Reddit, Inc. (NYSE:RDDT) Shares Acquired by Lyell Wealth Management LP

Lyell Wealth Management LP raised its stake in Reddit, Inc. (NYSE:RDDT) by 37.0% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 10,737 shares of the company’s stock after purchasing an additional 2,902 shares during the period. Lyell Wealth Management LP’s holdings in Reddit were worth $1,755,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the business. FMR LLC boosted its stake in Reddit by 302.8% in 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 bought a new position in shares of Reddit during the 4th quarter valued at $494,861,000. Holocene Advisors LP raised its holdings in Reddit by 177.6% in the 3rd quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock worth $198,154,000 after acquiring an additional 1,923,109 shares during the period. Point72 Asset Management L.P. raised its holdings in Reddit by 3,172.0% in the 3rd quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock worth $151,357,000 after acquiring an additional 2,225,895 shares during the period. Finally, Lord Abbett & CO. LLC grew its position in 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 purchasing an additional 1,548,450 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on RDDT. Citigroup raised their price target on shares of Reddit from $200.00 to $220.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. Bank of America raised their price target on shares of Reddit from $180.00 to $190.00 and gave the stock a “neutral” rating in a research report on Thursday, February 13th. B. Riley raised their price target on shares of Reddit from $112.00 to $187.00 and gave the stock a “buy” rating in a research report on Tuesday, January 14th. Raymond James raised their price target on shares of Reddit from $200.00 to $250.00 and gave the stock a “strong-buy” rating in a research report on Monday, February 10th. Finally, Piper Sandler restated an “overweight” rating and issued a $210.00 price target (up from $197.00) on shares of Reddit in a research report on Thursday, February 13th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $175.45.

Insider Transactions at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $201.96, for a total transaction of $2,827,440.00. Following the sale, the chief executive officer now directly owns 614,394 shares of the company’s stock, valued at $124,083,012.24. The trade was a 2.23 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Jennifer L. Wong sold 33,333 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $176.23, for a total transaction of $5,874,274.59. Following the sale, the chief operating officer now directly owns 1,504,297 shares in the company, valued at $265,102,260.31. The trade was a 2.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 212,024 shares of company stock worth $35,086,431.

Reddit Stock Down 4.6 %

Shares of RDDT stock opened at $187.35 on Wednesday. Reddit, Inc. has a 12-month low of $37.35 and a 12-month high of $230.41. The company has a market capitalization of $32.89 billion and a P/E ratio of -24.24. The firm has a 50-day moving average price of $183.54 and a 200 day moving average price of $121.57.

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 the consensus estimate 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, research analysts expect that Reddit, Inc. will post 0.96 earnings per share for the current year.

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.