Reddit, Inc. (NYSE:RDDT) Stake Boosted by Renaissance Capital LLC

Renaissance Capital LLC lifted its stake in shares of Reddit, Inc. (NYSE:RDDT - Free Report) by 14.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 31,236 shares of the company's stock after acquiring an additional 3,892 shares during the period. Reddit accounts for approximately 3.3% of Renaissance Capital LLC's portfolio, making the stock its 12th biggest holding. Renaissance Capital LLC's holdings in Reddit were worth $5,105,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Ridgewood Investments LLC boosted its holdings in shares of Reddit by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company's stock worth $33,000 after purchasing an additional 100 shares during the last quarter. Spire Wealth Management acquired a new stake in Reddit in the 4th quarter worth about $35,000. Whittier Trust Co. purchased a new stake in Reddit in the 3rd quarter valued at about $42,000. Blue Trust Inc. acquired a new position in shares of Reddit during the 4th quarter valued at about $59,000. Finally, New Wave Wealth Advisors LLC purchased a new position in shares of Reddit during the 4th quarter worth about $69,000.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Sanford C. Bernstein boosted their target price on shares of Reddit from $65.00 to $85.00 and gave the company an "underperform" rating in a report on Wednesday, October 30th. Jefferies Financial Group boosted their price objective on shares of Reddit from $120.00 to $175.00 and gave the company a "buy" rating in a research note on Monday, November 25th. Raymond James upped their price objective on Reddit from $150.00 to $200.00 and gave the stock a "strong-buy" rating in a report on Tuesday, January 21st. Piper Sandler lifted their target price on Reddit from $150.00 to $197.00 and gave the company an "overweight" rating in a report on Tuesday, January 14th. Finally, Seaport Res Ptn upgraded Reddit to a "hold" rating in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Reddit currently has an average rating of "Moderate Buy" and a consensus target price of $159.70.

Reddit Price Performance

RDDT traded up $8.91 during trading hours on Friday, reaching $225.42. 5,437,930 shares of the stock traded hands, compared to its average volume of 4,790,693. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $227.05. The firm's fifty day simple moving average is $174.72 and its two-hundred day simple moving average is $112.61.

Insider Activity

In related news, CTO Christopher Brian Slowe sold 5,000 shares of the company's stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $184.15, for a total value of $920,750.00. Following the sale, the chief technology officer now directly owns 35,252 shares of the company's stock, valued at $6,491,655.80. This represents a 12.42 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction on Friday, November 15th. The shares were sold at an average price of $125.98, for a total transaction of $1,763,720.00. Following the transaction, the chief executive officer now owns 651,775 shares in the company, valued at $82,110,614.50. This trade represents a 2.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 259,357 shares of company stock worth $41,121,108 over the last ninety days.

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.