Global Retirement Partners LLC Purchases Shares of 3,985 Reddit, Inc. (NYSE:RDDT)

Global Retirement Partners LLC purchased a new stake in Reddit, Inc. (NYSE:RDDT) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 3,985 shares of the company’s stock, valued at approximately $651,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in RDDT. Jennison Associates LLC acquired a new stake in shares of Reddit during the fourth quarter worth $494,861,000. Renaissance Capital LLC increased its position in shares of 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 buying an additional 3,892 shares during the period. ARK Investment Management LLC increased its position in shares of Reddit by 120.5% during the third quarter. ARK Investment Management LLC now owns 352,721 shares of the company’s stock worth $23,251,000 after buying an additional 192,785 shares during the period. Wellington Management Group LLP increased its position in shares of Reddit by 3,640.5% during the third quarter. Wellington Management Group LLP now owns 255,325 shares of the company’s stock worth $16,831,000 after buying an additional 248,499 shares during the period. Finally, Newbridge Financial Services Group Inc. increased its position in shares of Reddit by 666.7% during the fourth 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 period.

Insiders Place Their Bets

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $141.79, for a total value of $1,985,060.00. Following the sale, the chief executive officer now owns 634,971 shares of the company’s stock, valued at $90,032,538.09. The trade was a 2.16 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CTO Christopher Brian Slowe sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $184.15, for a total transaction of $920,750.00. Following the completion of the sale, the chief technology officer now directly owns 35,252 shares in the company, valued at approximately $6,491,655.80. This trade represents a 12.42 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 219,838 shares of company stock valued at $38,201,526.

Reddit Price Performance

RDDT opened at $166.27 on Friday. The company’s 50-day moving average is $184.13 and its 200 day moving average is $123.65. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $230.41. The firm has a market capitalization of $30.08 billion and a P/E ratio of -21.51.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, topping the consensus estimate of $0.24 by $0.12. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. On average, equities research analysts expect that Reddit, Inc. will post 1.12 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Roth Capital cut shares of Reddit from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 22nd. Needham & Company LLC increased their target price on shares of Reddit from $190.00 to $220.00 and gave the stock a “buy” rating in a research note on Thursday, February 13th. Citigroup reissued a “neutral” rating on shares of Reddit in a research note on Thursday, February 13th. Seaport Res Ptn raised shares of Reddit to a “hold” rating in a research note on Thursday, February 6th. Finally, Morgan Stanley increased their target price on shares of Reddit from $200.00 to $210.00 and gave the stock an “overweight” rating in a research note on Thursday, February 13th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Reddit presently has a consensus rating of “Moderate Buy” and an average target price of $175.95.

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.