UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Acquires 63,857 Shares of Reddit, Inc. (NYSE:RDDT)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Reddit, Inc. (NYSE:RDDT - Free Report) by 154.5% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 105,180 shares of the company's stock after buying an additional 63,857 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned about 0.06% of Reddit worth $17,191,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of RDDT. Vanguard Group Inc. increased its position in Reddit by 184.2% during the fourth quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company's stock worth $1,500,606,000 after buying an additional 5,950,909 shares during the last quarter. Jennison Associates LLC bought a new position in Reddit during the fourth quarter worth about $494,861,000. Alliancebernstein L.P. lifted its stake in Reddit by 1,011.1% during the fourth quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company's stock worth $455,795,000 after purchasing an additional 2,537,768 shares during the period. Brooklyn FI LLC bought a new position in Reddit during the fourth quarter worth about $303,082,000. Finally, GQG Partners LLC bought a new position in Reddit during the fourth quarter worth about $271,539,000.

Insider Activity at Reddit

In other news, CFO Andrew Vollero sold 100,000 shares of the stock in a transaction on Monday, March 24th. The shares were sold at an average price of $124.08, for a total value of $12,408,000.00. Following the transaction, the chief financial officer now owns 499,295 shares of the company's stock, valued at $61,952,523.60. This represents a 16.69% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Michelle Marie Reynolds sold 2,729 shares of the stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $98.85, for a total transaction of $269,761.65. Following the transaction, the chief accounting officer now directly owns 42,277 shares in the company, valued at approximately $4,179,081.45. This represents a 6.06% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 768,139 shares of company stock worth $91,598,952.

Analyst Ratings Changes

Several analysts have recently weighed in on RDDT shares. Bank of America dropped their price objective on shares of Reddit from $190.00 to $110.00 and set a "neutral" rating for the company in a report on Wednesday, April 9th. Morgan Stanley dropped their price objective on shares of Reddit from $210.00 to $140.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Robert W. Baird dropped their price objective on shares of Reddit from $140.00 to $120.00 and set a "neutral" rating for the company in a report on Wednesday, May 21st. JMP Securities reaffirmed a "market outperform" rating and set a $180.00 price objective on shares of Reddit in a report on Friday, May 2nd. Finally, Guggenheim dropped their price objective on shares of Reddit from $170.00 to $165.00 and set a "buy" rating for the company in a report on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $140.45.

Reddit Stock Up 3.2%

Reddit stock traded up $3.51 during midday trading on Friday, hitting $112.54. 7,538,474 shares of the stock were exchanged, compared to its average volume of 6,141,741. Reddit, Inc. has a 52-week low of $49.13 and a 52-week high of $230.41. The stock has a market capitalization of $20.77 billion, a price-to-earnings ratio of -14.56, a price-to-earnings-growth ratio of 4.72 and a beta of 2.90. The business's 50-day moving average price is $106.24 and its 200-day moving average price is $144.26.

Reddit (NYSE:RDDT - Get Free Report) last released its earnings results on Thursday, May 1st. The company reported $0.13 earnings per share for the quarter, beating analysts' consensus estimates of $0.02 by $0.11. The firm had revenue of $392.36 million for the quarter, compared to analysts' expectations of $370.55 million. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. The company's quarterly revenue was up 61.5% on a year-over-year basis. During the same period in the previous year, the company earned ($8.19) earnings per share. On average, sell-side analysts predict that Reddit, Inc. will post 1.12 earnings per share 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.