Jones Financial Companies Lllp Raises Stock Holdings in Reddit, Inc. (NYSE:RDDT)

Jones Financial Companies Lllp boosted its holdings in Reddit, Inc. (NYSE:RDDT) by 81.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,142 shares of the company’s stock after purchasing an additional 1,414 shares during the period. Jones Financial Companies Lllp’s holdings in Reddit were worth $514,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. FMR LLC increased its holdings in Reddit by 302.8% in the 3rd quarter. FMR LLC now owns 12,157,591 shares of the company’s stock worth $801,428,000 after acquiring an additional 9,139,196 shares during the last quarter. Jennison Associates LLC bought a new position in Reddit during the fourth quarter worth about $494,861,000. Point72 Asset Management L.P. raised its position in shares of Reddit by 3,172.0% in the third quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock valued at $151,357,000 after purchasing an additional 2,225,895 shares during the period. Holocene Advisors LP lifted its stake in shares of Reddit by 177.6% during the 3rd quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock valued at $198,154,000 after buying an additional 1,923,109 shares in the last quarter. Finally, Lord Abbett & CO. LLC boosted its holdings in Reddit by 1,519.4% in the 3rd quarter. Lord Abbett & CO. LLC now owns 1,650,362 shares of the company’s stock worth $108,792,000 after buying an additional 1,548,450 shares during the period.

Reddit Stock Down 20.9 %

Shares of NYSE RDDT opened at $105.94 on Tuesday. The firm has a market cap of $19.16 billion and a price-to-earnings ratio of -13.70. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $230.41. The business’s 50 day moving average is $180.42 and its two-hundred day moving average is $131.86.

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 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%. Analysts anticipate that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Benjamin Seong Lee sold 92,299 shares of the firm’s 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 completion of the sale, the insider now owns 115,001 shares in the company, valued at approximately $18,095,407.35. This trade represents a 44.52 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Mary Porter Gale sold 20,000 shares of the firm’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $169.71, for a total transaction of $3,394,200.00. Following the completion of the sale, the director now owns 26,309 shares of the company’s stock, valued at approximately $4,464,900.39. The trade was a 43.19 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 393,386 shares of company stock valued at $66,673,388.

Analyst Ratings Changes

A number of equities analysts have recently commented on RDDT shares. Jefferies Financial Group raised their price objective on shares of Reddit from $120.00 to $175.00 and gave the company a “buy” rating in a research report on Monday, November 25th. JPMorgan Chase & Co. raised their price target on shares of Reddit from $142.00 to $185.00 and gave the company a “neutral” rating in a report on Thursday, February 13th. Loop Capital upped their price target on shares of Reddit from $180.00 to $210.00 and gave the stock a “buy” rating in a report on Thursday, February 13th. Needham & Company LLC lifted their price objective on Reddit from $190.00 to $220.00 and gave the company a “buy” rating in a research note on Thursday, February 13th. Finally, Robert W. Baird boosted their target price on Reddit from $160.00 to $185.00 and gave the stock a “neutral” rating in a research 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 issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $175.95.

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.