Invesco Ltd. Acquires Shares of 721,958 Reddit, Inc. (NYSE:RDDT)

Invesco Ltd. bought a new position in shares of Reddit, Inc. (NYSE:RDDT) in the 4th quarter, HoldingsChannel.com reports. The institutional investor bought 721,958 shares of the company’s stock, valued at approximately $117,997,000.

A number of other large investors have also recently made changes to their positions in RDDT. Plato Investment Management Ltd bought a new stake in Reddit during the 4th quarter valued at about $27,000. EverSource Wealth Advisors LLC bought a new stake in shares of Reddit during the fourth quarter valued at approximately $28,000. Ridgewood Investments LLC boosted its holdings in shares of Reddit by 100.0% in the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock valued at $33,000 after purchasing an additional 100 shares during the period. Farmers & Merchants Investments Inc. bought a new position in Reddit in the fourth quarter worth approximately $33,000. Finally, Bogart Wealth LLC purchased a new position in Reddit during the 4th quarter worth $33,000.

Reddit Stock Down 1.0 %

RDDT opened at $101.01 on Friday. The company has a market cap of $18.27 billion and a P/E ratio of -13.07. The firm’s 50-day moving average price is $143.88 and its 200-day moving average price is $139.85. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $230.41.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, beating 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, research analysts anticipate that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Andrew Vollero sold 100,000 shares of the company’s stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $124.08, for a total value of $12,408,000.00. Following the sale, the chief financial officer now owns 499,295 shares in the company, valued at $61,952,523.60. This represents a 16.69 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $103.28, for a total transaction of $1,445,920.00. Following the completion of the transaction, the chief executive officer now owns 577,013 shares in the company, valued at approximately $59,593,902.64. This trade represents a 2.37 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 603,794 shares of company stock worth $89,386,704 in the last 90 days.

Analysts Set New Price Targets

RDDT has been the topic of a number of recent research reports. Morgan Stanley increased their price target on Reddit from $200.00 to $210.00 and gave the stock an “overweight” rating in a research report on Thursday, February 13th. JMP Securities set a $155.00 target price on shares of Reddit in a research report on Friday, March 28th. Seaport Res Ptn raised shares of Reddit to a “hold” rating in a research report on Thursday, February 6th. Raymond James cut their price objective on shares of Reddit from $250.00 to $200.00 and set a “strong-buy” rating on the stock in a report on Wednesday, March 12th. Finally, Citigroup reissued an “outperform” rating on shares of Reddit in a research note on Friday, March 28th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Reddit presently has a consensus rating of “Moderate Buy” and an average price target of $151.73.

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.