SBI Securities Co. Ltd. Invests $3.67 Million in Reddit, Inc. (NYSE:RDDT)

SBI Securities Co. Ltd. purchased a new position in shares of Reddit, Inc. (NYSE:RDDT) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 22,424 shares of the company’s stock, valued at approximately $3,665,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Jones Financial Companies Lllp lifted its stake in Reddit by 81.8% in the 4th quarter. Jones Financial Companies Lllp now owns 3,142 shares of the company’s stock valued at $514,000 after purchasing an additional 1,414 shares during the last quarter. US Bancorp DE lifted its stake in Reddit by 2,106.7% in the 4th quarter. US Bancorp DE now owns 2,648 shares of the company’s stock valued at $433,000 after purchasing an additional 2,528 shares during the last quarter. Fisher Asset Management LLC acquired a new position in Reddit in the 4th quarter valued at approximately $201,000. Private Trust Co. NA acquired a new position in Reddit in the 4th quarter valued at approximately $245,000. Finally, Proficio Capital Partners LLC increased its position in Reddit by 16,582.9% in the 4th quarter. Proficio Capital Partners LLC now owns 965,604 shares of the company’s stock valued at $157,818,000 after acquiring an additional 959,816 shares during the period.

Reddit Trading Up 1.5 %

Reddit stock opened at $162.13 on Friday. Reddit, Inc. has a 1-year low of $37.35 and a 1-year high of $230.41. The firm has a market capitalization of $29.33 billion and a price-to-earnings ratio of -20.97. The firm’s fifty day moving average price is $183.57 and its two-hundred day moving average price is $127.49.

Reddit (NYSE:RDDT) last released its quarterly earnings data 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, research analysts forecast that Reddit, Inc. will post 1.12 EPS for the current year.

Insider Buying and Selling at Reddit

In related news, CFO Andrew Vollero sold 48,122 shares of the firm’s stock in a transaction dated 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 transaction, the chief financial officer now directly owns 599,295 shares of the company’s stock, valued at $97,565,226. This trade represents a 7.43 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Mary Porter Gale sold 20,000 shares of the firm’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $169.71, for a total transaction of $3,394,200.00. Following the transaction, the director now directly owns 26,309 shares in the company, valued at $4,464,900.39. The trade was a 43.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 275,122 shares of company stock valued at $48,022,530.

Analyst Ratings Changes

Several equities analysts have issued reports on RDDT shares. JMP Securities upped their price target on shares of Reddit from $190.00 to $200.00 and gave the company a “market outperform” rating in a research report on Thursday, February 13th. Roth Capital cut shares of Reddit from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 22nd. Piper Sandler upped their price target on shares of Reddit from $210.00 to $220.00 and gave the company an “overweight” rating in a research report on Friday, February 21st. Raymond James upped their price target on shares of Reddit from $200.00 to $250.00 and gave the company a “strong-buy” rating in a research report on Monday, February 10th. Finally, Citigroup reiterated a “neutral” rating on shares of Reddit in a research report on Thursday, February 13th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Reddit currently has a consensus rating of “Moderate Buy” and an average target price of $175.95.

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.