Lord Abbett & CO. LLC Has $304.33 Million Holdings in Reddit, Inc. (NYSE:RDDT)

Lord Abbett & CO. LLC lifted its stake in Reddit, Inc. (NYSE:RDDT - Free Report) by 12.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,861,998 shares of the company's stock after purchasing an additional 211,636 shares during the period. Reddit makes up 1.0% of Lord Abbett & CO. LLC's investment portfolio, making the stock its 14th largest holding. Lord Abbett & CO. LLC owned 1.06% of Reddit worth $304,325,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in RDDT. Plato Investment Management Ltd purchased a new position in Reddit in the 4th quarter valued at about $27,000. EverSource Wealth Advisors LLC purchased a new position in shares of Reddit during the fourth quarter valued at approximately $28,000. Ridgewood Investments LLC boosted its position in Reddit by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company's stock worth $33,000 after acquiring an additional 100 shares during the last quarter. Farmers & Merchants Investments Inc. acquired a new position in Reddit in the 4th quarter valued at $33,000. Finally, Bogart Wealth LLC purchased a new position in shares of Reddit during the 4th quarter worth $33,000.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. Oppenheimer began coverage on Reddit in a research note on Wednesday, April 16th. They issued an "outperform" rating and a $125.00 target price for the company. Citigroup reduced their price objective on Reddit from $220.00 to $150.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. JPMorgan Chase & Co. reduced their price target on shares of Reddit from $185.00 to $110.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 8th. 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 research report on Thursday, April 17th. Finally, Bank of America lowered their target price on Reddit from $190.00 to $110.00 and set a "neutral" rating for the company in a research note on Wednesday, April 9th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $142.22.

Reddit Stock Performance

Shares of Reddit stock traded down $8.85 during trading hours on Wednesday, reaching $113.29. The company's stock had a trading volume of 4,797,340 shares, compared to its average volume of 5,619,518. The stock has a market cap of $20.49 billion and a P/E ratio of -14.66. The company's 50 day simple moving average is $119.68 and its 200 day simple moving average is $142.84. Reddit, Inc. has a one year low of $44.15 and a one year high of $230.41.

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

Insiders Place Their Bets

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $201.96, for a total value 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 $124,083,012.24. This represents a 2.23 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Jennifer L. Wong sold 33,334 shares of Reddit stock in a transaction on Wednesday, April 16th. The shares were sold at an average price of $93.99, for a total value of $3,133,062.66. Following the sale, the chief operating officer now directly owns 1,466,119 shares in the company, valued at $137,800,524.81. The trade was a 2.22 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 725,270 shares of company stock worth $97,067,425.

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.