Atria Investments Inc Takes $467,000 Position in Reddit, Inc. (NYSE:RDDT)

Atria Investments Inc purchased a new stake in shares of Reddit, Inc. (NYSE:RDDT) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 2,856 shares of the company’s stock, valued at approximately $467,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Jennison Associates LLC acquired a new position in shares of Reddit during the 4th quarter valued at about $494,861,000. Renaissance Capital LLC lifted its position in Reddit by 14.2% in the fourth quarter. Renaissance Capital LLC now owns 31,236 shares of the company’s stock valued at $5,105,000 after buying an additional 3,892 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in Reddit by 27.6% in the fourth 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. lifted its position in Reddit by 1,537,566.7% in the fourth 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 position in Reddit by 3,640.5% in the third 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 last quarter.

Insider Activity

In other Reddit news, Director David C. Habiger bought 774 shares of the business’s stock in a transaction dated Wednesday, March 12th. The shares were acquired at an average cost of $130.36 per share, with a total value of $100,898.64. Following the acquisition, the director now directly owns 30,808 shares of the company’s stock, valued at $4,016,130.88. The trade was a 2.58 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Benjamin Seong Lee sold 92,299 shares of Reddit stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $157.35, for a total transaction of $14,523,247.65. Following the completion of the transaction, the insider now directly owns 115,001 shares in the company, valued at $18,095,407.35. The trade was a 44.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 393,386 shares of company stock valued at $66,673,388 in the last ninety days.

Reddit Trading Up 5.1 %

RDDT stock opened at $127.71 on Friday. Reddit, Inc. has a twelve month low of $37.35 and a twelve month high of $230.41. The company’s 50 day moving average is $177.06 and its two-hundred day moving average is $133.22. The stock has a market cap of $23.10 billion and a P/E ratio of -16.52.

Reddit (NYSE:RDDT) last released 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 net margin of 37.25% and a negative return on equity of 24.71%. On average, equities research analysts predict that Reddit, Inc. will post 1.12 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. 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. Morgan Stanley upped their target price on shares of Reddit from $200.00 to $210.00 and gave the company an “overweight” rating in a research report on Thursday, February 13th. Guggenheim assumed coverage on shares of Reddit in a research report on Friday, December 20th. They issued a “buy” rating and a $210.00 target price on the stock. Loop Capital reissued a “buy” rating on shares of Reddit in a research report on Tuesday. Finally, Needham & Company LLC increased their price target on shares of Reddit from $190.00 to $220.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $173.45.

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.