Sei Investments Co. Increases Stock Holdings in Reddit, Inc. (NYSE:RDDT)

Sei Investments Co. increased its stake in Reddit, Inc. (NYSE:RDDT - Free Report) by 51.7% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 82,306 shares of the company's stock after purchasing an additional 28,065 shares during the period. Sei Investments Co.'s holdings in Reddit were worth $13,452,000 as of its most recent filing with the Securities & Exchange Commission.

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

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Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the company. Roth Mkm cut Reddit from a "buy" rating to a "neutral" rating and upped their price target for the stock from $116.00 to $195.00 in a report on Wednesday, January 22nd. Guggenheim decreased their target price on Reddit from $210.00 to $170.00 and set a "buy" rating on the stock in a research report on Thursday, March 20th. JPMorgan Chase & Co. upped their price target on shares of Reddit from $142.00 to $185.00 and gave the stock a "neutral" rating in a research report on Thursday, February 13th. Seaport Res Ptn raised Reddit to a "hold" rating in a report on Thursday, February 6th. Finally, Piper Sandler boosted their price target on Reddit from $210.00 to $220.00 and gave the stock an "overweight" rating in a research report on Friday, February 21st. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $163.00.

Reddit Trading Down 4.0 %

RDDT traded down $4.26 on Monday, hitting $103.45. The company had a trading volume of 6,064,610 shares, compared to its average volume of 7,297,023. The company's fifty day moving average price is $165.95 and its 200 day moving average price is $137.81. Reddit, Inc. has a 1 year low of $37.35 and a 1 year high of $230.41. The firm has a market cap of $18.71 billion and a P/E ratio of -13.37.

Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, topping the consensus estimate 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, analysts predict that Reddit, Inc. will post 1.12 earnings per share for the current year.

Insider Activity at Reddit

In related news, CEO Steve Ladd Huffman sold 124,408 shares of the business's stock in a transaction on Friday, March 14th. The stock was sold at an average price of $127.36, for a total transaction of $15,844,602.88. Following the completion of the transaction, the chief executive officer now directly owns 583,515 shares of the company's stock, valued at $74,316,470.40. The trade was a 17.57 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Andrew Vollero sold 48,122 shares of the stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $162.80, for a total value of $7,834,261.60. Following the completion of the sale, the chief financial officer now directly owns 599,295 shares in the company, valued at $97,565,226. This represents a 7.43 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 603,794 shares of company stock worth $90,255,404.

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.