Glenview Trust co Purchases New Shares in Reddit, Inc. (NYSE:RDDT)

by · The Cerbat Gem

Glenview Trust co purchased a new stake in Reddit, Inc. (NYSE:RDDT – Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 3,000 shares of the company’s stock, valued at approximately $490,000.

A number of other institutional investors have also recently added to or reduced their stakes in RDDT. FMR LLC grew its stake in Reddit by 302.8% in the 3rd quarter. FMR LLC now owns 12,157,591 shares of the company’s stock valued at $801,428,000 after acquiring an additional 9,139,196 shares during the period. Jennison Associates LLC acquired a new stake in Reddit during the 4th quarter worth $494,861,000. Point72 Asset Management L.P. boosted its stake in Reddit by 3,172.0% during the 3rd quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock worth $151,357,000 after purchasing an additional 2,225,895 shares during the last quarter. Holocene Advisors LP boosted its stake in Reddit by 177.6% during the 3rd quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock worth $198,154,000 after purchasing an additional 1,923,109 shares during the last quarter. Finally, Lord Abbett & CO. LLC boosted its stake in Reddit by 1,519.4% during the 3rd quarter. Lord Abbett & CO. LLC now owns 1,650,362 shares of the company’s stock worth $108,792,000 after purchasing an additional 1,548,450 shares during the last quarter.

Insider Buying and Selling at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $201.96, for a total value of $2,827,440.00. Following the completion of the transaction, the chief executive officer now directly owns 614,394 shares of the company’s stock, valued at $124,083,012.24. The trade was a 2.23 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Michelle Marie Reynolds sold 11,965 shares of Reddit stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $157.41, for a total value of $1,883,410.65. Following the completion of the transaction, the chief accounting officer now directly owns 48,418 shares of the company’s stock, valued at approximately $7,621,477.38. This represents a 19.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 346,053 shares of company stock valued at $58,332,313 in the last three months.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. The Goldman Sachs Group lifted their target price on shares of Reddit from $105.00 to $176.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 14th. Roth Capital cut shares of Reddit from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 22nd. JMP Securities lifted their target price on shares of Reddit from $190.00 to $200.00 and gave the stock a “market outperform” rating in a research note on Thursday, February 13th. Raymond James lowered 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. Finally, Seaport Res Ptn upgraded Reddit to a “hold” rating in a report on Thursday, February 6th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $168.76.

Read Our Latest Report on Reddit

Reddit Trading Down 2.0 %

Shares of RDDT opened at $125.68 on Tuesday. The firm has a market cap of $22.74 billion and a P/E ratio of -16.26. Reddit, Inc. has a 12-month low of $37.35 and a 12-month high of $230.41. The company’s 50-day moving average price is $175.99 and its 200 day moving average price is $134.24.

Reddit (NYSE:RDDT – Get Free Report) last released its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. Equities research analysts forecast that Reddit, Inc. will post 1.12 earnings per share for the current year.

About Reddit

(Free Report)

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.

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