Hsbc Holdings PLC Takes $958,000 Position in Reddit, Inc. (NYSE:RDDT)

Hsbc Holdings PLC purchased a new stake in shares of Reddit, Inc. (NYSE:RDDT - Free Report) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor purchased 5,730 shares of the company's stock, valued at approximately $958,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. FMR LLC grew its stake in shares of Reddit by 7.5% during the fourth quarter. FMR LLC now owns 13,070,780 shares of the company's stock valued at $2,136,288,000 after buying an additional 913,189 shares during the last quarter. Vanguard Group Inc. grew its position in Reddit by 184.2% in the 4th quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company's stock valued at $1,500,606,000 after acquiring an additional 5,950,909 shares during the last quarter. Jennison Associates LLC purchased a new stake in Reddit in the fourth quarter worth $494,861,000. Alliancebernstein L.P. lifted its position in shares of 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 last quarter. Finally, Brooklyn FI LLC purchased a new stake in shares of Reddit during the fourth quarter valued at $303,082,000.

Analyst Upgrades and Downgrades

RDDT has been the topic of several recent analyst reports. Wells Fargo & Company lifted their price objective on shares of Reddit from $158.00 to $168.00 and gave the company an "overweight" rating in a report on Friday. Robert W. Baird lifted their price target on shares of Reddit from $160.00 to $185.00 and gave the company a "neutral" rating in a research note on Thursday, February 13th. Truist Financial assumed coverage on Reddit in a report on Monday, April 7th. They set a "buy" rating and a $150.00 price objective on the stock. Morgan Stanley lowered their target price on Reddit from $210.00 to $140.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Finally, B. Riley restated a "buy" rating and set a $220.00 price target (down previously from $222.00) on shares of Reddit in a research note on Friday. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $142.30.

Insider Buying and Selling at Reddit

In other news, insider Benjamin Seong Lee sold 92,299 shares of Reddit stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $157.35, for a total transaction of $14,523,247.65. Following the completion of the transaction, the insider now directly owns 115,001 shares of the company's stock, valued at $18,095,407.35. The trade was a 44.52 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Steve Ladd Huffman sold 124,408 shares of the stock in a transaction 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 sale, the chief executive officer now directly owns 583,515 shares in the company, valued at $74,316,470.40. This trade represents a 17.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 711,270 shares of company stock worth $94,239,985.

Reddit Trading Down 4.9 %

Shares of NYSE:RDDT opened at $113.01 on Friday. Reddit, Inc. has a twelve month low of $46.75 and a twelve month high of $230.41. The company has a market cap of $20.44 billion, a PE ratio of -14.62, a price-to-earnings-growth ratio of 4.72 and a beta of 2.89. The company's 50 day moving average is $116.82 and its 200 day moving average is $143.67.

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 analysts' consensus estimates of $0.02 by $0.11. The firm had revenue of $392.36 million for the quarter, compared to analyst estimates of $370.55 million. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. The business's quarterly revenue was up 61.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($8.19) earnings per share. Equities research 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.

Want to see what other hedge funds are holding RDDT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Reddit, Inc. (NYSE:RDDT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.