Alliancebernstein L.P. Grows Position in Reddit, Inc. (NYSE:RDDT)

Alliancebernstein L.P. grew its stake in Reddit, Inc. (NYSE:RDDT) by 1,011.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,788,758 shares of the company’s stock after buying an additional 2,537,768 shares during the period. Alliancebernstein L.P. owned 1.59% of Reddit worth $455,795,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Clearbridge Investments LLC purchased a new position in Reddit in the 4th quarter worth $52,121,000. IPG Investment Advisors LLC purchased a new position in shares of Reddit in the fourth quarter worth about $252,000. Tucker Asset Management LLC acquired a new stake in shares of Reddit during the fourth quarter worth about $39,000. Level Four Advisory Services LLC purchased a new stake in Reddit in the fourth quarter valued at approximately $231,000. Finally, Pictet Asset Management Holding SA increased its holdings in Reddit by 123.9% in the 4th quarter. Pictet Asset Management Holding SA now owns 7,244 shares of the company’s stock worth $1,184,000 after buying an additional 4,009 shares during the period.

Reddit Price Performance

Shares of Reddit stock opened at $104.82 on Tuesday. The stock has a market capitalization of $18.96 billion and a P/E ratio of -13.56. The business has a 50 day simple moving average of $164.53 and a two-hundred day simple moving average of $138.13. Reddit, Inc. has a 12 month low of $37.35 and a 12 month high of $230.41.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 EPS 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 fiscal year.

Insider Activity

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $172.79, for a total value of $2,419,060.00. Following the completion of the sale, the chief executive officer now directly owns 614,394 shares in the company, valued at $106,161,139.26. This represents a 2.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO Christopher Brian Slowe sold 11,000 shares of Reddit stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $124.08, for a total value of $1,364,880.00. Following the transaction, the chief technology officer now owns 281,213 shares in the company, valued at approximately $34,892,909.04. The trade was a 3.76 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 589,794 shares of company stock worth $87,940,784 over the last three months.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Citigroup restated an “outperform” rating on shares of Reddit in a research note on Friday. Seaport Res Ptn raised shares of Reddit to a “hold” rating in a report on Thursday, February 6th. Piper Sandler lifted their price objective on Reddit from $210.00 to $220.00 and gave the company an “overweight” rating in a research note on Friday, February 21st. JMP Securities set a $155.00 target price on Reddit in a research note on Friday. Finally, Robert W. Baird raised their target price on Reddit from $160.00 to $185.00 and gave the stock a “neutral” rating in a report on Thursday, February 13th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Reddit currently has an average rating of “Moderate Buy” and an average price target of $163.00.

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.