Russell Investments Group Ltd. Purchases 156,872 Shares of Reddit, Inc. (NYSE:RDDT)

Russell Investments Group Ltd. raised its stake in shares of Reddit, Inc. (NYSE:RDDT - Free Report) by 1,419.3% during the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 167,925 shares of the company's stock after purchasing an additional 156,872 shares during the quarter. Russell Investments Group Ltd. owned 0.10% of Reddit worth $27,573,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in the stock. Plato Investment Management Ltd acquired a new position in Reddit in the 4th quarter valued at approximately $27,000. EverSource Wealth Advisors LLC bought a new stake in shares of Reddit during the fourth quarter valued at approximately $28,000. Ridgewood Investments LLC raised its stake in shares of 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 purchasing an additional 100 shares in the last quarter. Farmers & Merchants Investments Inc. bought a new position in Reddit in the fourth quarter worth $33,000. Finally, Bogart Wealth LLC acquired a new stake in Reddit during the fourth quarter worth $33,000.

Reddit Price Performance

Shares of Reddit stock traded up $0.48 during trading hours on Monday, hitting $101.63. The company's stock had a trading volume of 1,315,385 shares, compared to its average volume of 7,589,813. The stock has a 50 day moving average of $143.88 and a 200 day moving average of $140.36. Reddit, Inc. has a 12 month low of $37.35 and a 12 month high of $230.41. The company has a market capitalization of $18.39 billion and a PE ratio of -13.15.

Remove Ads

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, beating 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%. Equities analysts expect that Reddit, Inc. will post 1.12 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Truist Financial started coverage on shares of Reddit in a research note on Monday, April 7th. They issued a "buy" rating and a $150.00 price objective for the company. Morgan Stanley increased their price target on shares of Reddit from $200.00 to $210.00 and gave the stock an "overweight" rating in a research report on Thursday, February 13th. JPMorgan Chase & Co. decreased their price objective on Reddit from $185.00 to $110.00 and set a "neutral" rating on the stock in a report on Tuesday, April 8th. Bank of America dropped their target price on Reddit from $190.00 to $110.00 and set a "neutral" rating for the company in a report on Wednesday, April 9th. Finally, Redburn Partners set a $75.00 price target on Reddit in a research note on Monday, March 17th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Reddit currently has a consensus rating of "Moderate Buy" and an average price target of $151.73.

Insider Activity

In other Reddit news, Director David C. Habiger bought 774 shares of Reddit stock in a transaction dated Wednesday, March 12th. The stock was bought at an average cost of $130.36 per share, for a total transaction of $100,898.64. Following the purchase, the director now owns 30,808 shares of the company's stock, valued at $4,016,130.88. The trade was a 2.58 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 completion of the sale, the chief accounting officer now owns 48,418 shares in the company, valued at approximately $7,621,477.38. This trade represents a 19.82 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 603,794 shares of company stock worth $89,386,704 in the last quarter.

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.