Peregrine Investment Management Inc. Buys New Shares in Reddit, Inc. (NYSE:RDDT)

Peregrine Investment Management Inc. purchased a new position in shares of Reddit, Inc. (NYSE:RDDT) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 58,000 shares of the company’s stock, valued at approximately $9,480,000. Reddit makes up about 5.5% of Peregrine Investment Management Inc.’s portfolio, making the stock its 5th biggest holding.

A number of other large investors have also recently added to or reduced their stakes in the company. Jennison Associates LLC bought a new position in shares of Reddit during the 4th quarter worth approximately $494,861,000. Renaissance Capital LLC boosted its position in Reddit by 14.2% during the fourth quarter. Renaissance Capital LLC now owns 31,236 shares of the company’s stock worth $5,105,000 after purchasing an additional 3,892 shares during the period. ARK Investment Management LLC increased its holdings in shares of Reddit by 120.5% in the third quarter. ARK Investment Management LLC now owns 352,721 shares of the company’s stock valued at $23,251,000 after purchasing an additional 192,785 shares during the last quarter. Wellington Management Group LLP raised its position in shares of Reddit by 3,640.5% in the third quarter. Wellington Management Group LLP now owns 255,325 shares of the company’s stock valued at $16,831,000 after purchasing an additional 248,499 shares during the period. Finally, Newbridge Financial Services Group Inc. lifted its stake in shares of Reddit by 666.7% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 2,300 shares of the company’s stock worth $376,000 after buying an additional 2,000 shares during the last quarter.

Analysts Set New Price Targets

RDDT has been the topic of several research analyst reports. B. Riley increased their price target on shares of Reddit from $112.00 to $187.00 and gave the company a “buy” rating in a report on Tuesday, January 14th. Guggenheim began coverage on Reddit in a research note on Friday, December 20th. They set a “buy” rating and a $210.00 target price on the stock. Sanford C. Bernstein boosted their price target on Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a research note on Wednesday, October 30th. Loop Capital increased their price objective on Reddit from $180.00 to $210.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, Bank of America boosted their target price on shares of Reddit from $180.00 to $190.00 and gave the company a “neutral” rating in a research report on Thursday. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Reddit currently has an average rating of “Moderate Buy” and a consensus price target of $175.45.

Reddit Stock Down 4.2 %

Shares of RDDT stock opened at $196.37 on Friday. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $230.41. The stock’s fifty day moving average price is $182.33 and its two-hundred day moving average price is $119.28.

Reddit (NYSE:RDDT) last released its quarterly earnings data 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 40.54% and a negative net margin of 47.83%. As a group, analysts forecast that Reddit, Inc. will post -3.45 earnings per share for the current year.

Insider Buying and Selling

In other Reddit news, insider Benjamin Seong Lee sold 18,519 shares of the business’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $146.06, for a total transaction of $2,704,885.14. Following the sale, the insider now owns 138,401 shares of the company’s stock, valued at approximately $20,214,850.06. The trade was a 11.80 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction on Friday, January 31st. The shares were sold at an average price of $201.96, for a total value of $2,827,440.00. Following the completion of the transaction, the chief executive officer now owns 614,394 shares of the company’s stock, 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 sold a total of 245,357 shares of company stock worth $39,357,388 in the last three months.

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.