Reddit, Inc. (NYSE:RDDT) Shares Sold by T. Rowe Price Investment Management Inc.

T. Rowe Price Investment Management Inc. decreased its holdings in shares of Reddit, Inc. (NYSE:RDDT) by 9.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,684,178 shares of the company’s stock after selling 365,090 shares during the quarter. T. Rowe Price Investment Management Inc.’s holdings in Reddit were worth $602,143,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in RDDT. FMR LLC increased its position in shares of Reddit by 7.5% during the fourth quarter. FMR LLC now owns 13,070,780 shares of the company’s stock valued at $2,136,288,000 after acquiring an additional 913,189 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of Reddit by 184.2% during the 4th quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company’s stock worth $1,500,606,000 after purchasing an additional 5,950,909 shares during the period. Jennison Associates LLC acquired a new stake in Reddit in the 4th quarter valued at approximately $494,861,000. Alliancebernstein L.P. increased its holdings in Reddit by 1,011.1% in the 4th quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company’s stock valued at $455,795,000 after purchasing an additional 2,537,768 shares during the last quarter. Finally, Brooklyn FI LLC purchased a new stake in Reddit in the fourth quarter valued at approximately $303,082,000.

Reddit Stock Up 7.9 %

Shares of RDDT opened at $101.60 on Wednesday. The company has a market capitalization of $18.38 billion and a price-to-earnings ratio of -13.14. Reddit, Inc. has a 52-week low of $40.85 and a 52-week high of $230.41. The stock has a 50 day moving average price of $126.96 and a 200 day moving average price of $141.27.

Reddit (NYSE:RDDT) last issued its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, beating 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, equities analysts anticipate that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Andrew Vollero sold 48,122 shares of the stock in a transaction on Monday, February 24th. The shares were sold at an average price of $162.80, for a total transaction of $7,834,261.60. Following the completion of the sale, the chief financial officer now owns 599,295 shares in the company, valued at $97,565,226. This represents a 7.43 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Michelle Marie Reynolds sold 11,965 shares of Reddit stock in a transaction on 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 transaction, the chief accounting officer now owns 48,418 shares in the company, valued at approximately $7,621,477.38. This represents a 19.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 709,202 shares of company stock valued at $95,406,208.

Wall Street Analysts Forecast Growth

RDDT has been the subject of several research analyst reports. Roth Mkm lowered Reddit from a “buy” rating to a “neutral” rating and raised their price target for the stock from $116.00 to $195.00 in a research report on Wednesday, January 22nd. Robert W. Baird raised their target price on Reddit from $160.00 to $185.00 and gave the company a “neutral” rating in a report on Thursday, February 13th. Loop Capital reaffirmed a “buy” rating and issued a $210.00 target price on shares of Reddit in a research report on Tuesday, March 11th. Needham & Company LLC reissued a “buy” rating and set a $220.00 price target on shares of Reddit in a research report on Friday, March 21st. Finally, Raymond James dropped 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. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, fourteen 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 an average rating of “Moderate Buy” and an average price target of $142.22.

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.