Swiss National Bank Grows Stock Position in Reddit, Inc. (NYSE:RDDT)

Swiss National Bank increased its position in shares of Reddit, Inc. (NYSE:RDDT) by 132.8% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 111,300 shares of the company’s stock after buying an additional 63,500 shares during the quarter. Swiss National Bank owned about 0.06% of Reddit worth $18,191,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. FMR LLC raised its position in Reddit by 302.8% in the third quarter. FMR LLC now owns 12,157,591 shares of the company’s stock valued at $801,428,000 after purchasing an additional 9,139,196 shares during the period. Jennison Associates LLC purchased a new stake in Reddit in the fourth quarter valued at approximately $494,861,000. Holocene Advisors LP raised its position in Reddit by 177.6% in the third quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock valued at $198,154,000 after purchasing an additional 1,923,109 shares during the period. Point72 Asset Management L.P. raised its position in 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. Finally, Lord Abbett & CO. LLC raised its position in Reddit by 1,519.4% in the third quarter. Lord Abbett & CO. LLC now owns 1,650,362 shares of the company’s stock valued at $108,792,000 after purchasing an additional 1,548,450 shares during the period.

Insider Buying and Selling at Reddit

In other news, CTO Christopher Brian Slowe sold 11,000 shares of the company’s stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $169.85, for a total value of $1,868,350.00. Following the completion of the sale, the chief technology officer now directly owns 324,837 shares of the company’s stock, valued at approximately $55,173,564.45. This represents a 3.28 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Benjamin Seong Lee sold 92,299 shares of the company’s stock in a transaction dated 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 sale, the insider now directly owns 115,001 shares of the company’s stock, 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 sold 470,461 shares of company stock worth $74,176,916 over the last 90 days.

Reddit Trading Down 12.4 %

Shares of RDDT stock opened at $110.02 on Wednesday. The firm has a fifty day moving average price of $174.74 and a 200 day moving average price of $134.59. The company has a market cap of $19.90 billion and a P/E ratio of -14.23. Reddit, Inc. has a 12 month low of $37.35 and a 12 month high of $230.41.

Reddit (NYSE:RDDT) last released its quarterly earnings data 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 forecast that Reddit, Inc. will post 1.12 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on RDDT. Needham & Company LLC boosted their target price on Reddit from $190.00 to $220.00 and gave the company a “buy” rating in a research report on Thursday, February 13th. Redburn Partners set a $75.00 target price on Reddit in a research report on Monday. Piper Sandler boosted their price target on shares of Reddit from $210.00 to $220.00 and gave the stock an “overweight” rating in a research note on Friday, February 21st. Redburn Atlantic assumed coverage on shares of Reddit in a research note on Monday. They issued a “sell” rating and a $75.00 price target for the company. Finally, Loop Capital restated a “buy” rating and issued a $210.00 price target on shares of Reddit in a research note on Tuesday, March 11th. Two research analysts have 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. Based on data from MarketBeat, Reddit has a consensus rating of “Hold” and a consensus price target of $164.50.

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.