at $7,621,477.38. This represents a 19.82 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Andrew Vollero sold 48,122 shares of the business's stock in a transaction on Monday, February 24th. The shares were sold at an average price of $162.80, for a total transaction of $7,834,261.60. Following the transaction, the chief financial officer now owns 599,295 shares of the company's stock, valued at $97,565,226. This represents a 7.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 393,386 shares of company stock worth $66,673,388 over the last three months.
Analysts Set New Price Targets
Several analysts have recently weighed in on the company. Loop Capital lifted their target price on Reddit from $180.00 to $210.00 and gave the stock a "buy" rating in a research report on Thursday, February 13th. Seaport Res Ptn raised shares of Reddit to a "hold" rating in a research report on Thursday, February 6th. Needham & Company LLC upped their target price on shares of Reddit from $190.00 to $220.00 and gave the stock a "buy" rating in a research note on Thursday, February 13th. Bank of America lifted their price target on shares of Reddit from $180.00 to $190.00 and gave the company a "neutral" rating in a research note on Thursday, February 13th. Finally, Piper Sandler upped their price objective on shares of Reddit from $210.00 to $220.00 and gave the stock an "overweight" rating in a research note on Friday, February 21st. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $175.95.
Read Our Latest Analysis on Reddit
Reddit Price Performance
NYSE:RDDT traded down $11.81 during trading hours on Monday, hitting $122.17. 1,019,875 shares of the company were exchanged, compared to its average volume of 5,463,518. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $230.41. The stock has a market capitalization of $22.10 billion and a price-to-earnings ratio of -15.99. The company's 50 day moving average price is $181.61 and its 200-day moving average price is $131.51.
Reddit (NYSE:RDDT - Get Free Report) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, beating analysts' consensus estimates 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, equities analysts predict that Reddit, Inc. will post 1.12 earnings per share for the current year.
About Reddit
(
Free Report)
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.
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