Swiss National Bank Increases Position in Reddit, Inc. (NYSE:RDDT)

Swiss National Bank grew its holdings in Reddit, Inc. (NYSE:RDDT) by 132.8% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 111,300 shares of the company’s stock after buying an additional 63,500 shares during the period. Swiss National Bank’s holdings in Reddit were worth $18,191,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Plato Investment Management Ltd purchased a new position in Reddit during the fourth quarter worth about $27,000. EverSource Wealth Advisors LLC purchased a new position in Reddit during the fourth quarter worth about $28,000. Ridgewood Investments LLC raised 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 purchasing an additional 100 shares in the last quarter. Farmers & Merchants Investments Inc. purchased a new position in Reddit during the fourth quarter worth about $33,000. Finally, Bogart Wealth LLC purchased a new position in Reddit during the fourth quarter worth about $33,000.

Insiders Place Their Bets

In other news, insider Benjamin Seong Lee sold 92,299 shares of the firm’s stock in a transaction on Tuesday, March 4th. The shares were 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 of the company’s stock, valued at approximately $18,095,407.35. This trade represents a 44.52 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Steve Ladd Huffman sold 124,408 shares of the firm’s stock in a transaction on Friday, March 14th. The shares were sold at an average price of $127.36, for a total transaction of $15,844,602.88. Following the completion of the transaction, the chief executive officer now directly owns 583,515 shares in the company, valued at approximately $74,316,470.40. This represents a 17.57 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 470,461 shares of company stock valued at $74,176,916 over the last quarter.

Reddit Stock Performance

Shares of NYSE RDDT opened at $110.02 on Wednesday. Reddit, Inc. has a 1 year low of $37.35 and a 1 year high of $230.41. The firm’s 50 day moving average price is $174.74 and its 200 day moving average price is $134.59. The firm has a market cap of $19.90 billion and a P/E ratio of -14.23.

Reddit (NYSE:RDDT) last announced its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, topping 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, equities analysts predict that Reddit, Inc. will post 1.12 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts have issued reports on RDDT shares. Robert W. Baird increased their target price on shares of Reddit from $160.00 to $185.00 and gave the company a “neutral” rating in a report on Thursday, February 13th. Morgan Stanley increased their target price on shares of Reddit from $200.00 to $210.00 and gave the company an “overweight” rating in a report on Thursday, February 13th. Citigroup reaffirmed a “neutral” rating on shares of Reddit in a report on Thursday, February 13th. Redburn Partners set a $75.00 target price on shares of Reddit in a report on Monday. Finally, Roth Capital cut shares of Reddit from a “strong-buy” rating to a “hold” rating in a report on Wednesday, January 22nd. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $164.50.

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.