Reddit, Inc. (NYSE:RDDT) Position Boosted by Geode Capital Management LLC

Geode Capital Management LLC increased its holdings in Reddit, Inc. (NYSE:RDDT) by 25.8% during the fourth quarter, Holdings Channel reports. The firm owned 1,036,883 shares of the company’s stock after purchasing an additional 212,683 shares during the period. Geode Capital Management LLC’s holdings in Reddit were worth $169,557,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in RDDT. National Bank of Canada FI acquired a new position in Reddit in the fourth quarter worth approximately $83,000. Franklin Resources Inc. acquired a new position in shares of Reddit in the 4th quarter worth $396,000. Alliancebernstein L.P. raised its position in shares of 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 purchasing an additional 2,537,768 shares during the period. Clearbridge Investments LLC purchased a new stake in shares of Reddit during the fourth quarter valued at $52,121,000. Finally, IPG Investment Advisors LLC acquired a new position in shares of Reddit in the 4th quarter valued at $252,000.

Insiders Place Their Bets

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $172.79, for a total transaction of $2,419,060.00. Following the completion of the transaction, the chief executive officer now owns 614,394 shares of the company’s stock, valued at $106,161,139.26. The trade was a 2.23 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Andrew Vollero sold 100,000 shares of the firm’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $124.08, for a total value of $12,408,000.00. Following the completion of the sale, the chief financial officer now directly owns 499,295 shares in the company, valued at approximately $61,952,523.60. This represents a 16.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 603,794 shares of company stock valued at $89,386,704 over the last 90 days.

Reddit Trading Down 10.5 %

RDDT stock opened at $86.72 on Monday. The firm has a market cap of $15.69 billion and a PE ratio of -11.22. Reddit, Inc. has a 1 year low of $37.35 and a 1 year high of $230.41. The company has a fifty day simple moving average of $157.86 and a 200 day simple moving average of $139.25.

Reddit (NYSE:RDDT) last announced its quarterly 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 return on equity of 24.71% and a negative net margin of 37.25%. As a group, analysts forecast that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on RDDT shares. B. Riley boosted their price objective on Reddit from $112.00 to $187.00 and gave the stock a “buy” rating in a report on Tuesday, January 14th. Wells Fargo & Company cut their price target on shares of Reddit from $215.00 to $158.00 and set an “overweight” rating on the stock in a report on Monday, March 31st. Robert W. Baird raised their price objective on shares of Reddit from $160.00 to $185.00 and gave the stock a “neutral” rating in a research note on Thursday, February 13th. Morgan Stanley boosted their target price on shares of Reddit from $200.00 to $210.00 and gave the company an “overweight” rating in a research note on Thursday, February 13th. Finally, The Goldman Sachs Group raised their target price on Reddit from $105.00 to $176.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 14th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $163.00.

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.