Charles Schwab Investment Management Inc. Has $105 Million Stake in Reddit, Inc. (NYSE:RDDT)

Charles Schwab Investment Management Inc. grew its stake in Reddit, Inc. (NYSE:RDDT - Free Report) by 27.6% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 642,456 shares of the company's stock after acquiring an additional 139,135 shares during the period. Charles Schwab Investment Management Inc. owned about 0.37% of Reddit worth $105,003,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in RDDT. Plato Investment Management Ltd purchased a new stake in Reddit during the fourth quarter worth about $27,000. Ridgewood Investments LLC increased its stake in Reddit by 100.0% during the 4th 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. acquired a new stake in Reddit during the 4th quarter worth approximately $33,000. Bogart Wealth LLC purchased a new position in Reddit in the 4th quarter valued at approximately $33,000. Finally, Allworth Financial LP grew its stake in shares of Reddit by 970.0% in the fourth quarter. Allworth Financial LP now owns 214 shares of the company's stock worth $35,000 after acquiring an additional 194 shares in the last quarter.

Insider Transactions at Reddit

In related news, CFO Andrew Vollero sold 48,122 shares of the company's stock in a transaction on Monday, February 24th. The stock was sold at an average price of $162.80, for a total transaction of $7,834,261.60. Following the transaction, the chief financial officer now directly owns 599,295 shares of the company's stock, valued at approximately $97,565,226. The trade was a 7.43 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Michelle Marie Reynolds sold 11,965 shares of the company'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 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 represents a 19.82 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 393,386 shares of company stock worth $66,673,388.

Analysts Set New Price Targets

A number of research analysts recently issued reports on RDDT shares. Citigroup reiterated a "neutral" rating on shares of Reddit in a report on Thursday, February 13th. Guggenheim began coverage on Reddit in a research report on Friday, December 20th. They set a "buy" rating and a $210.00 price objective for the company. Roth Capital cut shares of Reddit from a "strong-buy" rating to a "hold" rating in a report on Wednesday, January 22nd. Bank of America boosted their price target on shares of Reddit from $180.00 to $190.00 and gave the stock a "neutral" rating in a report on Thursday, February 13th. Finally, JMP Securities increased their price objective on shares of Reddit from $190.00 to $200.00 and gave the company a "market outperform" rating in a research report on Thursday, February 13th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $173.45.

Reddit Stock Performance

Shares of NYSE:RDDT traded down $9.56 during mid-day trading on Thursday, hitting $121.12. 6,698,069 shares of the company traded hands, compared to its average volume of 5,609,600. The firm has a market cap of $21.91 billion and a P/E ratio of -15.67. The firm's 50 day simple moving average is $178.95 and its 200 day simple moving average is $132.30. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $230.41.

Reddit (NYSE:RDDT - Get Free Report) last issued its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 research analysts expect that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

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.