Reddit, Inc. (NYSE:RDDT) Stock Holdings Lifted by Assetmark Inc.

Assetmark Inc. lifted its stake in shares of Reddit, Inc. (NYSE:RDDT) by 1,537,566.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 46,130 shares of the company’s stock after acquiring an additional 46,127 shares during the quarter. Assetmark Inc.’s holdings in Reddit were worth $7,539,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Plato Investment Management Ltd purchased a new position in shares of Reddit in the fourth quarter worth approximately $27,000. Ridgewood Investments LLC grew its position in Reddit by 100.0% during the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after purchasing an additional 100 shares in the last quarter. Farmers & Merchants Investments Inc. acquired a new stake in Reddit during the 4th quarter valued at $33,000. Bogart Wealth LLC purchased a new stake in shares of Reddit in the fourth quarter valued at $33,000. Finally, Spire Wealth Management acquired a new stake in shares of Reddit in the fourth quarter worth $35,000.

Reddit Trading Down 11.0 %

NYSE RDDT opened at $134.14 on Friday. Reddit, Inc. has a 1 year low of $37.35 and a 1 year high of $230.41. The company has a fifty day simple moving average of $181.61 and a 200 day simple moving average of $130.47. The company has a market cap of $24.27 billion and a P/E ratio of -17.35.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share 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%. Equities research analysts forecast that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently weighed in on RDDT. Morgan Stanley upped their price target on Reddit from $200.00 to $210.00 and gave the company an “overweight” rating in a research report on Thursday, February 13th. JMP Securities increased their price target on shares of Reddit from $190.00 to $200.00 and gave the stock a “market outperform” rating in a research report on Thursday, February 13th. 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 report on Monday, February 10th. Bank of America upped their price objective on shares of Reddit from $180.00 to $190.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th. Finally, Needham & Company LLC lifted their target price on shares of Reddit from $190.00 to $220.00 and gave the company a “buy” rating in a research note on Thursday, February 13th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $175.95.

Insider Transactions at Reddit

In related news, COO Jennifer L. Wong sold 33,333 shares of the company’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $176.23, for a total transaction of $5,874,274.59. Following the completion of the transaction, the chief operating officer now directly owns 1,504,297 shares in the company, valued at $265,102,260.31. This represents a 2.17 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Benjamin Seong Lee sold 92,299 shares of the firm’s stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $157.35, for a total transaction of $14,523,247.65. Following the completion of the sale, the insider now owns 115,001 shares in the company, valued at $18,095,407.35. This represents a 44.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 393,386 shares of company stock worth $66,673,388 over the last three months.

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.