Reddit, Inc. (NYSE:RDDT) Stock Position Increased by Legal & General Group Plc

Legal & General Group Plc increased its stake in shares of Reddit, Inc. (NYSE:RDDT - Free Report) by 325.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 97,223 shares of the company's stock after buying an additional 74,395 shares during the period. Legal & General Group Plc owned about 0.06% of Reddit worth $15,890,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in RDDT. Ridgewood Investments LLC grew its stake in Reddit by 100.0% in the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company's stock valued at $33,000 after acquiring an additional 100 shares during the last quarter. Proficio Capital Partners LLC increased its stake in shares of Reddit by 2.1% during the 4th quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company's stock worth $966,000 after purchasing an additional 120 shares in the last quarter. Farther Finance Advisors LLC raised its position in shares of Reddit by 148.5% during the 4th quarter. Farther Finance Advisors LLC now owns 246 shares of the company's stock worth $40,000 after purchasing an additional 147 shares during the last quarter. UMB Bank n.a. grew its holdings in Reddit by 10.8% during the 4th quarter. UMB Bank n.a. now owns 1,533 shares of the company's stock valued at $251,000 after buying an additional 150 shares during the last quarter. Finally, Foundations Investment Advisors LLC increased its position in Reddit by 3.0% during the fourth quarter. Foundations Investment Advisors LLC now owns 5,325 shares of the company's stock worth $870,000 after buying an additional 155 shares in the last quarter.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on RDDT shares. Truist Financial initiated coverage on shares of Reddit in a research note on Monday, April 7th. They set a "buy" rating and a $150.00 price target on the stock. Loop Capital restated a "buy" rating and issued a $210.00 price target on shares of Reddit in a report on Tuesday, March 11th. Wells Fargo & Company lowered their target price on shares of Reddit from $215.00 to $158.00 and set an "overweight" rating for the company in a report on Monday, March 31st. Redburn Partners set a $75.00 price target on shares of Reddit in a research note on Monday, March 17th. Finally, Oppenheimer assumed coverage on shares of Reddit in a research note on Wednesday. They set an "outperform" rating and a $125.00 price objective for the company. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $142.22.

Insider Transactions at Reddit

In related news, CTO Christopher Brian Slowe sold 5,000 shares of the firm's stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $184.15, for a total transaction of $920,750.00. Following the transaction, the chief technology officer now directly owns 35,252 shares in the company, valued at $6,491,655.80. This trade represents a 12.42 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction on Friday, January 31st. The stock was sold at an average price of $201.96, for a total transaction of $2,827,440.00. Following the completion of the transaction, the chief executive officer now directly owns 614,394 shares of the company's stock, valued at approximately $124,083,012.24. This represents a 2.23 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 714,202 shares of company stock valued at $96,326,958.

Reddit Price Performance

RDDT traded up $0.66 on Friday, reaching $96.04. The company's stock had a trading volume of 2,852,484 shares, compared to its average volume of 5,521,081. Reddit, Inc. has a 1 year low of $40.17 and a 1 year high of $230.41. The business's 50 day moving average is $131.49 and its 200 day moving average is $140.37. The stock has a market cap of $17.37 billion and a price-to-earnings ratio of -12.42.

Reddit (NYSE:RDDT - Get Free Report) last released its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, topping analysts' consensus estimates of $0.24 by $0.12. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. As a group, research analysts forecast that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

Reddit 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.