Rakuten Securities Inc. Acquires 3,879 Shares of Reddit, Inc. (NYSE:RDDT)

Rakuten Securities Inc. increased its holdings in shares of Reddit, Inc. (NYSE:RDDT) by 3,205.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,000 shares of the company’s stock after purchasing an additional 3,879 shares during the period. Rakuten Securities Inc.’s holdings in Reddit were worth $654,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of RDDT. FMR LLC lifted 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 in the last quarter. Jennison Associates LLC bought a new stake in shares of Reddit during the 4th quarter worth approximately $494,861,000. Point72 Asset Management L.P. raised its stake in shares of 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 in the last quarter. Holocene Advisors LP raised its stake in shares of 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 in the last quarter. Finally, Lord Abbett & CO. LLC raised its stake in shares of 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 in the last quarter.

Reddit Stock Performance

NYSE:RDDT opened at $123.01 on Wednesday. The stock has a fifty day moving average price of $179.61 and a 200-day moving average price of $132.31. The company has a market cap of $22.25 billion and a price-to-earnings ratio of -15.91. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $230.41.

Reddit (NYSE:RDDT) last released its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, beating 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%. Research analysts predict that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on RDDT. Robert W. Baird upped their price objective on Reddit from $160.00 to $185.00 and gave the stock a “neutral” rating in a research note on Thursday, February 13th. Roth Mkm cut Reddit from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $116.00 to $195.00 in a research note on Wednesday, January 22nd. Piper Sandler upped their price objective on Reddit from $210.00 to $220.00 and gave the stock an “overweight” rating in a research note on Friday, February 21st. Roth Capital lowered Reddit from a “strong-buy” rating to a “hold” rating in a report on Wednesday, January 22nd. Finally, Bank of America boosted their target price on Reddit from $180.00 to $190.00 and gave the stock a “neutral” rating in a report on Thursday, February 13th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $175.95.

Insider Buying and Selling

In related news, CTO Christopher Brian Slowe sold 5,000 shares of the company’s stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $184.15, for a total transaction of $920,750.00. Following the completion of the sale, the chief technology officer now directly owns 35,252 shares in the company, valued at $6,491,655.80. This represents a 12.42 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Michelle Marie Reynolds sold 11,965 shares of the company’s stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $157.41, for a total value of $1,883,410.65. Following the sale, the chief accounting officer now 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 393,386 shares of company stock worth $66,673,388 in the last ninety days.

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.