Mitsubishi UFJ Asset Management Co. Ltd. Sells 15,691 Shares of Reddit, Inc. (NYSE:RDDT)

Mitsubishi UFJ Asset Management Co. Ltd. trimmed its position in Reddit, Inc. (NYSE:RDDT) by 15.6% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 84,734 shares of the company’s stock after selling 15,691 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Reddit were worth $15,061,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the company. Charles Schwab Investment Management Inc. raised its stake in Reddit by 194.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 503,321 shares of the company’s stock valued at $33,179,000 after acquiring an additional 332,604 shares during the period. Cerity Partners LLC acquired a new position in shares of Reddit in the third quarter valued at $446,000. Daiwa Securities Group Inc. bought a new position in shares of Reddit in the third quarter valued at about $85,000. The Manufacturers Life Insurance Company acquired a new stake in shares of Reddit during the 3rd quarter worth about $1,053,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank acquired a new stake in shares of Reddit during the 3rd quarter worth about $349,000.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on RDDT shares. Raymond James lowered their price target on shares of Reddit from $250.00 to $200.00 and set a “strong-buy” rating on the stock in a report on Wednesday, March 12th. Needham & Company LLC reiterated a “buy” rating and set a $220.00 target price on shares of Reddit in a research note on Friday, March 21st. JPMorgan Chase & Co. lifted their price target on Reddit from $142.00 to $185.00 and gave the stock a “neutral” rating in a report on Thursday, February 13th. The Goldman Sachs Group upped their price objective on Reddit from $105.00 to $176.00 and gave the company a “neutral” rating in a report on Tuesday, January 14th. Finally, Redburn Partners set a $75.00 price objective on Reddit in a research report on Monday, March 17th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Reddit has a consensus rating of “Moderate Buy” and a consensus target price of $163.00.

Reddit Stock Down 2.7 %

NYSE:RDDT opened at $104.82 on Tuesday. Reddit, Inc. has a twelve month low of $37.35 and a twelve month high of $230.41. The stock’s 50-day simple moving average is $164.53 and its 200 day simple moving average is $138.13. The firm has a market capitalization of $18.96 billion and a PE ratio of -13.56.

Reddit (NYSE:RDDT) last posted its quarterly 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 net margin of 37.25% and a negative return on equity of 24.71%. On average, analysts anticipate that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CTO Christopher Brian Slowe sold 11,000 shares of the company’s stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $124.08, for a total value of $1,364,880.00. Following the completion of the transaction, the chief technology officer now owns 281,213 shares of the company’s stock, valued at $34,892,909.04. This represents a 3.76 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Steve Ladd Huffman sold 124,408 shares of the business’s stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $127.36, for a total transaction of $15,844,602.88. Following the sale, the chief executive officer now directly owns 583,515 shares in the company, valued at $74,316,470.40. The trade was a 17.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 589,794 shares of company stock valued at $87,940,784.

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.