Norges Bank Takes Position in Reddit, Inc. (NYSE:RDDT)

Norges Bank bought a new position in Reddit, Inc. (NYSE:RDDT) during the fourth quarter, according to the company in its most recent filing with the SEC. The firm bought 440,634 shares of the company’s stock, valued at approximately $72,017,000. Norges Bank owned 0.25% of Reddit as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in RDDT. Ridgewood Investments LLC increased its holdings in shares of Reddit by 100.0% in the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after buying an additional 100 shares during the period. Proficio Capital Partners LLC increased its stake in Reddit by 2.1% in the 4th quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company’s stock worth $966,000 after purchasing an additional 120 shares during the period. Farther Finance Advisors LLC lifted its position in Reddit by 148.5% in the fourth quarter. Farther Finance Advisors LLC now owns 246 shares of the company’s stock valued at $40,000 after purchasing an additional 147 shares during the last quarter. UMB Bank n.a. boosted its stake in shares of Reddit by 10.8% during the fourth quarter. UMB Bank n.a. now owns 1,533 shares of the company’s stock valued at $251,000 after purchasing an additional 150 shares during the period. Finally, Foundations Investment Advisors LLC grew its holdings in shares of Reddit by 3.0% in the fourth quarter. Foundations Investment Advisors LLC now owns 5,325 shares of the company’s stock worth $870,000 after purchasing an additional 155 shares during the last quarter.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on RDDT. Raymond James dropped their price target on shares of Reddit from $250.00 to $200.00 and set a “strong-buy” rating for the company in a research report on Wednesday, March 12th. Piper Sandler boosted their price target on Reddit from $210.00 to $220.00 and gave the company an “overweight” rating in a report on Friday, February 21st. Roth Mkm cut Reddit from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $116.00 to $195.00 in a report on Wednesday, January 22nd. Robert W. Baird boosted their target price on Reddit from $160.00 to $185.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th. Finally, Wells Fargo & Company dropped their price target on Reddit from $215.00 to $158.00 and set an “overweight” rating for the company in a research note on Monday. Two 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 company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $163.00.

Insiders Place Their Bets

In related news, CTO Christopher Brian Slowe sold 11,000 shares of the business’s 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 directly owns 281,213 shares of the company’s stock, valued at approximately $34,892,909.04. The trade was a 3.76 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $103.28, for a total transaction of $1,445,920.00. Following the sale, the chief executive officer now directly owns 577,013 shares of the company’s stock, valued at approximately $59,593,902.64. This trade represents a 2.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 603,794 shares of company stock valued at $89,386,704.

Reddit Price Performance

Shares of Reddit stock opened at $109.33 on Thursday. Reddit, Inc. has a 1 year low of $37.35 and a 1 year high of $230.41. The firm’s 50-day moving average is $161.47 and its 200 day moving average is $138.29. The stock has a market cap of $19.78 billion and a price-to-earnings ratio of -14.14.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, beating analysts’ consensus estimates 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 analysts expect that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

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.