US Bancorp DE Has $433,000 Position in Reddit, Inc. (NYSE:RDDT)

US Bancorp DE grew its holdings in shares of Reddit, Inc. (NYSE:RDDT - Free Report) by 2,106.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,648 shares of the company's stock after buying an additional 2,528 shares during the quarter. US Bancorp DE's holdings in Reddit were worth $433,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Jennison Associates LLC acquired a new position in Reddit during the fourth quarter valued at approximately $494,861,000. Renaissance Capital LLC grew its stake in Reddit by 14.2% in the fourth quarter. Renaissance Capital LLC now owns 31,236 shares of the company's stock valued at $5,105,000 after purchasing an additional 3,892 shares in the last quarter. Wellington Management Group LLP grew its stake in Reddit by 3,640.5% in the third quarter. Wellington Management Group LLP now owns 255,325 shares of the company's stock valued at $16,831,000 after purchasing an additional 248,499 shares in the last quarter. Newbridge Financial Services Group Inc. grew its stake in Reddit by 666.7% in the fourth quarter. Newbridge Financial Services Group Inc. now owns 2,300 shares of the company's stock valued at $376,000 after purchasing an additional 2,000 shares in the last quarter. Finally, Truxt Investmentos Ltda. bought a new position in Reddit in the fourth quarter valued at approximately $1,321,000.

Insider Buying and Selling

In related news, insider Benjamin Seong Lee sold 92,299 shares of the firm's stock in a transaction 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 trade represents a 44.52 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Jennifer L. Wong sold 33,333 shares of Reddit stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $176.23, for a total value of $5,874,274.59. Following the completion of the transaction, the chief operating officer now owns 1,504,297 shares in the company, valued at approximately $265,102,260.31. This represents a 2.17 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 393,386 shares of company stock worth $66,673,388.

Reddit Price Performance

RDDT stock opened at $130.74 on Thursday. The stock has a market capitalization of $23.65 billion and a price-to-earnings ratio of -16.91. The business's fifty day moving average price is $178.95 and its two-hundred day moving average price is $132.30. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $230.41.

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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 return on equity of 24.71% and a negative net margin of 37.25%. Research analysts expect that Reddit, Inc. will post 1.12 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on RDDT. Loop Capital restated a "buy" rating on shares of Reddit in a research note on Tuesday. Bank of America raised their price target on Reddit from $180.00 to $190.00 and gave the company a "neutral" rating in a research note on Thursday, February 13th. Seaport Res Ptn upgraded Reddit to a "hold" rating in a research note on Thursday, February 6th. The Goldman Sachs Group raised their price objective on Reddit from $105.00 to $176.00 and gave the company a "neutral" rating in a research report on Tuesday, January 14th. Finally, Needham & Company LLC raised their price objective on Reddit from $190.00 to $220.00 and gave the company a "buy" rating in a research report on Thursday, February 13th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $173.45.

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.

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