Clearbridge Investments LLC Invests $52.12 Million in Reddit, Inc. (NYSE:RDDT)

Clearbridge Investments LLC bought a new stake in shares of Reddit, Inc. (NYSE:RDDT) during the 4th quarter, Holdings Channel.com reports. The institutional investor bought 318,897 shares of the company’s stock, valued at approximately $52,121,000.

A number of other institutional investors have also recently made changes to their positions in RDDT. Plato Investment Management Ltd bought a new stake in shares of Reddit in the 4th quarter valued at approximately $27,000. EverSource Wealth Advisors LLC purchased a new stake in Reddit during the 4th quarter valued at $28,000. Ridgewood Investments LLC boosted its stake in Reddit by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after buying an additional 100 shares during the period. Farmers & Merchants Investments Inc. purchased a new position in Reddit during the fourth quarter worth $33,000. Finally, Bogart Wealth LLC bought a new position in Reddit during the fourth quarter valued at $33,000.

Insiders Place Their Bets

In other Reddit news, CAO Michelle Marie Reynolds sold 11,965 shares of Reddit stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $157.41, for a total transaction of $1,883,410.65. Following the completion of the transaction, the chief accounting officer now owns 48,418 shares in the company, valued at approximately $7,621,477.38. This trade represents a 19.82 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CTO Christopher Brian Slowe sold 11,000 shares of the company’s stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $124.08, for a total value of $1,364,880.00. Following the completion of the sale, the chief technology officer now owns 281,213 shares in the company, valued at $34,892,909.04. The trade was a 3.76 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 589,794 shares of company stock valued at $87,940,784.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Bank of America lifted their price target on shares of Reddit from $180.00 to $190.00 and gave the stock a “neutral” rating in a research note on Thursday, February 13th. Loop Capital restated a “buy” rating and set a $210.00 target price on shares of Reddit in a research report on Tuesday, March 11th. Guggenheim reduced their price target on Reddit from $210.00 to $170.00 and set a “buy” rating on the stock in a report on Thursday, March 20th. Morgan Stanley boosted their price objective on Reddit from $200.00 to $210.00 and gave the company an “overweight” rating in a report on Thursday, February 13th. Finally, Redburn Atlantic began coverage on Reddit in a research note on Monday, March 17th. They issued a “sell” rating and a $75.00 target price on the stock. Two analysts have rated the stock with a sell rating, seven have given a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Reddit has an average rating of “Moderate Buy” and an average target price of $163.00.

Reddit Trading Down 2.7 %

Shares of NYSE RDDT opened at $104.82 on Tuesday. Reddit, Inc. has a 12-month low of $37.35 and a 12-month high of $230.41. The stock’s fifty day simple moving average is $164.53 and its two-hundred day simple moving average is $138.13. The stock has a market capitalization of $18.96 billion and a PE ratio of -13.56.

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, equities analysts predict that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

Reddit Company 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.