State of New Jersey Common Pension Fund D Purchases New Holdings in Reddit, Inc. (NYSE:RDDT)

State of New Jersey Common Pension Fund D acquired a new position in shares of Reddit, Inc. (NYSE:RDDT) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 21,583 shares of the company’s stock, valued at approximately $3,528,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Raymond James & Associates boosted its position in shares of Reddit by 60.3% in the 3rd quarter. Raymond James & Associates now owns 68,374 shares of the company’s stock worth $4,507,000 after purchasing an additional 25,733 shares in the last quarter. Whittier Trust Co. purchased a new position in Reddit during the third quarter valued at $42,000. Foundations Investment Advisors LLC bought a new stake in Reddit in the third quarter worth $341,000. Brighton Jones LLC bought a new position in shares of Reddit during the third quarter valued at $2,898,000. Finally, Lyell Wealth Management LP bought a new position in shares of Reddit during the third quarter valued at $516,000.

Analysts Set New Price Targets

Several analysts recently commented on RDDT shares. JPMorgan Chase & Co. increased their price objective on shares of Reddit from $142.00 to $185.00 and gave the company a “neutral” rating in a research report on Thursday, February 13th. Loop Capital increased their price target on shares of Reddit from $180.00 to $210.00 and gave the company a “buy” rating in a report on Thursday, February 13th. Jefferies Financial Group boosted their price objective on shares of Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Roth Capital downgraded Reddit from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 22nd. Finally, Piper Sandler restated an “overweight” rating and issued a $210.00 price target (up previously from $197.00) on shares of Reddit in a research note on Thursday, February 13th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $175.45.

Insider Activity

In other news, insider Benjamin Seong Lee sold 18,519 shares of the firm’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $146.06, for a total transaction of $2,704,885.14. Following the sale, the insider now directly owns 138,401 shares in the company, valued at $20,214,850.06. This trade represents a 11.80 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Jennifer L. Wong sold 33,334 shares of Reddit stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $173.93, for a total transaction of $5,797,782.62. Following the transaction, the chief operating officer now owns 1,504,297 shares in the company, valued at approximately $261,642,377.21. This trade represents a 2.17 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 212,024 shares of company stock valued at $35,086,431 in the last ninety days.

Reddit Trading Up 1.4 %

Shares of RDDT stock opened at $189.76 on Thursday. The company has a 50 day simple moving average of $184.02 and a two-hundred day simple moving average of $122.04. The stock has a market cap of $33.32 billion and a P/E ratio of -24.55. Reddit, Inc. has a 12 month low of $37.35 and a 12 month high of $230.41.

Reddit (NYSE:RDDT) last announced its earnings results on Wednesday, February 12th. The company reported $0.36 EPS 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, equities analysts forecast that Reddit, Inc. will post 0.96 earnings per share for the current year.

Reddit 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.