KLP Kapitalforvaltning AS Buys Shares of 11,400 Reddit, Inc. (NYSE:RDDT)

KLP Kapitalforvaltning AS purchased a new position in shares of Reddit, Inc. (NYSE:RDDT) in the 4th quarter, according to the company in its most recent filing with the SEC. The fund purchased 11,400 shares of the company’s stock, valued at approximately $1,863,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Plato Investment Management Ltd acquired a new stake in Reddit during the 4th quarter worth $27,000. EverSource Wealth Advisors LLC acquired a new stake in shares of Reddit during the fourth quarter worth $28,000. Ridgewood Investments LLC increased its holdings in Reddit by 100.0% in the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock valued at $33,000 after purchasing an additional 100 shares during the last quarter. Farmers & Merchants Investments Inc. acquired a new position in Reddit in the fourth quarter valued at about $33,000. Finally, Bogart Wealth LLC acquired a new position in Reddit in the fourth quarter valued at about $33,000.

Insider Buying and Selling

In related news, CTO Christopher Brian Slowe sold 11,000 shares of the stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $124.08, for a total transaction of $1,364,880.00. Following the sale, the chief technology officer now owns 281,213 shares in the company, valued at approximately $34,892,909.04. This trade represents a 3.76 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Andrew Vollero sold 48,122 shares of Reddit stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $162.80, for a total transaction of $7,834,261.60. Following the completion of the transaction, the chief financial officer now directly owns 599,295 shares in the company, valued at $97,565,226. This trade represents a 7.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 603,794 shares of company stock valued at $90,255,404 over the last 90 days.

Reddit Stock Performance

Shares of Reddit stock opened at $110.32 on Friday. The firm has a 50-day moving average of $167.31 and a 200-day moving average of $136.36. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $230.41. The stock has a market cap of $19.96 billion and a PE ratio of -14.27.

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

Analyst Ratings Changes

A number of brokerages recently weighed in on RDDT. Roth Capital downgraded shares of Reddit from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 22nd. Citigroup reiterated a “neutral” rating on shares of Reddit in a report on Thursday, February 13th. B. Riley boosted their price target on shares of Reddit from $112.00 to $187.00 and gave the company a “buy” rating in a report on Tuesday, January 14th. Raymond James dropped their price objective on 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, JPMorgan Chase & Co. boosted their target price on Reddit from $142.00 to $185.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Reddit presently has a consensus rating of “Moderate Buy” and a consensus price target of $167.86.

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.