Los Angeles Capital Management LLC Acquires Shares of 2,318 Reddit, Inc. (NYSE:RDDT)

Los Angeles Capital Management LLC bought a new position in Reddit, Inc. (NYSE:RDDT) in the fourth quarter, according to the company in its most recent filing with the SEC. The fund bought 2,318 shares of the company’s stock, valued at approximately $379,000.

Several other large investors have also recently modified their holdings of the stock. Jennison Associates LLC bought a new stake in Reddit in the fourth quarter worth $494,861,000. Renaissance Capital LLC raised its stake in shares of Reddit by 14.2% in the fourth quarter. Renaissance Capital LLC now owns 31,236 shares of the company’s stock valued at $5,105,000 after acquiring an additional 3,892 shares during the period. ARK Investment Management LLC lifted its holdings in shares of Reddit by 120.5% in the 3rd quarter. ARK Investment Management LLC now owns 352,721 shares of the company’s stock worth $23,251,000 after acquiring an additional 192,785 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of Reddit by 3,640.5% during the 3rd quarter. Wellington Management Group LLP now owns 255,325 shares of the company’s stock worth $16,831,000 after purchasing an additional 248,499 shares during the period. Finally, Newbridge Financial Services Group Inc. grew its holdings in Reddit by 666.7% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 2,300 shares of the company’s stock valued at $376,000 after purchasing an additional 2,000 shares during the last quarter.

Insider Buying and Selling

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $176.20, for a total value of $2,466,800.00. Following the completion of the sale, the chief executive officer now owns 620,971 shares of the company’s stock, valued at $109,415,090.20. This trade represents a 2.20 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Mary Porter Gale sold 20,000 shares of the business’s stock in a transaction on Friday, February 21st. The stock was sold at an average price of $169.71, for a total value of $3,394,200.00. Following the transaction, the director now owns 26,309 shares in the company, valued at approximately $4,464,900.39. This trade represents a 43.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 275,122 shares of company stock worth $48,022,530 in the last 90 days.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. B. Riley raised their price objective on shares of Reddit from $112.00 to $187.00 and gave the stock a “buy” rating in a research note on Tuesday, January 14th. Seaport Res Ptn raised Reddit to a “hold” rating in a research note on Thursday, February 6th. JPMorgan Chase & Co. upped their price objective on Reddit from $142.00 to $185.00 and gave the company a “neutral” rating in a research report on Thursday, February 13th. Wells Fargo & Company lifted their target price on Reddit from $206.00 to $215.00 and gave the stock an “overweight” rating in a research report on Thursday, February 13th. Finally, Citigroup reissued a “neutral” rating on shares of Reddit in a research note on Thursday, February 13th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Reddit presently has a consensus rating of “Moderate Buy” and an average price target of $175.95.

Reddit Trading Up 0.4 %

RDDT opened at $162.37 on Tuesday. The firm has a market cap of $29.37 billion and a price-to-earnings ratio of -21.01. Reddit, Inc. has a 12 month low of $37.35 and a 12 month high of $230.41. The stock has a fifty day moving average price of $183.45 and a 200-day moving average price of $128.76.

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 net margin of 37.25% and a negative return on equity of 24.71%. On average, equities research analysts forecast that Reddit, Inc. will post 1.12 EPS for the current year.

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.