80,349 Shares in Reddit, Inc. (NYSE:RDDT) Bought by Tredje AP fonden

Tredje AP fonden acquired a new position in shares of Reddit, Inc. (NYSE:RDDT) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 80,349 shares of the company’s stock, valued at approximately $13,132,000.

A number of other institutional investors have also made changes to their positions in the stock. Swiss National Bank grew its stake in shares of Reddit by 132.8% during the fourth quarter. Swiss National Bank now owns 111,300 shares of the company’s stock worth $18,191,000 after purchasing an additional 63,500 shares during the period. Rakuten Securities Inc. grew its stake in Reddit by 3,205.8% in the fourth quarter. Rakuten Securities Inc. now owns 4,000 shares of the company’s stock valued at $654,000 after acquiring an additional 3,879 shares during the period. Farther Finance Advisors LLC grew its stake in Reddit by 148.5% in the fourth quarter. Farther Finance Advisors LLC now owns 246 shares of the company’s stock valued at $40,000 after acquiring an additional 147 shares during the period. EverSource Wealth Advisors LLC acquired a new position in Reddit in the fourth quarter valued at about $28,000. Finally, HighTower Advisors LLC grew its stake in Reddit by 159.6% in the fourth quarter. HighTower Advisors LLC now owns 30,375 shares of the company’s stock valued at $4,964,000 after acquiring an additional 18,676 shares during the period.

Reddit Stock Down 7.3 %

NYSE:RDDT opened at $121.12 on Friday. The company’s 50 day moving average price is $178.06 and its 200-day moving average price is $132.22. Reddit, Inc. has a 52 week low of $37.35 and a 52 week high of $230.41. The stock has a market cap of $21.91 billion and a price-to-earnings ratio of -15.67.

Reddit (NYSE:RDDT) last issued its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, topping 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%. As a group, sell-side analysts anticipate that Reddit, Inc. will post 1.12 earnings per share for the current year.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Bank of America boosted their target price on Reddit from $180.00 to $190.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th. Robert W. Baird upped their price objective on Reddit from $160.00 to $185.00 and gave the stock a “neutral” rating in a research report on Thursday, February 13th. B. Riley upped their price objective on Reddit from $112.00 to $187.00 and gave the stock a “buy” rating in a research report on Tuesday, January 14th. Needham & Company LLC upped their price objective on Reddit from $190.00 to $220.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. Finally, Roth Capital cut Reddit from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 22nd. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $173.45.

Insiders Place Their Bets

In other news, CAO Michelle Marie Reynolds sold 11,965 shares of the firm’s 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 sale, the chief accounting officer now directly owns 48,418 shares in the company, valued at $7,621,477.38. This trade represents a 19.82 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $176.20, for a total transaction of $2,466,800.00. Following the sale, the chief executive officer now owns 620,971 shares in the company, valued at $109,415,090.20. The trade was a 2.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 393,386 shares of company stock worth $66,673,388.

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.