Amundi Purchases 130,850 Shares of Reddit, Inc. (NYSE:RDDT)

Amundi increased its position in shares of Reddit, Inc. (NYSE:RDDT) by 13,601.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 131,812 shares of the company’s stock after acquiring an additional 130,850 shares during the quarter. Amundi owned about 0.08% of Reddit worth $22,673,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Jennison Associates LLC acquired a new position in shares of Reddit during the 4th quarter worth about $494,861,000. Renaissance Capital LLC grew its holdings in shares of Reddit by 14.2% in the 4th 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 period. Charles Schwab Investment Management Inc. increased its position in shares of Reddit by 27.6% in the 4th 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 in the last quarter. Assetmark Inc. raised its stake in Reddit by 1,537,566.7% during the 4th quarter. Assetmark Inc. now owns 46,130 shares of the company’s stock worth $7,539,000 after buying an additional 46,127 shares during the period. Finally, Wellington Management Group LLP grew its position in shares of Reddit by 3,640.5% in the 3rd quarter. Wellington Management Group LLP now owns 255,325 shares of the company’s stock valued at $16,831,000 after purchasing an additional 248,499 shares during the period.

Reddit Trading Down 7.3 %

Shares of RDDT stock opened at $121.12 on Friday. The business’s 50-day moving average price is $178.06 and its 200-day moving average price is $132.22. Reddit, Inc. has a 12 month low of $37.35 and a 12 month high of $230.41. The firm has a market capitalization of $21.91 billion and a price-to-earnings ratio of -15.67.

Reddit (NYSE:RDDT) last posted its earnings results 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, sell-side analysts predict that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

RDDT has been the topic of a number of research reports. Citigroup reissued a “neutral” rating on shares of Reddit in a research report on Thursday, February 13th. JMP Securities raised their price objective on Reddit from $190.00 to $200.00 and gave the company a “market outperform” rating in a research report on Thursday, February 13th. B. Riley upped their price target on shares of Reddit from $112.00 to $187.00 and gave the company a “buy” rating in a research note on Tuesday, January 14th. Roth Mkm downgraded Reddit from a “buy” rating to a “neutral” rating and boosted their price target for the company from $116.00 to $195.00 in a research note on Wednesday, January 22nd. Finally, Wells Fargo & Company increased their price objective on Reddit from $206.00 to $215.00 and gave the stock an “overweight” rating in a research report on Thursday, February 13th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $173.45.

Insider Buying and Selling at Reddit

In other news, insider Benjamin Seong Lee sold 92,299 shares of the business’s stock in a transaction dated Tuesday, March 4th. The stock was 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. The trade was a 44.52 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Mary Porter Gale sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $169.71, for a total value of $3,394,200.00. Following the sale, the director now directly owns 26,309 shares of the company’s stock, valued at $4,464,900.39. This represents a 43.19 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 393,386 shares of company stock valued at $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.