T. Rowe Price Investment Management Inc. Decreases Stake in Reddit, Inc. (NYSE:RDDT)

T. Rowe Price Investment Management Inc. cut its holdings in shares of Reddit, Inc. (NYSE:RDDT - Free Report) by 9.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,684,178 shares of the company's stock after selling 365,090 shares during the quarter. T. Rowe Price Investment Management Inc. owned approximately 2.10% of Reddit worth $602,143,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in RDDT. Jennison Associates LLC bought a new position in shares of Reddit in the fourth quarter worth $494,861,000. Renaissance Capital LLC boosted its stake in Reddit by 14.2% in the 4th quarter. Renaissance Capital LLC now owns 31,236 shares of the company's stock worth $5,105,000 after purchasing an additional 3,892 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Reddit by 27.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 642,456 shares of the company's stock valued at $105,003,000 after buying an additional 139,135 shares in the last quarter. Assetmark Inc. increased its position in shares of Reddit by 1,537,566.7% during the fourth quarter. Assetmark Inc. now owns 46,130 shares of the company's stock valued at $7,539,000 after buying an additional 46,127 shares during the period. Finally, Chung Wu Investment Group LLC purchased a new stake in shares of Reddit in the fourth quarter worth about $327,000.

Insider Activity

In other news, CAO Michelle Marie Reynolds sold 11,965 shares of the company's 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 directly owns 48,418 shares of the company's stock, valued at $7,621,477.38. This represents a 19.82 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Steve Ladd Huffman sold 124,408 shares of the 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 sale, the chief executive officer now owns 583,515 shares in the company, valued at $74,316,470.40. The trade was a 17.57 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 709,202 shares of company stock valued at $95,406,208.

Analyst Ratings Changes

RDDT has been the topic of a number of research analyst reports. The Goldman Sachs Group decreased their target price on Reddit from $185.00 to $124.00 and set a "neutral" rating on the stock in a research note on Monday, April 14th. Seaport Res Ptn raised shares of Reddit to a "hold" rating in a research note on Thursday, February 6th. Piper Sandler cut their price target on shares of Reddit from $220.00 to $140.00 and set an "overweight" rating for the company in a research note on Thursday, April 10th. Wells Fargo & Company dropped their price objective on shares of Reddit from $215.00 to $158.00 and set an "overweight" rating for the company in a report on Monday, March 31st. Finally, Truist Financial began coverage on shares of Reddit in a research report on Monday, April 7th. They issued a "buy" rating and a $150.00 target price for the company. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $142.22.

Reddit Trading Up 7.9 %

NYSE:RDDT opened at $101.60 on Wednesday. Reddit, Inc. has a twelve month low of $40.85 and a twelve month high of $230.41. The company has a market cap of $18.38 billion and a PE ratio of -13.14. The company's 50 day moving average is $126.96 and its two-hundred day moving average is $141.27.

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%. As a group, analysts expect that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

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.

Want to see what other hedge funds are holding RDDT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Reddit, Inc. (NYSE:RDDT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.