Teacher Retirement System of Texas Invests $2.81 Million in Reddit, Inc. (NYSE:RDDT)

Teacher Retirement System of Texas bought a new stake in Reddit, Inc. (NYSE:RDDT) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 17,215 shares of the company’s stock, valued at approximately $2,814,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Trivest Advisors Ltd lifted its stake in shares of Reddit by 976.7% in the 4th quarter. Trivest Advisors Ltd now owns 430,680 shares of the company’s stock valued at $70,390,000 after purchasing an additional 390,680 shares in the last quarter. Harvest Fund Management Co. Ltd acquired a new position in Reddit during the fourth quarter valued at approximately $161,000. OVERSEA CHINESE BANKING Corp Ltd purchased a new stake in Reddit during the fourth quarter worth approximately $6,744,000. Brooklyn FI LLC acquired a new stake in shares of Reddit in the fourth quarter worth $303,082,000. Finally, Axxcess Wealth Management LLC purchased a new position in shares of Reddit in the 4th quarter valued at $455,000.

Insider Transactions at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction on Tuesday, December 31st. The stock was sold at an average price of $165.33, for a total transaction of $2,314,620.00. Following the completion of the transaction, the chief executive officer now owns 614,394 shares in the company, valued at approximately $101,577,760.02. The trade was a 2.23 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Jennifer L. Wong sold 33,333 shares of Reddit stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $125.22, for a total transaction of $4,173,958.26. Following the sale, the chief operating officer now owns 1,466,119 shares in the company, valued at approximately $183,587,421.18. This represents a 2.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 492,794 shares of company stock worth $76,482,524.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on RDDT. Robert W. Baird upped their price target on shares of Reddit from $160.00 to $185.00 and gave the stock a “neutral” rating in a research report on Thursday, February 13th. The Goldman Sachs Group lifted their price objective on shares of Reddit from $105.00 to $176.00 and gave the company a “neutral” rating in a research note on Tuesday, January 14th. Raymond James decreased their target price on shares of Reddit from $250.00 to $200.00 and set a “strong-buy” rating for the company in a research note on Wednesday, March 12th. Piper Sandler lifted their price target on shares of Reddit from $210.00 to $220.00 and gave the stock an “overweight” rating in a research note on Friday, February 21st. Finally, JPMorgan Chase & Co. upped their price objective on shares of Reddit from $142.00 to $185.00 and gave the company a “neutral” rating in a research report on Thursday, February 13th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $162.68.

Reddit Stock Up 0.7 %

Shares of RDDT stock opened at $125.76 on Wednesday. The company has a market cap of $22.75 billion and a P/E ratio of -16.27. The business has a 50 day moving average of $169.60 and a two-hundred day moving average of $136.66. Reddit, Inc. has a 52 week low of $37.35 and a 52 week high of $230.41.

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

Reddit 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.