Arizona State Retirement System Grows Stock Position in Reddit, Inc. (NYSE:RDDT)

Arizona State Retirement System boosted its stake in shares of Reddit, Inc. (NYSE:RDDT) by 131.4% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 16,292 shares of the company’s stock after buying an additional 9,251 shares during the period. Arizona State Retirement System’s holdings in Reddit were worth $2,663,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. FMR LLC raised its holdings in Reddit by 302.8% during the 3rd quarter. FMR LLC now owns 12,157,591 shares of the company’s stock valued at $801,428,000 after buying an additional 9,139,196 shares during the period. Jennison Associates LLC purchased a new stake in Reddit during the 4th quarter valued at $494,861,000. Holocene Advisors LP raised its holdings in Reddit by 177.6% during the 3rd quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock valued at $198,154,000 after buying an additional 1,923,109 shares during the period. Point72 Asset Management L.P. raised its holdings in 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 valued at $151,357,000 after buying an additional 2,225,895 shares during the period. Finally, Lord Abbett & CO. LLC raised its holdings in Reddit by 1,519.4% during the 3rd quarter. Lord Abbett & CO. LLC now owns 1,650,362 shares of the company’s stock valued at $108,792,000 after buying an additional 1,548,450 shares during the period.

Reddit Price Performance

Shares of RDDT stock opened at $105.94 on Tuesday. Reddit, Inc. has a 1-year low of $37.35 and a 1-year high of $230.41. The stock’s 50-day moving average is $180.42 and its 200 day moving average is $131.86. The company has a market cap of $19.16 billion and a P/E ratio of -13.70.

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

Insider Activity at Reddit

In other Reddit news, insider Benjamin Seong Lee sold 92,299 shares of the stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $157.35, for a total value of $14,523,247.65. Following the completion of the sale, the insider now directly owns 115,001 shares in the company, valued at approximately $18,095,407.35. This trade represents a 44.52 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CTO Christopher Brian Slowe sold 5,000 shares of the stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $184.15, for a total value of $920,750.00. Following the completion of the sale, the chief technology officer now owns 35,252 shares of the company’s stock, valued at approximately $6,491,655.80. This trade represents a 12.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 393,386 shares of company stock valued at $66,673,388 over the last quarter.

Analysts Set New Price Targets

RDDT has been the topic of several recent research reports. Roth Capital lowered Reddit from a “strong-buy” rating to a “hold” rating in a report on Wednesday, January 22nd. Morgan Stanley increased their target price on Reddit from $200.00 to $210.00 and gave the stock an “overweight” rating in a research note on Thursday, February 13th. JMP Securities increased their target price on Reddit from $190.00 to $200.00 and gave the stock a “market outperform” rating in a research note on Thursday, February 13th. Jefferies Financial Group increased their target price on Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. Finally, Robert W. Baird increased their target price on Reddit from $160.00 to $185.00 and gave the stock a “neutral” rating in a research note on Thursday, February 13th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus 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.