Neuberger Berman Group LLC Buys Shares of 290,975 Reddit, Inc. (NYSE:RDDT)

Neuberger Berman Group LLC bought a new stake in shares of Reddit, Inc. (NYSE:RDDT) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 290,975 shares of the company’s stock, valued at approximately $47,557,000.

Other large investors also recently made changes to their positions in the company. FMR LLC boosted its holdings in shares of Reddit by 7.5% in the fourth quarter. FMR LLC now owns 13,070,780 shares of the company’s stock worth $2,136,288,000 after buying an additional 913,189 shares during the period. Vanguard Group Inc. raised its position in shares of Reddit by 184.2% in the fourth quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company’s stock valued at $1,500,606,000 after purchasing an additional 5,950,909 shares during the period. Jennison Associates LLC bought a new position in shares of Reddit in the fourth quarter valued at approximately $494,861,000. Alliancebernstein L.P. increased its position in Reddit by 1,011.1% during the fourth quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company’s stock worth $455,795,000 after acquiring an additional 2,537,768 shares during the period. Finally, Brooklyn FI LLC bought a new position in Reddit during the fourth quarter worth $303,082,000.

Insider Buying and Selling

In other news, insider Benjamin Seong Lee sold 92,299 shares of Reddit 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 sale, the insider now directly owns 115,001 shares in the company, valued at approximately $18,095,407.35. The trade was a 44.52 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $201.96, for a total transaction of $2,827,440.00. Following the transaction, the chief executive officer now directly owns 614,394 shares of the company’s stock, valued at $124,083,012.24. This represents a 2.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 603,794 shares of company stock valued at $89,386,704.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on RDDT. Raymond James reduced their target price on shares of Reddit from $250.00 to $200.00 and set a “strong-buy” rating on the stock in a research note on Wednesday, March 12th. Roth Mkm cut Reddit from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $116.00 to $195.00 in a research report on Wednesday, January 22nd. JMP Securities set a $155.00 price target on Reddit in a research note on Friday, March 28th. Bank of America lowered their target price on Reddit from $190.00 to $110.00 and set a “neutral” rating for the company in a report on Wednesday. Finally, Truist Financial assumed coverage on Reddit in a research report on Monday. They issued a “buy” rating and a $150.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $155.36.

Reddit Stock Up 24.9 %

Shares of RDDT opened at $110.99 on Thursday. The company’s fifty day moving average is $148.19 and its two-hundred day moving average is $139.38. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $230.41. The firm has a market cap of $20.08 billion and a PE ratio of -14.36.

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

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.