Vanguard Group Inc. Purchases 5,950,909 Shares of Reddit, Inc. (NYSE:RDDT)

Vanguard Group Inc. increased its position in shares of Reddit, Inc. (NYSE:RDDT - Free Report) by 184.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 9,181,390 shares of the company's stock after purchasing an additional 5,950,909 shares during the quarter. Vanguard Group Inc. owned approximately 5.23% of Reddit worth $1,500,606,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in RDDT. Plato Investment Management Ltd purchased a new position in shares of Reddit in the 4th quarter worth approximately $27,000. EverSource Wealth Advisors LLC purchased a new stake in shares of Reddit during the fourth quarter valued at approximately $28,000. Ridgewood Investments LLC lifted its holdings in Reddit by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company's stock worth $33,000 after acquiring an additional 100 shares during the period. Farmers & Merchants Investments Inc. purchased a new position in Reddit in the fourth quarter worth $33,000. Finally, Bogart Wealth LLC bought a new position in Reddit in the 4th quarter valued at $33,000.

Reddit Stock Down 3.6 %

NYSE:RDDT traded down $3.91 during midday trading on Monday, hitting $103.81. The company had a trading volume of 6,227,169 shares, compared to its average volume of 5,314,415. The company has a market capitalization of $18.78 billion and a PE ratio of -13.36. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $230.41. The stock's fifty day moving average price is $165.95 and its 200-day moving average price is $137.81.

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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 earnings per share (EPS) for the quarter, topping the consensus estimate 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, research analysts forecast that Reddit, Inc. will post 1.12 earnings per share for the current year.

Analysts Set New Price Targets

RDDT has been the topic of a number of recent analyst reports. B. Riley lifted their target price on Reddit from $112.00 to $187.00 and gave the stock a "buy" rating in a research note on Tuesday, January 14th. Morgan Stanley lifted their price objective 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. Piper Sandler boosted their target price on Reddit from $210.00 to $220.00 and gave the company an "overweight" rating in a research note on Friday, February 21st. JPMorgan Chase & Co. upped their price target on shares of Reddit from $142.00 to $185.00 and gave the company a "neutral" rating in a research note on Thursday, February 13th. 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, seven have assigned a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $163.00.

Insiders Place Their Bets

In other news, COO Jennifer L. Wong sold 33,334 shares of Reddit stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $173.93, for a total value of $5,797,782.62. Following the transaction, the chief operating officer now owns 1,504,297 shares in the company, valued at approximately $261,642,377.21. The trade was a 2.17 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the business's stock in a transaction dated Tuesday, December 31st. The shares were sold at an average price of $165.33, for a total value of $2,314,620.00. Following the completion of the sale, the chief executive officer now directly owns 614,394 shares of the company's stock, valued at approximately $101,577,760.02. This trade represents a 2.23 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 603,794 shares of company stock valued at $90,255,404 over the last quarter.

Reddit Company 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.