Sei Investments Co. Has $13.45 Million Holdings in Reddit, Inc. (NYSE:RDDT)

Sei Investments Co. raised its stake in shares of Reddit, Inc. (NYSE:RDDT) by 51.7% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 82,306 shares of the company’s stock after purchasing an additional 28,065 shares during the period. Sei Investments Co.’s holdings in Reddit were worth $13,452,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. American Century Companies Inc. bought a new position in shares of Reddit in the fourth quarter valued at approximately $1,395,000. Virtu Financial LLC bought a new position in Reddit during the 4th quarter valued at $5,395,000. Mindset Wealth Management LLC bought a new position in Reddit during the 4th quarter valued at $327,000. Oxford Financial Group LTD. LLC purchased a new position in Reddit during the 4th quarter worth $2,400,000. Finally, TD Private Client Wealth LLC bought a new stake in shares of Reddit in the 4th quarter worth $130,000.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on RDDT shares. Bank of America raised their price target on shares of Reddit from $180.00 to $190.00 and gave the company a “neutral” rating in a research report on Thursday, February 13th. Guggenheim lowered their target price on Reddit from $210.00 to $170.00 and set a “buy” rating on the stock in a research note on Thursday, March 20th. Raymond James decreased their price objective on shares of Reddit from $250.00 to $200.00 and set a “strong-buy” rating for the company in a report on Wednesday, March 12th. JMP Securities set a $155.00 target price on shares of Reddit in a research note on Friday. Finally, Seaport Res Ptn upgraded shares of Reddit to a “hold” rating in a research note on Thursday, February 6th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $165.71.

Reddit Trading Down 2.4 %

Shares of RDDT opened at $107.57 on Friday. The stock has a 50-day moving average price of $165.95 and a 200-day moving average price of $136.71. The company has a market cap of $19.46 billion and a PE ratio of -13.92. Reddit, Inc. has a 12-month low of $37.35 and a 12-month high of $230.41.

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

Insider Activity

In other Reddit news, CAO Michelle Marie Reynolds sold 11,965 shares of the firm’s stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $157.41, for a total transaction 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 approximately $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 can be accessed through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the company’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 completion of the transaction, the chief executive officer now 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. In the last three months, insiders have sold 603,794 shares of company stock worth $90,255,404.

Reddit 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.