Fmr LLC Acquires 913,189 Shares of Reddit, Inc. (NYSE:RDDT)

Fmr LLC increased its holdings in Reddit, Inc. (NYSE:RDDT) by 7.5% in the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 13,070,780 shares of the company’s stock after buying an additional 913,189 shares during the quarter. Fmr LLC owned about 7.44% of Reddit worth $2,136,288,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Jennison Associates LLC bought a new stake in shares of Reddit in the fourth quarter worth approximately $494,861,000. Renaissance Capital LLC grew its position in Reddit by 14.2% in the 4th quarter. Renaissance Capital LLC now owns 31,236 shares of the company’s stock worth $5,105,000 after purchasing an additional 3,892 shares during the period. Charles Schwab Investment Management Inc. raised its stake in Reddit by 27.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 642,456 shares of the company’s stock valued at $105,003,000 after buying an additional 139,135 shares during the last quarter. Assetmark Inc. raised its stake in Reddit by 1,537,566.7% during the 4th quarter. Assetmark Inc. now owns 46,130 shares of the company’s stock valued at $7,539,000 after buying an additional 46,127 shares during the last quarter. Finally, Wellington Management Group LLP lifted its holdings in shares of Reddit by 3,640.5% during the 3rd quarter. Wellington Management Group LLP now owns 255,325 shares of the company’s stock valued at $16,831,000 after buying an additional 248,499 shares during the period.

Reddit Trading Down 10.5 %

RDDT opened at $86.72 on Monday. The firm has a market cap of $15.69 billion and a P/E ratio of -11.22. The stock has a 50-day moving average of $157.86 and a 200 day moving average of $139.25. Reddit, Inc. has a 12 month low of $37.35 and a 12 month high of $230.41.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. On average, research analysts forecast that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

Analyst Ratings Changes

RDDT has been the subject of a number of research reports. Redburn Partners set a $75.00 price objective on Reddit in a research report on Monday, March 17th. Wells Fargo & Company lowered their price objective on shares of Reddit from $215.00 to $158.00 and set an “overweight” rating on the stock in a research note on Monday, March 31st. Seaport Res Ptn upgraded shares of Reddit to a “hold” rating in a research report on Thursday, February 6th. Bank of America increased 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. Finally, JMP Securities set a $155.00 price objective on shares of Reddit in a research report on Friday, March 28th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Reddit presently has a consensus rating of “Moderate Buy” and a consensus price target of $163.00.

Insider Activity at Reddit

In other news, CFO Andrew Vollero sold 48,122 shares of the business’s stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $162.80, for a total transaction of $7,834,261.60. Following the transaction, the chief financial officer now directly owns 599,295 shares in the company, valued at $97,565,226. The trade was a 7.43 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $201.96, for a total value of $2,827,440.00. Following the transaction, the chief executive officer now owns 614,394 shares in the company, valued at approximately $124,083,012.24. The trade was a 2.23 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 603,794 shares of company stock valued at $89,386,704 in the last ninety days.

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.