Renaissance Technologies LLC Buys 1,198,800 Shares of Reddit, Inc. (NYSE:RDDT)

Renaissance Technologies LLC boosted its holdings in Reddit, Inc. (NYSE:RDDT) by 265.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,650,500 shares of the company’s stock after purchasing an additional 1,198,800 shares during the period. Renaissance Technologies LLC owned about 0.94% of Reddit worth $269,758,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Cerity Partners LLC acquired a new stake in Reddit during the third quarter worth approximately $446,000. The Manufacturers Life Insurance Company bought a new position in Reddit during the 3rd quarter worth approximately $1,053,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in Reddit in the third quarter valued at $349,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in Reddit in the third quarter valued at $2,724,000. Finally, HighTower Advisors LLC raised its stake in Reddit by 154.0% during the 3rd quarter. HighTower Advisors LLC now owns 11,699 shares of the company’s stock worth $770,000 after buying an additional 7,094 shares during the period.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. The Goldman Sachs Group lifted their price objective on shares of Reddit from $105.00 to $176.00 and gave the company a “neutral” rating in a report on Tuesday, January 14th. Robert W. Baird raised their price target on shares of Reddit from $160.00 to $185.00 and gave the stock a “neutral” rating in a research note on Thursday, February 13th. Redburn Atlantic started coverage on shares of Reddit in a research report on Monday, March 17th. They set a “sell” rating and a $75.00 target price for the company. Piper Sandler boosted their price objective on Reddit from $210.00 to $220.00 and gave the company an “overweight” rating in a research note on Friday, February 21st. Finally, Roth Capital lowered shares of Reddit from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 22nd. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Reddit currently has an average rating of “Moderate Buy” and a consensus target price of $162.41.

Insider Activity

In related news, CEO Steve Ladd Huffman sold 124,408 shares of the firm’s stock in a transaction that occurred on Friday, March 14th. The stock was 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 owns 583,515 shares in the company, valued at $74,316,470.40. This trade represents a 17.57 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director David C. Habiger acquired 774 shares of the company’s stock in a transaction on Wednesday, March 12th. The shares were bought at an average price of $130.36 per share, with a total value of $100,898.64. Following the completion of the purchase, the director now directly owns 30,808 shares of the company’s stock, valued at approximately $4,016,130.88. This represents a 2.58 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders sold 603,794 shares of company stock valued at $89,386,704.

Reddit Stock Performance

NYSE RDDT opened at $92.83 on Tuesday. The stock has a market cap of $16.79 billion and a price-to-earnings ratio of -12.01. Reddit, Inc. has a twelve month low of $37.35 and a twelve month high of $230.41. The firm’s 50 day moving average price is $156.11 and its two-hundred day moving average price is $139.45.

Reddit (NYSE:RDDT) last posted its 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 net margin of 37.25% and a negative return on equity of 24.71%. On average, research analysts forecast that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

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.