Rhumbline Advisers Buys Shares of 4,520 Reddit, Inc. (NYSE:RDDT)

Rhumbline Advisers purchased a new position in shares of Reddit, Inc. (NYSE:RDDT) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 4,520 shares of the company’s stock, valued at approximately $739,000.

Several other institutional investors and hedge funds have also recently modified their holdings of RDDT. Ridgewood Investments LLC raised its stake in Reddit by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after purchasing an additional 100 shares during the period. Farmers & Merchants Investments Inc. purchased a new stake in shares of Reddit during the 4th quarter valued at approximately $33,000. Bogart Wealth LLC acquired a new position in Reddit in the fourth quarter valued at approximately $33,000. Spire Wealth Management acquired a new position in Reddit in the fourth quarter valued at approximately $35,000. Finally, Blue Trust Inc. purchased a new position in Reddit in the fourth quarter worth approximately $59,000.

Analyst Upgrades and Downgrades

A number of research firms have commented on RDDT. Wells Fargo & Company lifted their target price on Reddit from $206.00 to $215.00 and gave the company an “overweight” rating in a research report on Thursday, February 13th. Piper Sandler upped their target price on shares of Reddit from $210.00 to $220.00 and gave the company an “overweight” rating in a research report on Friday, February 21st. B. Riley lifted their price target on shares of Reddit from $112.00 to $187.00 and gave the company a “buy” rating in a research report on Tuesday, January 14th. Seaport Res Ptn raised shares of Reddit to a “hold” rating in a research note on Thursday, February 6th. Finally, Morgan Stanley lifted their target price on shares of Reddit from $200.00 to $210.00 and gave the company an “overweight” rating in a report on Thursday, February 13th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $175.95.

Reddit Stock Performance

RDDT stock opened at $134.14 on Friday. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $230.41. The company’s 50 day moving average price is $181.61 and its 200 day moving average price is $130.47. The firm has a market capitalization of $24.27 billion and a price-to-earnings ratio of -17.35.

Reddit (NYSE:RDDT) last issued its 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%. Equities analysts forecast that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Insider Activity

In related news, insider Benjamin Seong Lee sold 92,299 shares of the stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $157.35, for a total value of $14,523,247.65. Following the transaction, the insider now directly owns 115,001 shares of the company’s stock, valued at $18,095,407.35. This trade represents a 44.52 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Michelle Marie Reynolds sold 11,965 shares of Reddit stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $157.41, for a total transaction of $1,883,410.65. Following the sale, the chief accounting officer now owns 48,418 shares in the company, valued at $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. In the last 90 days, insiders have sold 393,386 shares of company stock worth $66,673,388.

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.