Keystone Investors PTE Ltd. Takes Position in Reddit, Inc. (NYSE:RDDT)

Keystone Investors PTE Ltd. bought a new position in Reddit, Inc. (NYSE:RDDT) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 6,294 shares of the company’s stock, valued at approximately $1,029,000.

Other institutional investors have also recently made changes to their positions in the company. Jennison Associates LLC bought a new position in Reddit during the fourth quarter valued at $494,861,000. Renaissance Capital LLC increased its position in Reddit by 14.2% during 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. Charles Schwab Investment Management Inc. lifted its position in shares of Reddit by 27.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 642,456 shares of the company’s stock valued at $105,003,000 after buying an additional 139,135 shares during the last quarter. Assetmark Inc. boosted its stake in Reddit by 1,537,566.7% in the fourth quarter. Assetmark Inc. now owns 46,130 shares of the company’s stock valued at $7,539,000 after acquiring an additional 46,127 shares in the last quarter. Finally, Wellington Management Group LLP grew its stake in 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 last quarter.

Insider Activity at Reddit

In related news, COO Jennifer L. Wong sold 33,333 shares of the stock in a transaction on Monday, March 17th. The shares were sold at an average price of $125.22, for a total transaction of $4,173,958.26. Following the transaction, the chief operating officer now directly owns 1,466,119 shares of the company’s stock, valued at $183,587,421.18. This represents a 2.22 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction dated Tuesday, December 31st. The shares were sold at an average price of $165.33, for a total transaction of $2,314,620.00. Following the transaction, the chief executive officer now owns 614,394 shares in the company, valued at $101,577,760.02. This represents a 2.23 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 492,794 shares of company stock worth $76,482,524 over the last ninety days.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Redburn Atlantic initiated coverage on Reddit in a research note on Monday, March 17th. They set a “sell” rating and a $75.00 price objective for the company. The Goldman Sachs Group increased their price target on Reddit from $105.00 to $176.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 14th. Robert W. Baird boosted their price target on Reddit from $160.00 to $185.00 and gave the stock a “neutral” rating in a research report on Thursday, February 13th. JMP Securities upped their price objective on Reddit from $190.00 to $200.00 and gave the company a “market outperform” rating in a report on Thursday, February 13th. Finally, Morgan Stanley raised 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. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $162.68.

Reddit Trading Up 8.0 %

Shares of RDDT stock opened at $124.96 on Tuesday. The business’s 50-day moving average price is $170.39 and its 200-day moving average price is $136.18. The firm has a market capitalization of $22.61 billion and a price-to-earnings ratio of -16.17. Reddit, Inc. has a 12 month low of $37.35 and a 12 month high of $230.41.

Reddit (NYSE:RDDT) last announced its earnings results on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, topping the consensus estimate 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, sell-side analysts predict that Reddit, Inc. will post 1.12 earnings per share for the current fiscal 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.