Nkcfo LLC Takes $572,000 Position in Reddit, Inc. (NYSE:RDDT)

Nkcfo LLC purchased a new stake in Reddit, Inc. (NYSE:RDDT - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 3,500 shares of the company's stock, valued at approximately $572,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Jennison Associates LLC purchased a new position in shares of Reddit during the 4th quarter valued at about $494,861,000. Renaissance Capital LLC grew its position in shares of Reddit by 14.2% in the 4th quarter. Renaissance Capital LLC now owns 31,236 shares of the company's stock worth $5,105,000 after buying an additional 3,892 shares during the last quarter. ARK Investment Management LLC grew its position 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 during the last quarter. Wellington Management Group LLP grew its position in shares of Reddit by 3,640.5% in 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. Finally, Newbridge Financial Services Group Inc. grew its position in shares of Reddit by 666.7% in 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 last quarter.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on RDDT shares. Morgan Stanley upped their price target 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 boosted their target price on Reddit from $190.00 to $200.00 and gave the stock a "market outperform" rating in a report on Thursday, February 13th. Piper Sandler reissued an "overweight" rating and issued a $210.00 target price (up from $197.00) on shares of Reddit in a report on Thursday, February 13th. Sanford C. Bernstein boosted their target price on Reddit from $65.00 to $85.00 and gave the stock an "underperform" rating in a report on Wednesday, October 30th. Finally, B. Riley upped their price target on Reddit from $112.00 to $187.00 and gave the company a "buy" rating in a report on Tuesday, January 14th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $175.45.

Reddit Trading Up 1.4 %

RDDT stock traded up $2.63 during trading on Wednesday, reaching $189.76. The stock had a trading volume of 4,424,622 shares, compared to its average volume of 5,765,134. Reddit, Inc. has a 52 week low of $37.35 and a 52 week high of $230.41. The stock's 50 day moving average is $184.02 and its two-hundred day moving average is $122.04. The firm has a market cap of $33.32 billion and a PE ratio of -24.55.

Reddit (NYSE:RDDT - Get Free Report) last posted its earnings results 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, research analysts anticipate that Reddit, Inc. will post 0.96 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $201.96, for a total transaction of $2,827,440.00. Following the completion of the sale, the chief executive officer now owns 614,394 shares in the company, valued at approximately $124,083,012.24. This trade represents a 2.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Andrew Vollero sold 19,838 shares of the stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $143.22, for a total value of $2,841,198.36. Following the sale, the chief financial officer now owns 703,615 shares of the company's stock, valued at $100,771,740.30. This represents a 2.74 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 212,024 shares of company stock worth $35,086,431 over the last quarter.

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.