Harvest Fund Management Co. Ltd Buys Shares of 985 Reddit, Inc. (NYSE:RDDT)

Harvest Fund Management Co. Ltd bought a new stake in Reddit, Inc. (NYSE:RDDT) during the 4th quarter, Holdings Channel.com reports. The fund bought 985 shares of the company’s stock, valued at approximately $161,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in RDDT. FMR LLC grew its stake in Reddit by 302.8% in the third quarter. FMR LLC now owns 12,157,591 shares of the company’s stock valued at $801,428,000 after purchasing an additional 9,139,196 shares during the last quarter. Jennison Associates LLC purchased a new position in Reddit in the fourth quarter valued at about $494,861,000. Point72 Asset Management L.P. grew its stake in Reddit by 3,172.0% in the third quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock valued at $151,357,000 after purchasing an additional 2,225,895 shares during the last quarter. Holocene Advisors LP grew its stake in Reddit by 177.6% in the third quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock valued at $198,154,000 after purchasing an additional 1,923,109 shares during the last quarter. Finally, Brooklyn FI LLC purchased a new stake in shares of Reddit during the fourth quarter worth about $303,082,000.

Insider Activity

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction dated Tuesday, December 31st. The stock was sold at an average price of $165.33, for a total transaction of $2,314,620.00. Following the transaction, the chief executive officer now owns 614,394 shares of the company’s stock, valued at approximately $101,577,760.02. This represents a 2.23 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Christopher Brian Slowe sold 11,000 shares of the stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $169.85, for a total value of $1,868,350.00. Following the transaction, the chief technology officer now directly owns 324,837 shares in the company, valued at approximately $55,173,564.45. The trade was a 3.28 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 503,794 shares of company stock valued at $78,350,874 in the last quarter.

Reddit Price Performance

Shares of RDDT stock opened at $115.46 on Friday. The company has a market cap of $20.89 billion and a price-to-earnings ratio of -14.94. The stock has a 50 day simple moving average of $171.19 and a 200-day simple moving average of $135.16. Reddit, Inc. has a 1-year low of $37.35 and a 1-year high of $230.41.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 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%. Analysts anticipate that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Roth Mkm lowered Reddit from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $116.00 to $195.00 in a research note on Wednesday, January 22nd. B. Riley boosted their price target on Reddit from $112.00 to $187.00 and gave the stock a “buy” rating in a research note on Tuesday, January 14th. Needham & Company LLC restated a “buy” rating and set a $220.00 price target on shares of Reddit in a research note on Friday. Bank of America boosted their price target on Reddit from $180.00 to $190.00 and gave the stock a “neutral” rating in a research note on Thursday, February 13th. Finally, Morgan Stanley boosted their price target on Reddit from $200.00 to $210.00 and gave the stock an “overweight” rating in a research note on Thursday, February 13th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $162.68.

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.