Envestnet Asset Management Inc. Has $13.36 Million Stock Position in Reddit, Inc. (NYSE:RDDT)

Envestnet Asset Management Inc. raised its position in shares of Reddit, Inc. (NYSE:RDDT - Free Report) by 2,292.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 81,736 shares of the company's stock after acquiring an additional 78,319 shares during the period. Envestnet Asset Management Inc.'s holdings in Reddit were worth $13,359,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Plato Investment Management Ltd bought a new stake in Reddit during the 4th quarter valued at approximately $27,000. EverSource Wealth Advisors LLC acquired a new stake in shares of Reddit in the fourth quarter worth $28,000. Ridgewood Investments LLC increased its position 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 acquiring an additional 100 shares during the period. Farmers & Merchants Investments Inc. acquired a new position in Reddit during the 4th quarter valued at $33,000. Finally, Bogart Wealth LLC bought a new stake in Reddit in the 4th quarter valued at $33,000.

Insider Buying and Selling

In other Reddit news, CFO Andrew Vollero sold 100,000 shares of the firm's stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $124.08, for a total transaction of $12,408,000.00. Following the transaction, the chief financial officer now owns 499,295 shares in the company, valued at approximately $61,952,523.60. This trade represents a 16.69 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the business's stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $201.96, for a total value of $2,827,440.00. Following the transaction, the chief executive officer now owns 614,394 shares of the company's stock, valued at $124,083,012.24. The trade was a 2.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 714,202 shares of company stock valued at $96,326,958 over the last ninety days.

Analyst Ratings Changes

A number of brokerages have recently commented on RDDT. Piper Sandler cut their price objective on shares of Reddit from $220.00 to $140.00 and set an "overweight" rating for the company in a research report on Thursday, April 10th. Citigroup reduced their price objective on Reddit from $220.00 to $150.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Redburn Atlantic started coverage on Reddit in a report on Monday, March 17th. They set a "sell" rating and a $75.00 price objective on the stock. Truist Financial began coverage on Reddit in a research note on Monday, April 7th. They issued a "buy" rating and a $150.00 target price for the company. Finally, The Goldman Sachs Group decreased their price target on shares of Reddit from $185.00 to $124.00 and set a "neutral" rating on the stock in a research note on Monday, April 14th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Reddit currently has an average rating of "Moderate Buy" and an average target price of $142.22.

Reddit Price Performance

Shares of NYSE RDDT traded up $7.45 during midday trading on Tuesday, hitting $101.60. The stock had a trading volume of 4,961,135 shares, compared to its average volume of 5,537,771. The firm has a market cap of $18.38 billion and a P/E ratio of -13.14. Reddit, Inc. has a fifty-two week low of $40.85 and a fifty-two week high of $230.41. The company's 50-day simple moving average is $126.96 and its 200 day simple moving average is $141.27.

Reddit (NYSE:RDDT - Get Free Report) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, topping 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%. Equities analysts expect that Reddit, Inc. will post 1.12 EPS 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.