Swiss National Bank Buys 63,500 Shares of Reddit, Inc. (NYSE:RDDT)

Swiss National Bank raised its holdings in shares of Reddit, Inc. (NYSE:RDDT - Free Report) by 132.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 111,300 shares of the company's stock after purchasing an additional 63,500 shares during the period. Swiss National Bank owned about 0.06% of Reddit worth $18,191,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in RDDT. FMR LLC increased its stake in Reddit by 302.8% during the third quarter. FMR LLC now owns 12,157,591 shares of the company's stock valued at $801,428,000 after purchasing an additional 9,139,196 shares during the last quarter. Jennison Associates LLC bought a new position in shares of Reddit during the fourth quarter worth about $494,861,000. Point72 Asset Management L.P. grew its position in shares of Reddit by 3,172.0% during the third quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company's stock worth $151,357,000 after acquiring an additional 2,225,895 shares during the last quarter. Holocene Advisors LP grew its position in shares of Reddit by 177.6% during the third quarter. Holocene Advisors LP now owns 3,005,977 shares of the company's stock worth $198,154,000 after acquiring an additional 1,923,109 shares during the last quarter. Finally, Lord Abbett & CO. LLC grew its position in shares of Reddit by 1,519.4% during the third quarter. Lord Abbett & CO. LLC now owns 1,650,362 shares of the company's stock worth $108,792,000 after acquiring an additional 1,548,450 shares during the last quarter.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Raymond James lowered their price target on shares of Reddit from $250.00 to $200.00 and set a "strong-buy" rating for the company in a research report on Wednesday, March 12th. Citigroup restated a "neutral" rating on shares of Reddit in a research report on Thursday, February 13th. Robert W. Baird upped their price objective on shares of Reddit from $160.00 to $185.00 and gave the stock a "neutral" rating in a report on Thursday, February 13th. Roth Mkm downgraded shares of Reddit from a "buy" rating to a "neutral" rating and upped their price objective for the stock from $116.00 to $195.00 in a report on Wednesday, January 22nd. Finally, Redburn Partners set a $75.00 price objective on shares of Reddit in a report on Monday, March 17th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $162.68.

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Reddit Stock Up 6.2 %

Shares of RDDT traded up $6.71 during trading hours on Friday, reaching $115.46. The company's stock had a trading volume of 7,971,329 shares, compared to its average volume of 5,560,406. The firm has a market cap of $20.89 billion and a price-to-earnings ratio of -14.94. Reddit, Inc. has a 1-year low of $37.35 and a 1-year high of $230.41. The company has a 50 day moving average of $171.19 and a two-hundred day moving average of $134.62.

Reddit (NYSE:RDDT - Get Free Report) last issued its earnings results 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 return on equity of 24.71% and a negative net margin of 37.25%. As a group, analysts forecast that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Benjamin Seong Lee sold 92,299 shares of the stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $157.35, for a total value of $14,523,247.65. Following the transaction, the insider now owns 115,001 shares in the company, valued at approximately $18,095,407.35. This represents a 44.52 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $201.96, for a total value of $2,827,440.00. Following the completion of the transaction, the chief executive officer now owns 614,394 shares in the company, valued at $124,083,012.24. This represents a 2.23 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 503,794 shares of company stock worth $78,350,874.

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.