Neuberger Berman Group LLC Invests $47.56 Million in Reddit, Inc. (NYSE:RDDT)

Neuberger Berman Group LLC acquired a new stake in Reddit, Inc. (NYSE:RDDT - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 290,975 shares of the company's stock, valued at approximately $47,557,000. Neuberger Berman Group LLC owned approximately 0.17% of Reddit at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Scotia Capital Inc. lifted its stake in shares of Reddit by 5.5% during the 4th quarter. Scotia Capital Inc. now owns 3,500 shares of the company's stock worth $572,000 after purchasing an additional 182 shares during the last quarter. F M Investments LLC purchased a new stake in shares of Reddit during the fourth quarter valued at about $2,379,000. Advisory Services Network LLC grew its position in shares of Reddit by 14.6% in the 4th quarter. Advisory Services Network LLC now owns 5,843 shares of the company's stock worth $955,000 after buying an additional 744 shares during the last quarter. Renaissance Technologies LLC raised its stake in shares of Reddit by 265.4% during the 4th quarter. Renaissance Technologies LLC now owns 1,650,500 shares of the company's stock worth $269,758,000 after acquiring an additional 1,198,800 shares in the last quarter. Finally, Legal & General Group Plc lifted its position in Reddit by 325.9% during the fourth quarter. Legal & General Group Plc now owns 97,223 shares of the company's stock valued at $15,890,000 after acquiring an additional 74,395 shares during the last quarter.

Reddit Stock Performance

Shares of NYSE:RDDT traded down $3.51 during midday trading on Tuesday, reaching $94.75. 2,097,578 shares of the company's stock traded hands, compared to its average volume of 5,481,866. The company has a fifty day simple moving average of $141.43 and a two-hundred day simple moving average of $140.58. The company has a market cap of $17.14 billion and a P/E ratio of -12.26. Reddit, Inc. has a 1 year low of $37.35 and a 1 year high of $230.41.

Reddit (NYSE:RDDT - Get Free Report) last released its earnings results 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 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 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. The Goldman Sachs Group reduced their price target on Reddit from $185.00 to $124.00 and set a "neutral" rating on the stock in a research report on Monday. B. Riley raised their price target on Reddit from $112.00 to $187.00 and gave the stock a "buy" rating in a report on Tuesday, January 14th. JMP Securities set a $155.00 price objective on shares of Reddit in a report on Friday, March 28th. Morgan Stanley lifted their target price on shares of Reddit from $200.00 to $210.00 and gave the stock an "overweight" rating in a research note on Thursday, February 13th. Finally, Roth Mkm downgraded 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 report on Wednesday, January 22nd. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Reddit currently has an average rating of "Moderate Buy" and a consensus price target of $146.18.

Insider Buying and Selling at Reddit

In other Reddit news, CAO Michelle Marie Reynolds sold 11,965 shares of the firm's stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $157.41, for a total value of $1,883,410.65. Following the transaction, the chief accounting officer now directly owns 48,418 shares of the company's stock, valued at $7,621,477.38. This trade represents a 19.82 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Benjamin Seong Lee sold 92,299 shares of the company's stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $157.35, for a total value of $14,523,247.65. Following the completion of the sale, the insider now owns 115,001 shares of the company's stock, valued at $18,095,407.35. This trade represents a 44.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 603,794 shares of company stock worth $89,386,704.

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.