AlTi Global Inc. Takes $453,000 Position in Reddit, Inc. (NYSE:RDDT)

AlTi Global Inc. bought a new stake in Reddit, Inc. (NYSE:RDDT - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 2,770 shares of the company's stock, valued at approximately $453,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. FMR LLC raised its position in shares of Reddit by 7.5% during the 4th quarter. FMR LLC now owns 13,070,780 shares of the company's stock valued at $2,136,288,000 after acquiring an additional 913,189 shares during the last quarter. Vanguard Group Inc. lifted its stake in Reddit by 184.2% in the fourth quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company's stock valued at $1,500,606,000 after buying an additional 5,950,909 shares during the period. Jennison Associates LLC bought a new position in Reddit during the fourth quarter worth about $494,861,000. Alliancebernstein L.P. grew its position in shares of Reddit by 1,011.1% during the 4th quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company's stock worth $455,795,000 after buying an additional 2,537,768 shares during the period. Finally, Lord Abbett & CO. LLC increased its stake in shares of Reddit by 12.8% in the 4th quarter. Lord Abbett & CO. LLC now owns 1,861,998 shares of the company's stock valued at $304,325,000 after acquiring an additional 211,636 shares during the last quarter.

Insider Buying and Selling

In other news, insider Benjamin Seong Lee sold 92,299 shares of Reddit stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $157.35, for a total transaction of $14,523,247.65. Following the sale, the insider now directly owns 115,001 shares in the company, valued at approximately $18,095,407.35. The trade was a 44.52 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $187.78, for a total value of $2,628,920.00. Following the transaction, the chief executive officer now owns 614,394 shares of the company's stock, valued at $115,370,905.32. This represents a 2.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 711,270 shares of company stock worth $94,239,985.

Reddit Price Performance

Shares of NYSE RDDT traded down $4.59 during midday trading on Wednesday, hitting $105.40. 9,198,673 shares of the company's stock were exchanged, compared to its average volume of 5,887,679. Reddit, Inc. has a twelve month low of $48.25 and a twelve month high of $230.41. The stock's 50 day moving average price is $113.66 and its 200-day moving average price is $143.89. The firm has a market cap of $19.07 billion, a P/E ratio of -13.63, a PEG ratio of 4.72 and a beta of 2.90.

Reddit (NYSE:RDDT - Get Free Report) last released its earnings results on Thursday, May 1st. The company reported $0.13 EPS for the quarter, beating the consensus estimate of $0.02 by $0.11. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. The business had revenue of $392.36 million during the quarter, compared to analyst estimates of $370.55 million. During the same period in the prior year, the business earned ($8.19) earnings per share. The business's quarterly revenue was up 61.5% on a year-over-year basis. On average, analysts expect that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts recently commented on the company. Roth Capital reaffirmed a "neutral" rating on shares of Reddit in a research note on Friday, May 2nd. Morgan Stanley lowered their target price on Reddit from $210.00 to $140.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. The Goldman Sachs Group increased their target price on shares of Reddit from $124.00 to $140.00 and gave the stock a "neutral" rating in a report on Friday, May 2nd. Bank of America reduced their price objective on shares of Reddit from $190.00 to $110.00 and set a "neutral" rating for the company in a research note on Wednesday, April 9th. Finally, JMP Securities reaffirmed a "market outperform" rating and issued a $180.00 target price on shares of Reddit in a research report on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, fourteen have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $140.35.

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.