Assetmark Inc. Has $7.54 Million Position in Reddit, Inc. (NYSE:RDDT)

Assetmark Inc. grew its holdings in Reddit, Inc. (NYSE:RDDT) by 1,537,566.7% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 46,130 shares of the company’s stock after buying an additional 46,127 shares during the quarter. Assetmark Inc.’s holdings in Reddit were worth $7,539,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Jennison Associates LLC bought a new stake in Reddit in the fourth quarter valued at about $494,861,000. Renaissance Capital LLC grew its stake in shares of Reddit by 14.2% in the 4th quarter. Renaissance Capital LLC now owns 31,236 shares of the company’s stock valued at $5,105,000 after purchasing an additional 3,892 shares during the period. ARK Investment Management LLC raised its holdings in shares of Reddit by 120.5% in the 3rd quarter. ARK Investment Management LLC now owns 352,721 shares of the company’s stock worth $23,251,000 after buying an additional 192,785 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of Reddit by 3,640.5% during the 3rd quarter. Wellington Management Group LLP now owns 255,325 shares of the company’s stock worth $16,831,000 after buying an additional 248,499 shares during the period. Finally, Newbridge Financial Services Group Inc. lifted its position in shares of Reddit by 666.7% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 2,300 shares of the company’s stock worth $376,000 after buying an additional 2,000 shares during the period.

Analysts Set New Price Targets

A number of analysts have weighed in on RDDT shares. Wells Fargo & Company upped their price target on Reddit from $206.00 to $215.00 and gave the company an “overweight” rating in a research report on Thursday, February 13th. Needham & Company LLC upped their target price on shares of Reddit from $190.00 to $220.00 and gave the stock a “buy” rating in a report on Thursday, February 13th. JMP Securities lifted their price target on shares of Reddit from $190.00 to $200.00 and gave the company a “market outperform” rating in a report on Thursday, February 13th. Morgan Stanley boosted their price target on shares of Reddit from $200.00 to $210.00 and gave the company an “overweight” rating in a research report on Thursday, February 13th. Finally, Loop Capital raised their price objective on shares of Reddit from $180.00 to $210.00 and gave the stock a “buy” rating in a report on Thursday, February 13th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Reddit presently has a consensus rating of “Moderate Buy” and an average price target of $175.95.

Insider Activity

In other news, CAO Michelle Marie Reynolds sold 11,965 shares of the company’s stock in a transaction dated 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 completion of the sale, the chief accounting officer now directly owns 48,418 shares of the company’s stock, valued at $7,621,477.38. This represents a 19.82 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Benjamin Seong Lee sold 92,299 shares of Reddit stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $157.35, for a total transaction of $14,523,247.65. Following the transaction, the insider now directly owns 115,001 shares in the company, valued at $18,095,407.35. The trade was a 44.52 % decrease in their position. 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 in the last 90 days.

Reddit Trading Down 11.0 %

Shares of NYSE:RDDT opened at $134.14 on Friday. Reddit, Inc. has a 1-year low of $37.35 and a 1-year high of $230.41. The stock has a market capitalization of $24.27 billion and a P/E ratio of -17.35. The business has a 50-day moving average price of $181.61 and a two-hundred day moving average price of $130.47.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, topping 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%. As a group, equities analysts predict that Reddit, Inc. will post 1.12 EPS for the current year.

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.