Royce & Associates LP cut its holdings in Reddit, Inc. (NYSE:RDDT - Free Report) by 32.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 53,900 shares of the company's stock after selling 25,600 shares during the quarter. Royce & Associates LP's holdings in Reddit were worth $8,809,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds have also made changes to their positions in RDDT. Envestnet Portfolio Solutions Inc. acquired a new position in Reddit in the 4th quarter valued at about $609,000. Natixis Advisors LLC purchased a new stake in shares of Reddit during the fourth quarter worth approximately $2,549,000. Picton Mahoney Asset Management acquired a new stake in shares of Reddit during the fourth quarter worth $19,673,000. Commonwealth Equity Services LLC grew its position in Reddit by 18.5% in the 4th quarter. Commonwealth Equity Services LLC now owns 31,325 shares of the company's stock valued at $5,120,000 after buying an additional 4,898 shares during the last quarter. Finally, Tredje AP fonden acquired a new position in Reddit in the 4th quarter valued at $13,132,000.
Analysts Set New Price Targets
Several brokerages have recently weighed in on RDDT. The Goldman Sachs Group lifted their target price on shares of Reddit from $105.00 to $176.00 and gave the company a "neutral" rating in a report on Tuesday, January 14th. Morgan Stanley boosted their target price on Reddit from $200.00 to $210.00 and gave the stock an "overweight" rating in a research report on Thursday, February 13th. Piper Sandler raised their price target on Reddit from $210.00 to $220.00 and gave the company an "overweight" rating in a report on Friday, February 21st. Wells Fargo & Company upped their price objective on Reddit from $206.00 to $215.00 and gave the stock an "overweight" rating in a report on Thursday, February 13th. Finally, B. Riley increased their price objective on Reddit from $112.00 to $187.00 and gave the stock a "buy" rating in a research report on Tuesday, January 14th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $162.68.
Read Our Latest Analysis on RDDT
Reddit Stock Up 6.2 %
Shares of RDDT traded up $6.71 during trading hours on Friday, reaching $115.46. 7,971,329 shares of the company traded hands, compared to its average volume of 5,560,406. The stock has a market capitalization of $20.89 billion and a PE ratio of -14.94. The stock has a fifty day simple moving average of $171.19 and a 200 day simple moving average of $134.62. 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 EPS for the quarter, topping 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%. Research analysts predict that Reddit, Inc. will post 1.12 EPS for the current fiscal year.
Insiders Place Their Bets
In other news, CEO Steve Ladd Huffman sold 124,408 shares of the stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $127.36, for a total transaction of $15,844,602.88. Following the transaction, the chief executive officer now directly owns 583,515 shares in the company, valued at $74,316,470.40. This represents a 17.57 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Jennifer L. Wong sold 33,333 shares of the business's stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $125.22, for a total transaction of $4,173,958.26. Following the completion of the sale, the chief operating officer now owns 1,466,119 shares of the company's stock, valued at approximately $183,587,421.18. The trade was a 2.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 503,794 shares of company stock valued at $78,350,874.
Reddit Profile
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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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