The Manufacturers Life Insurance Company Raises Position in Reddit, Inc. (NYSE:RDDT)

The Manufacturers Life Insurance Company grew its position in shares of Reddit, Inc. (NYSE:RDDT - Free Report) by 20.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 19,236 shares of the company's stock after buying an additional 3,257 shares during the quarter. The Manufacturers Life Insurance Company's holdings in Reddit were worth $3,144,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in RDDT. FMR LLC increased its holdings in shares of Reddit by 7.5% in the 4th quarter. FMR LLC now owns 13,070,780 shares of the company's stock worth $2,136,288,000 after purchasing an additional 913,189 shares in the last quarter. Vanguard Group Inc. increased its holdings in Reddit by 184.2% in the 4th quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company's stock worth $1,500,606,000 after buying an additional 5,950,909 shares in the last quarter. Jennison Associates LLC purchased a new position in Reddit in the 4th quarter worth about $494,861,000. Alliancebernstein L.P. lifted its stake in Reddit by 1,011.1% during the 4th quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company's stock valued at $455,795,000 after acquiring an additional 2,537,768 shares during the period. Finally, Lord Abbett & CO. LLC boosted its holdings in shares of Reddit by 12.8% during the 4th quarter. Lord Abbett & CO. LLC now owns 1,861,998 shares of the company's stock valued at $304,325,000 after acquiring an additional 211,636 shares during the last quarter.

Wall Street Analyst Weigh In

RDDT has been the topic of a number of research analyst reports. Seaport Res Ptn upgraded shares of Reddit from a "hold" rating to a "strong-buy" rating in a research report on Monday, May 5th. Citigroup raised their price target on Reddit from $150.00 to $158.00 and gave the stock a "buy" rating in a research note on Friday, May 2nd. Morgan Stanley reduced their price objective on Reddit from $210.00 to $140.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. Needham & Company LLC boosted their price target on Reddit from $135.00 to $145.00 and gave the company a "buy" rating in a research note on Friday, May 2nd. Finally, Raymond James lowered their price objective on shares of Reddit from $250.00 to $200.00 and set a "strong-buy" rating on the stock in a research note on Wednesday, March 12th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, fourteen have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, Reddit has a consensus rating of "Moderate Buy" and a consensus price target of $140.35.

Insider Transactions at Reddit

In other Reddit news, Director David C. Habiger purchased 774 shares of the firm's stock in a transaction that occurred 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 completion of the purchase, the director now directly owns 30,808 shares in the company, valued at $4,016,130.88. This trade represents a 2.58 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Andrew Vollero sold 48,122 shares of Reddit stock in a transaction on Monday, February 24th. The stock was sold at an average price of $162.80, for a total transaction of $7,834,261.60. Following the completion of the transaction, the chief financial officer now directly owns 599,295 shares of the company's stock, valued at $97,565,226. The trade was a 7.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 725,270 shares of company stock valued at $95,789,365 in the last ninety days.

Reddit Stock Performance

RDDT opened at $108.35 on Friday. The stock has a market capitalization of $19.60 billion, a price-to-earnings ratio of -14.02, a PEG ratio of 4.72 and a beta of 2.90. The company has a fifty day moving average of $111.54 and a 200 day moving average of $144.30. Reddit, Inc. has a fifty-two week low of $49.13 and a fifty-two week high of $230.41.

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

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.

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