Sei Investments Co. Purchases 28,065 Shares of Reddit, Inc. (NYSE:RDDT)

Sei Investments Co. increased its position in Reddit, Inc. (NYSE:RDDT) by 51.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 82,306 shares of the company’s stock after acquiring an additional 28,065 shares during the period. Sei Investments Co.’s holdings in Reddit were worth $13,452,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. Plato Investment Management Ltd bought a new stake in shares of Reddit during the 4th quarter valued at about $27,000. EverSource Wealth Advisors LLC purchased a new position in shares of Reddit in the fourth quarter worth approximately $28,000. Ridgewood Investments LLC grew its position in Reddit by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock valued at $33,000 after buying an additional 100 shares during the period. Farmers & Merchants Investments Inc. bought a new position in Reddit in the fourth quarter worth approximately $33,000. Finally, Bogart Wealth LLC bought a new position in Reddit in the fourth quarter worth approximately $33,000.

Reddit Stock Performance

NYSE:RDDT opened at $107.57 on Friday. The firm has a market capitalization of $19.46 billion and a PE ratio of -13.92. The stock’s fifty day moving average is $165.95 and its 200 day moving average is $136.71. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $230.41.

Reddit (NYSE:RDDT) last announced its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.12. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. Equities analysts forecast that Reddit, Inc. will post 1.12 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on RDDT shares. Seaport Res Ptn raised Reddit to a “hold” rating in a report on Thursday, February 6th. Citigroup reiterated an “outperform” rating on shares of Reddit in a research note on Friday. JMP Securities set a $155.00 price target on shares of Reddit in a report on Friday. Robert W. Baird increased their price objective on shares of Reddit from $160.00 to $185.00 and gave the stock a “neutral” rating in a research note on Thursday, February 13th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $220.00 target price on shares of Reddit in a report on Friday, March 21st. Two research 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. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $165.71.

Insiders Place Their Bets

In other news, CTO Christopher Brian Slowe sold 11,000 shares of Reddit stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $124.08, for a total transaction of $1,364,880.00. Following the completion of the sale, the chief technology officer now owns 281,213 shares of the company’s stock, valued at approximately $34,892,909.04. The trade was a 3.76 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Benjamin Seong Lee sold 92,299 shares of the stock in a transaction that occurred on 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 transaction, 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 position. The disclosure for this sale can be found here. Insiders have sold a total of 603,794 shares of company stock worth $90,255,404 over the last quarter.

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.