California State Teachers Retirement System Boosts Holdings in Reddit, Inc. (NYSE:RDDT)

California State Teachers Retirement System increased its stake in shares of Reddit, Inc. (NYSE:RDDT - Free Report) by 126.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 48,380 shares of the company's stock after acquiring an additional 27,032 shares during the quarter. California State Teachers Retirement System's holdings in Reddit were worth $7,907,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Plato Investment Management Ltd acquired a new stake in shares of Reddit during the fourth quarter worth about $27,000. EverSource Wealth Advisors LLC purchased a new position in Reddit during the 4th quarter worth approximately $28,000. Farmers & Merchants Investments Inc. acquired a new position in Reddit during the fourth quarter worth approximately $33,000. Bogart Wealth LLC purchased a new stake in Reddit in the fourth quarter valued at approximately $33,000. Finally, Spire Wealth Management acquired a new stake in shares of Reddit in the fourth quarter valued at approximately $35,000.

Insider Activity

In other news, Director David C. Habiger bought 774 shares of the firm's stock in a transaction that occurred on Wednesday, March 12th. The shares were purchased at an average price of $130.36 per share, for a total transaction of $100,898.64. Following the completion of the transaction, the director now owns 30,808 shares in the company, valued at $4,016,130.88. The trade was a 2.58% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Steve Ladd Huffman sold 124,408 shares of Reddit stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $127.36, for a total transaction of $15,844,602.88. Following the completion of the sale, the chief executive officer now directly owns 583,515 shares of the company's stock, valued at $74,316,470.40. The trade was a 17.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 677,875 shares of company stock worth $76,732,994 over the last ninety days.

Reddit Price Performance

Reddit stock traded up $7.41 during trading hours on Wednesday, hitting $118.27. The stock had a trading volume of 8,669,982 shares, compared to its average volume of 6,192,821. Reddit, Inc. has a 1-year low of $49.13 and a 1-year high of $230.41. The stock has a market capitalization of $21.82 billion, a price-to-earnings ratio of -15.30, a PEG ratio of 4.72 and a beta of 2.90. The stock's fifty day moving average is $106.30 and its two-hundred day moving average is $143.93.

Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The company reported $0.13 EPS for the quarter, beating analysts' consensus estimates 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 firm had revenue of $392.36 million for the quarter, compared to analysts' expectations of $370.55 million. During the same period in the prior year, the company earned ($8.19) EPS. The firm's revenue was up 61.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Reddit, Inc. will post 1.12 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the stock. Sanford C. Bernstein raised shares of Reddit from an "underperform" rating to a "market perform" rating and set a $130.00 target price on the stock in a report on Friday, May 2nd. Wall Street Zen lowered shares of Reddit from a "buy" rating to a "hold" rating in a research note on Friday, May 30th. Truist Financial began coverage on shares of Reddit in a report on Monday, April 7th. They issued a "buy" rating and a $150.00 target price for the company. Guggenheim lowered their price target on Reddit from $170.00 to $165.00 and set a "buy" rating on the stock in a report on Friday, May 2nd. Finally, Bank of America reduced their price objective on Reddit from $190.00 to $110.00 and set a "neutral" rating for the company in a research note on Wednesday, April 9th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, Reddit presently has an average rating of "Moderate Buy" and an average price target of $139.78.

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.