Public Employees Retirement Association of Colorado Invests $1.01 Million in Reddit, Inc. (NYSE:RDDT)

Public Employees Retirement Association of Colorado bought a new stake in shares of Reddit, Inc. (NYSE:RDDT - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 6,149 shares of the company's stock, valued at approximately $1,005,000.

Several other institutional investors have also bought and sold shares of the stock. Quarry LP purchased a new position in shares of Reddit in the 4th quarter worth approximately $59,000. Gilder Gagnon Howe & Co. LLC purchased a new stake in shares of Reddit during the 4th quarter valued at $1,635,000. Monolith Management Ltd purchased a new stake in shares of Reddit during the 4th quarter valued at $6,047,000. Nebula Research & Development LLC boosted its holdings in shares of Reddit by 155.4% in the 4th quarter. Nebula Research & Development LLC now owns 11,170 shares of the company's stock worth $1,826,000 after buying an additional 6,796 shares during the last quarter. Finally, Lord Abbett & CO. LLC grew its position in Reddit by 12.8% during the fourth quarter. Lord Abbett & CO. LLC now owns 1,861,998 shares of the company's stock valued at $304,325,000 after buying an additional 211,636 shares during the period.

Insiders Place Their Bets

In other Reddit news, CAO Michelle Marie Reynolds sold 11,965 shares of the stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $157.41, for a total transaction of $1,883,410.65. Following the completion of the sale, the chief accounting officer now owns 48,418 shares of the company's stock, valued at $7,621,477.38. This represents a 19.82 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the business's stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $187.78, for a total transaction of $2,628,920.00. Following the completion of the transaction, the chief executive officer now owns 614,394 shares in the company, valued at $115,370,905.32. The trade was a 2.23 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 711,270 shares of company stock valued at $94,239,985 over the last three months.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on RDDT. Redburn Partners set a $75.00 target price on shares of Reddit in a research note on Monday, March 17th. JMP Securities reissued a "market outperform" rating and set a $180.00 price objective on shares of Reddit in a report on Friday. The Goldman Sachs Group boosted their target price on Reddit from $124.00 to $140.00 and gave the company a "neutral" rating in a research note on Friday. Piper Sandler reiterated an "overweight" rating and set a $150.00 price target (up previously from $140.00) on shares of Reddit in a research note on Friday. Finally, JPMorgan Chase & Co. lowered their price objective on Reddit from $185.00 to $110.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 8th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $142.30.

Reddit Stock Performance

RDDT traded down $5.78 during trading on Friday, reaching $113.01. The stock had a trading volume of 29,544,738 shares, compared to its average volume of 5,825,602. The business has a 50-day moving average of $116.82 and a 200-day moving average of $143.67. Reddit, Inc. has a one year low of $46.75 and a one year high of $230.41. The stock has a market cap of $20.44 billion, a PE ratio of -14.62, a PEG ratio of 4.72 and a beta of 2.89.

Reddit (NYSE:RDDT - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The company reported $0.13 EPS for the quarter, beating the consensus estimate 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 return on equity of 24.71% and a negative net margin of 37.25%. The company's revenue was up 61.5% on a year-over-year basis. During the same period in the prior year, the company earned ($8.19) EPS. Equities research analysts forecast that Reddit, Inc. will post 1.12 EPS 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.