American Century Companies Inc. Acquires New Holdings in Reddit, Inc. (NYSE:RDDT)

American Century Companies Inc. purchased a new position in shares of Reddit, Inc. (NYSE:RDDT - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 8,536 shares of the company's stock, valued at approximately $1,395,000.

Several other hedge funds and other institutional investors have also modified their holdings of RDDT. Plato Investment Management Ltd acquired a new position in Reddit in the fourth quarter worth about $27,000. EverSource Wealth Advisors LLC bought a new stake in shares of Reddit in the 4th quarter worth about $28,000. Ridgewood Investments LLC increased its position in shares of Reddit by 100.0% during the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company's stock worth $33,000 after purchasing an additional 100 shares in the last quarter. Farmers & Merchants Investments Inc. bought a new position in Reddit during the 4th quarter valued at about $33,000. Finally, Bogart Wealth LLC acquired a new position in Reddit in the fourth quarter valued at about $33,000.

Wall Street Analysts Forecast Growth

RDDT has been the topic of a number of research analyst reports. Wells Fargo & Company decreased their price target on Reddit from $215.00 to $158.00 and set an "overweight" rating on the stock in a research report on Monday, March 31st. Guggenheim dropped their target price on shares of Reddit from $210.00 to $170.00 and set a "buy" rating for the company in a research note on Thursday, March 20th. JPMorgan Chase & Co. lowered their price target on shares of Reddit from $185.00 to $110.00 and set a "neutral" rating for the company in a report on Tuesday, April 8th. Loop Capital reaffirmed a "buy" rating and set a $210.00 price objective on shares of Reddit in a report on Tuesday, March 11th. Finally, Roth Capital cut Reddit from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, January 22nd. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $146.18.

Insiders Place Their Bets

In other Reddit news, insider Benjamin Seong Lee sold 92,299 shares of the business's stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $157.35, for a total value of $14,523,247.65. Following the completion of the sale, the insider now owns 115,001 shares of the company's stock, valued at $18,095,407.35. The trade was a 44.52 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Michelle Marie Reynolds sold 11,965 shares of the business's stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $157.41, for a total value of $1,883,410.65. Following the completion of the sale, the chief accounting officer now owns 48,418 shares of the company's stock, valued at approximately $7,621,477.38. This trade represents a 19.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 603,794 shares of company stock worth $89,386,704 in the last 90 days.

Reddit Price Performance

Reddit stock traded up $0.13 during mid-day trading on Tuesday, hitting $98.39. 879,054 shares of the company's stock traded hands, compared to its average volume of 5,477,466. The firm has a 50 day simple moving average of $141.43 and a two-hundred day simple moving average of $140.58. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $230.41. The stock has a market cap of $17.80 billion and a price-to-earnings ratio of -12.70.

Reddit (NYSE:RDDT - Get Free Report) 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 net margin of 37.25% and a negative return on equity of 24.71%. On average, research analysts anticipate 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.