Voya Investment Management LLC Makes New $157.98 Million Investment in Reddit, Inc. (NYSE:RDDT)

Voya Investment Management LLC acquired a new position in Reddit, Inc. (NYSE:RDDT - Free Report) during the 4th quarter, according to its most recent filing with the SEC. The fund acquired 967,093 shares of the company's stock, valued at approximately $157,984,000. Voya Investment Management LLC owned approximately 0.55% of Reddit as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the business. FMR LLC increased its position in Reddit by 7.5% during 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. raised its position in shares of Reddit by 184.2% in the fourth quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company's stock valued at $1,500,606,000 after buying an additional 5,950,909 shares during the last quarter. Jennison Associates LLC purchased a new position in shares of Reddit during the fourth quarter valued at approximately $494,861,000. Alliancebernstein L.P. boosted its position in Reddit by 1,011.1% during the fourth quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company's stock worth $455,795,000 after acquiring an additional 2,537,768 shares during the last quarter. Finally, Brooklyn FI LLC purchased a new stake in Reddit in the 4th quarter worth approximately $303,082,000.

Reddit Stock Performance

Shares of NYSE:RDDT traded up $0.39 during trading hours on Tuesday, hitting $121.60. The stock had a trading volume of 1,842,730 shares, compared to its average volume of 5,603,115. The stock's fifty day simple moving average is $120.74 and its 200 day simple moving average is $142.98. The firm has a market capitalization of $22.00 billion and a price-to-earnings ratio of -15.70. Reddit, Inc. has a 1-year low of $44.15 and a 1-year high of $230.41.

Reddit (NYSE:RDDT - Get Free Report) last announced its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. As a group, research analysts anticipate that Reddit, Inc. will post 1.12 EPS for the current year.

Analyst Ratings Changes

Several analysts have commented on RDDT shares. The Goldman Sachs Group lowered their price target on Reddit from $185.00 to $124.00 and set a "neutral" rating for the company in a report on Monday, April 14th. Redburn Atlantic assumed coverage on shares of Reddit in a research note on Monday, March 17th. They issued a "sell" rating and a $75.00 target price on the stock. Bank of America decreased their price target on shares of Reddit from $190.00 to $110.00 and set a "neutral" rating for the company in a research report on Wednesday, April 9th. Truist Financial began coverage on Reddit in a research note on Monday, April 7th. They set a "buy" rating and a $150.00 price objective on the stock. Finally, Guggenheim lowered their target price on Reddit from $210.00 to $170.00 and set a "buy" rating for the company in a research note on Thursday, March 20th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $142.22.

Insider Activity at Reddit

In related news, CEO Steve Ladd Huffman sold 124,408 shares of the business's stock in a transaction that occurred on Friday, March 14th. The stock was sold at an average price of $127.36, for a total transaction of $15,844,602.88. Following the sale, the chief executive officer now owns 583,515 shares of the company's stock, valued at $74,316,470.40. The trade was a 17.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director David C. Habiger purchased 774 shares of the firm's stock in a transaction on Wednesday, March 12th. The shares were purchased at an average cost of $130.36 per share, with a total value of $100,898.64. Following the completion of the purchase, the director now owns 30,808 shares in the company, valued at $4,016,130.88. This represents a 2.58 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 725,270 shares of company stock worth $97,067,425 over the last ninety 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.