Victory Capital Management Inc. cut its stake in shares of Reddit, Inc. (NYSE:RDDT - Free Report) by 51.6% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 243,875 shares of the company's stock after selling 260,241 shares during the period. Victory Capital Management Inc. owned approximately 0.14% of Reddit worth $39,859,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in RDDT. FMR LLC increased its position in Reddit by 302.8% during the 3rd quarter. FMR LLC now owns 12,157,591 shares of the company's stock worth $801,428,000 after purchasing an additional 9,139,196 shares during the period. Jennison Associates LLC acquired a new position in Reddit during the 4th quarter worth approximately $494,861,000. Point72 Asset Management L.P. increased its position in Reddit by 3,172.0% during the 3rd quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company's stock worth $151,357,000 after purchasing an additional 2,225,895 shares during the period. Holocene Advisors LP increased its position in Reddit by 177.6% during the 3rd quarter. Holocene Advisors LP now owns 3,005,977 shares of the company's stock worth $198,154,000 after purchasing an additional 1,923,109 shares during the period. Finally, Lord Abbett & CO. LLC grew its holdings in shares of Reddit by 1,519.4% in the 3rd 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 period.
Insider Buying and Selling
In related news, insider Benjamin Seong Lee sold 92,299 shares of the 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 completion of the sale, the insider now directly owns 115,001 shares in the company, valued at approximately $18,095,407.35. This represents a 44.52 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Christopher Brian Slowe sold 5,000 shares of the stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $184.15, for a total value of $920,750.00. Following the completion of the sale, the chief technology officer now owns 35,252 shares of the company's stock, valued at approximately $6,491,655.80. This represents a 12.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 393,386 shares of company stock valued at $66,673,388.
Analyst Ratings Changes
A number of research firms recently weighed in on RDDT. Seaport Res Ptn upgraded Reddit to a "hold" rating in a report on Thursday, February 6th. Piper Sandler upped their price target on Reddit from $210.00 to $220.00 and gave the stock an "overweight" rating in a report on Friday, February 21st. Needham & Company LLC upped their price target on Reddit from $190.00 to $220.00 and gave the stock a "buy" rating in a report on Thursday, February 13th. Roth Capital cut Reddit from a "strong-buy" rating to a "hold" rating in a report on Wednesday, January 22nd. Finally, Jefferies Financial Group upped their target price on Reddit from $120.00 to $175.00 and gave the company a "buy" rating in a research note on Monday, November 25th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $175.95.
Get Our Latest Analysis on RDDT
Reddit Stock Performance
Shares of RDDT traded down $16.58 during trading hours on Friday, hitting $134.14. The stock had a trading volume of 13,824,222 shares, compared to its average volume of 5,478,177. The firm has a market cap of $24.27 billion and a P/E ratio of -17.35. The company's fifty day simple moving average is $181.61 and its 200 day simple moving average is $130.99. Reddit, Inc. has a 12-month low of $37.35 and a 12-month high of $230.41.
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, 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, sell-side analysts predict that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.
About Reddit
(
Free Report)
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.
Further Reading
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