Nebula Research & Development LLC Increases Position in Reddit, Inc. (NYSE:RDDT)

Nebula Research & Development LLC boosted its position in Reddit, Inc. (NYSE:RDDT - Free Report) by 155.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 11,170 shares of the company's stock after acquiring an additional 6,796 shares during the quarter. Nebula Research & Development LLC's holdings in Reddit were worth $1,826,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in RDDT. Lord Abbett & CO. LLC raised its holdings in shares of Reddit by 12.8% during the 4th quarter. Lord Abbett & CO. LLC now owns 1,861,998 shares of the company's stock worth $304,325,000 after buying an additional 211,636 shares in the last quarter. Kovitz Investment Group Partners LLC acquired a new position in Reddit during the fourth quarter worth about $208,000. Science & Technology Partners L.P. acquired a new position in Reddit during the fourth quarter worth about $16,834,000. Voya Investment Management LLC bought a new position in shares of Reddit in the fourth quarter worth about $157,984,000. Finally, Integrated Wealth Concepts LLC acquired a new stake in shares of Reddit in the 4th quarter valued at approximately $2,779,000.

Wall Street Analysts Forecast Growth

RDDT has been the topic of a number of research reports. Roth Mkm cut shares of Reddit from a "buy" rating to a "neutral" rating and boosted their target price for the stock from $116.00 to $195.00 in a research note on Wednesday, January 22nd. Robert W. Baird boosted their price objective on Reddit from $160.00 to $185.00 and gave the stock a "neutral" rating in a research report on Thursday, February 13th. B. Riley lifted their price target on Reddit from $112.00 to $187.00 and gave the company a "buy" rating in a research note on Tuesday, January 14th. Citigroup dropped their price objective on shares of Reddit from $220.00 to $150.00 and set a "buy" rating for the company in a report on Monday, April 14th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $220.00 price target on shares of Reddit in a research note on Friday, March 21st. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $142.22.

Reddit Stock Performance

Shares of Reddit stock traded down $5.42 on Wednesday, hitting $116.72. The company had a trading volume of 7,421,525 shares, compared to its average volume of 5,630,818. Reddit, Inc. has a 1 year low of $44.15 and a 1 year high of $230.41. The stock has a market capitalization of $21.12 billion and a price-to-earnings ratio of -15.10. The stock has a 50 day moving average of $119.68 and a 200-day moving average of $142.84.

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 the consensus estimate of $0.24 by $0.12. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. Equities analysts anticipate that Reddit, Inc. will post 1.12 earnings per share for the current year.

Insider Activity at Reddit

In other news, CTO Christopher Brian Slowe sold 11,000 shares of the stock in a transaction on Tuesday, April 22nd. The stock was sold at an average price of $99.75, for a total transaction of $1,097,250.00. Following the completion of the transaction, the chief technology officer now owns 281,213 shares in the company, valued at approximately $28,050,996.75. This represents a 3.76 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Andrew Vollero sold 48,122 shares of the stock in a transaction on Monday, February 24th. The stock was sold at an average price of $162.80, for a total value of $7,834,261.60. Following the sale, the chief financial officer now owns 599,295 shares in the company, valued at approximately $97,565,226. This represents a 7.43 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 725,270 shares of company stock valued at $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.