Nuveen Asset Management LLC Purchases 755,152 Shares of Reddit, Inc. (NYSE:RDDT)

Nuveen Asset Management LLC increased its holdings in Reddit, Inc. (NYSE:RDDT - Free Report) by 424.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 932,991 shares of the company's stock after acquiring an additional 755,152 shares during the quarter. Nuveen Asset Management LLC owned approximately 0.53% of Reddit worth $152,488,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in RDDT. Plato Investment Management Ltd purchased a new stake in Reddit in the 4th quarter worth approximately $27,000. EverSource Wealth Advisors LLC purchased a new position in Reddit in the 4th quarter valued at $28,000. Farmers & Merchants Investments Inc. purchased a new position in shares of Reddit during the 4th quarter worth $33,000. Bogart Wealth LLC purchased a new position in shares of Reddit during the 4th quarter worth $33,000. Finally, Spire Wealth Management purchased a new position in shares of Reddit during the 4th quarter worth $35,000.

Analyst Ratings Changes

A number of brokerages recently issued reports on RDDT. Seaport Res Ptn raised Reddit from a "hold" rating to a "strong-buy" rating in a report on Monday, May 5th. Truist Financial began coverage on Reddit in a research report on Monday, April 7th. They set a "buy" rating and a $150.00 target price on the stock. Oppenheimer assumed coverage on Reddit in a report on Wednesday, April 16th. They issued an "outperform" rating and a $125.00 price objective on the stock. Citigroup raised their price objective on Reddit from $150.00 to $158.00 and gave the company a "buy" rating in a research note on Friday, May 2nd. Finally, Bank of America cut their price target on Reddit from $190.00 to $110.00 and set a "neutral" rating on the stock in a report on Wednesday, April 9th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $141.36.

Reddit Trading Down 4.6%

Shares of RDDT traded down $5.19 during mid-day trading on Monday, hitting $108.04. The company's stock had a trading volume of 10,459,008 shares, compared to its average volume of 5,955,494. The firm has a market capitalization of $19.94 billion, a price-to-earnings ratio of -13.98, a PEG ratio of 4.72 and a beta of 2.90. The company's 50-day moving average is $109.40 and its 200-day moving average is $145.91. Reddit, Inc. has a 52-week low of $49.13 and a 52-week high of $230.41.

Reddit (NYSE:RDDT - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.11. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. The business had revenue of $392.36 million for the quarter, compared to the consensus estimate of $370.55 million. During the same period last year, the firm posted ($8.19) earnings per share. The company's revenue was up 61.5% compared to the same quarter last year. As a group, sell-side analysts predict that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $110.67, for a total value of $1,549,380.00. Following the completion of the transaction, the chief executive officer now owns 577,013 shares in the company, valued at $63,858,028.71. This trade represents a 2.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Jennifer L. Wong sold 33,334 shares of the company's stock in a transaction dated Wednesday, April 16th. The stock was 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 owns 1,466,119 shares of the company's stock, valued at $137,800,524.81. This represents a 2.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 725,270 shares of company stock worth $95,789,365 in the last 90 days.

About Reddit

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.