Employees Retirement System of Texas Acquires Shares of 11,034 Reddit, Inc. (NYSE:RDDT)

Employees Retirement System of Texas bought a new stake in Reddit, Inc. (NYSE:RDDT - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 11,034 shares of the company's stock, valued at approximately $1,803,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Plato Investment Management Ltd acquired a new stake in Reddit during the 4th quarter worth approximately $27,000. EverSource Wealth Advisors LLC acquired a new stake in shares of Reddit during the fourth quarter worth $28,000. Farmers & Merchants Investments Inc. purchased a new position in Reddit in the 4th quarter valued at $33,000. Bogart Wealth LLC acquired a new stake in shares of Reddit in the 4th quarter worth $33,000. Finally, Spire Wealth Management purchased a new stake in shares of Reddit in the fourth quarter valued at about $35,000.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on RDDT shares. JPMorgan Chase & Co. reduced their price objective on shares of Reddit from $185.00 to $110.00 and set a "neutral" rating for the company in a research report on Tuesday, April 8th. JMP Securities reissued a "market outperform" rating and issued a $180.00 price target on shares of Reddit in a report on Friday, May 2nd. The Goldman Sachs Group raised their target price on Reddit from $124.00 to $140.00 and gave the company a "neutral" rating in a report on Friday, May 2nd. Piper Sandler reiterated an "overweight" rating and issued a $150.00 price target (up previously from $140.00) on shares of Reddit in a report on Friday, May 2nd. Finally, Oppenheimer began coverage on shares of Reddit in a research report on Wednesday, April 16th. They issued an "outperform" rating and a $125.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $140.45.

Reddit Price Performance

Shares of Reddit stock traded up $3.66 during trading on Thursday, hitting $109.09. The stock had a trading volume of 10,684,883 shares, compared to its average volume of 6,099,769. Reddit, Inc. has a fifty-two week low of $49.13 and a fifty-two week high of $230.41. The firm has a market cap of $20.13 billion, a P/E ratio of -14.11, a PEG ratio of 4.72 and a beta of 2.90. The business has a fifty day moving average of $106.82 and a two-hundred day moving average of $144.50.

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

Insider Activity at Reddit

In other news, CAO Michelle Marie Reynolds sold 11,965 shares of the stock in a transaction 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 transaction, the chief accounting officer now owns 48,418 shares in the company, valued at $7,621,477.38. This represents a 19.82% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the business's stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $160.30, for a total value of $2,244,200.00. Following the completion of the sale, the chief executive officer now directly owns 597,515 shares of the company's stock, valued at $95,781,654.50. This represents a 2.29% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 782,139 shares of company stock valued at $93,843,152.

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.