Wells Fargo & Company MN Has $15.88 Million Holdings in Reddit, Inc. (NYSE:RDDT)

Wells Fargo & Company MN lifted its stake in shares of Reddit, Inc. (NYSE:RDDT - Free Report) by 909.3% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 97,183 shares of the company's stock after purchasing an additional 87,554 shares during the quarter. Wells Fargo & Company MN owned about 0.06% of Reddit worth $15,884,000 at the end of the most recent quarter.

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

Insider Transactions at Reddit

In other Reddit news, Director David C. Habiger bought 774 shares of the stock in a transaction on Wednesday, March 12th. The shares were bought at an average price of $130.36 per share, with a total value of $100,898.64. Following the purchase, the director now directly owns 30,808 shares in the company, valued at $4,016,130.88. The trade was a 2.58 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the business's stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $201.96, for a total transaction of $2,827,440.00. Following the transaction, the chief executive officer now directly owns 614,394 shares in the company, valued at $124,083,012.24. The trade was a 2.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 714,202 shares of company stock valued at $96,326,958 over the last ninety days.

Reddit Trading Up 0.7 %

RDDT traded up $0.66 during trading on Friday, reaching $96.04. 2,852,484 shares of the company were exchanged, compared to its average volume of 5,533,051. Reddit, Inc. has a 52 week low of $40.51 and a 52 week high of $230.41. The stock has a market cap of $17.37 billion and a P/E ratio of -12.42. The firm has a 50 day moving average of $131.49 and a 200 day moving average of $140.88.

Reddit (NYSE:RDDT - Get Free Report) last posted its earnings results on Wednesday, February 12th. The company reported $0.36 EPS 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%. As a group, analysts forecast that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

RDDT has been the subject of several analyst reports. JPMorgan Chase & Co. cut their target price on shares of Reddit from $185.00 to $110.00 and set a "neutral" rating for the company in a research note on Tuesday, April 8th. Robert W. Baird lifted their target price on shares of Reddit from $160.00 to $185.00 and gave the stock a "neutral" rating in a research note on Thursday, February 13th. Redburn Atlantic initiated coverage on Reddit in a report on Monday, March 17th. They set a "sell" rating and a $75.00 price objective on the stock. Loop Capital reaffirmed a "buy" rating and set a $210.00 price target on shares of Reddit in a research report on Tuesday, March 11th. Finally, JMP Securities set a $155.00 price objective on shares of Reddit in a research note on Friday, March 28th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $142.22.

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.