Vanguard Group Inc. Grows Stock Holdings in Reddit, Inc. (NYSE:RDDT)

Vanguard Group Inc. increased its stake in Reddit, Inc. (NYSE:RDDT) by 184.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 9,181,390 shares of the company’s stock after purchasing an additional 5,950,909 shares during the quarter. Vanguard Group Inc. owned 5.23% of Reddit worth $1,500,606,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Jennison Associates LLC bought a new position in shares of Reddit during the 4th quarter valued at $494,861,000. Renaissance Capital LLC increased its position in Reddit by 14.2% during the fourth quarter. Renaissance Capital LLC now owns 31,236 shares of the company’s stock valued at $5,105,000 after acquiring an additional 3,892 shares during the last quarter. Charles Schwab Investment Management Inc. boosted 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 worth $105,003,000 after purchasing an additional 139,135 shares during the last quarter. Assetmark Inc. grew its stake in shares of Reddit by 1,537,566.7% during the 4th quarter. Assetmark Inc. now owns 46,130 shares of the company’s stock valued at $7,539,000 after purchasing an additional 46,127 shares during the period. Finally, Wellington Management Group LLP increased its position in shares of Reddit by 3,640.5% during 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 last quarter.

Reddit Stock Performance

RDDT stock opened at $110.32 on Friday. The company’s fifty day moving average price is $167.31 and its 200-day moving average price is $136.36. Reddit, Inc. has a one year low of $37.35 and a one year high of $230.41. The company has a market capitalization of $19.96 billion and a PE ratio of -14.27.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 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%. On average, research analysts predict that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CTO Christopher Brian Slowe sold 11,000 shares of the company’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $124.08, for a total transaction of $1,364,880.00. Following the sale, the chief technology officer now owns 281,213 shares of the company’s stock, valued at $34,892,909.04. This represents a 3.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Andrew Vollero sold 100,000 shares of the stock in a transaction on Monday, March 24th. The shares were sold at an average price of $124.08, for a total transaction of $12,408,000.00. Following the transaction, the chief financial officer now owns 499,295 shares of the company’s stock, valued at $61,952,523.60. This trade represents a 16.69 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 603,794 shares of company stock worth $90,255,404.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on RDDT shares. JPMorgan Chase & Co. raised their price objective on shares of Reddit from $142.00 to $185.00 and gave the stock a “neutral” rating in a report on Thursday, February 13th. Morgan Stanley lifted their price target on shares of Reddit from $200.00 to $210.00 and gave the stock an “overweight” rating in a research note on Thursday, February 13th. JMP Securities upped their price objective on Reddit from $190.00 to $200.00 and gave the stock a “market outperform” rating in a research note on Thursday, February 13th. Guggenheim lowered their target price on Reddit from $210.00 to $170.00 and set a “buy” rating on the stock in a research report on Thursday, March 20th. Finally, Wells Fargo & Company upped their price target on Reddit from $206.00 to $215.00 and gave the stock an “overweight” rating in a research report on Thursday, February 13th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $167.86.

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.