Vanguard Group Inc. Grows Stock Position in Reddit, Inc. (NYSE:RDDT)

Vanguard Group Inc. boosted its position in shares of Reddit, Inc. (NYSE:RDDT) by 184.2% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 9,181,390 shares of the company’s stock after buying an additional 5,950,909 shares during the quarter. Vanguard Group Inc. owned 0.05% of Reddit worth $1,500,606,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Plato Investment Management Ltd bought a new stake in shares of Reddit in the 4th quarter worth about $27,000. EverSource Wealth Advisors LLC bought a new stake in Reddit in the fourth quarter worth about $28,000. Ridgewood Investments LLC grew its stake in shares of Reddit by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock valued at $33,000 after buying an additional 100 shares during the last quarter. Farmers & Merchants Investments Inc. purchased a new stake in shares of Reddit in the fourth quarter worth approximately $33,000. Finally, Bogart Wealth LLC bought a new stake in shares of Reddit during the 4th quarter worth approximately $33,000.

Analyst Ratings Changes

Several equities analysts have commented on RDDT shares. Loop Capital reaffirmed a “buy” rating and issued a $210.00 price objective on shares of Reddit in a research report on Tuesday, March 11th. Redburn Atlantic started coverage on shares of Reddit in a report on Monday, March 17th. They issued a “sell” rating and a $75.00 price target on the stock. Roth Capital downgraded shares of Reddit from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 22nd. Piper Sandler boosted their price objective on shares of Reddit from $210.00 to $220.00 and gave the company an “overweight” rating in a research report on Friday, February 21st. Finally, Roth Mkm downgraded shares of Reddit from a “buy” rating to a “neutral” rating and upped their target price for the stock from $116.00 to $195.00 in a research note on Wednesday, January 22nd. Two analysts have rated the stock with a sell rating, eight have given a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Reddit currently has a consensus rating of “Moderate Buy” and a consensus target price of $167.86.

Reddit Price Performance

RDDT opened at $110.32 on Friday. The firm has a market capitalization of $19.96 billion and a PE ratio of -14.27. The business’s 50-day moving average is $167.31 and its two-hundred day moving average is $136.36. 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 data 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, sell-side analysts expect that Reddit, Inc. will post 1.12 EPS for the current year.

Insider Transactions at Reddit

In related news, CAO Michelle Marie Reynolds sold 11,965 shares of Reddit stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $157.41, for a total value of $1,883,410.65. Following the completion of the sale, the chief accounting officer now directly owns 48,418 shares in the company, valued at $7,621,477.38. This trade represents a 19.82 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction that occurred on 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 sale, the chief executive officer now directly owns 614,394 shares in the company, valued at approximately $101,577,760.02. This represents a 2.23 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 603,794 shares of company stock valued at $90,255,404.

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.