Reddit Inc. $RDDT Shares Sold by T. Rowe Price Investment Management Inc.

T. Rowe Price Investment Management Inc. lessened its holdings in shares of Reddit Inc. (NYSE:RDDT) by 7.4% in the fourth quarter, HoldingsChannel reports. The fund owned 1,855,572 shares of the company’s stock after selling 147,470 shares during the period. T. Rowe Price Investment Management Inc.’s holdings in Reddit were worth $426,541,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently modified their holdings of the company. Capital World Investors acquired a new position in shares of Reddit during the fourth quarter valued at approximately $1,293,258,000. Norges Bank acquired a new stake in Reddit in the fourth quarter worth approximately $372,047,000. Vanguard Group Inc. boosted its stake in Reddit by 12.9% during the 3rd quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company’s stock valued at $2,814,734,000 after purchasing an additional 1,401,293 shares in the last quarter. Invesco Ltd. boosted its stake in Reddit by 419.0% during the 3rd quarter. Invesco Ltd. now owns 1,487,941 shares of the company’s stock valued at $342,212,000 after purchasing an additional 1,201,237 shares in the last quarter. Finally, State Street Corp increased its position in shares of Reddit by 138.5% during the 2nd quarter. State Street Corp now owns 2,030,139 shares of the company’s stock valued at $305,678,000 after purchasing an additional 1,178,890 shares during the period.

Wall Street Analysts Forecast Growth

RDDT has been the topic of several research reports. Needham & Company LLC reiterated a “buy” rating and issued a $300.00 price target on shares of Reddit in a research report on Friday, May 1st. Citizens Jmp decreased their target price on Reddit from $250.00 to $240.00 and set a “market outperform” rating for the company in a research report on Friday, May 1st. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $200.00 price objective on shares of Reddit in a research report on Friday, May 1st. Cantor Fitzgerald increased their target price on shares of Reddit from $170.00 to $180.00 and gave the stock a “neutral” rating in a research report on Friday, May 1st. Finally, Piper Sandler restated an “overweight” rating and set a $215.00 price target (up from $205.00) on shares of Reddit in a report on Friday, May 1st. Eighteen investment analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $230.75.

Insider Transactions at Reddit

In other news, CTO Christopher Brian Slowe sold 15,500 shares of the firm’s stock in a transaction on Wednesday, April 8th. The shares were sold at an average price of $150.67, for a total transaction of $2,335,385.00. Following the transaction, the chief technology officer owned 38,413 shares in the company, valued at approximately $5,787,686.71. This trade represents a 28.75% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jennifer L. Wong sold 39,167 shares of Reddit stock in a transaction on Thursday, April 16th. The shares were sold at an average price of $161.47, for a total transaction of $6,324,295.49. Following the completion of the sale, the chief operating officer directly owned 1,088,451 shares of the company’s stock, valued at approximately $175,752,182.97. The trade was a 3.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 250,500 shares of company stock worth $40,645,805 in the last 90 days. 28.48% of the stock is owned by insiders.

Reddit Stock Performance

Shares of NYSE RDDT opened at $175.38 on Friday. The business has a 50 day simple moving average of $160.32 and a 200 day simple moving average of $175.69. Reddit Inc. has a 52 week low of $119.27 and a 52 week high of $282.95. The stock has a market cap of $33.76 billion, a price-to-earnings ratio of 50.11 and a beta of 1.91.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Thursday, April 30th. The company reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.39. The firm had revenue of $663.41 million for the quarter, compared to analyst estimates of $607.74 million. Reddit had a net margin of 28.60% and a return on equity of 25.48%. The company’s revenue for the quarter was up 69.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.13 earnings per share. On average, analysts predict that Reddit Inc. will post 4.83 EPS for the current year.

Reddit Company Profile

Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called “subreddits,” each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.