397,288 Shares in Reddit, Inc. (NYSE:RDDT) Bought by Raymond James Financial Inc.

Raymond James Financial Inc. acquired a new position in Reddit, Inc. (NYSE:RDDT) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund acquired 397,288 shares of the company’s stock, valued at approximately $64,933,000. Raymond James Financial Inc. owned 0.23% of Reddit at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of RDDT. FMR LLC grew its holdings in shares of Reddit by 302.8% in the third quarter. FMR LLC now owns 12,157,591 shares of the company’s stock worth $801,428,000 after acquiring an additional 9,139,196 shares during the period. Jennison Associates LLC bought a new stake in shares of Reddit in the fourth quarter worth $494,861,000. Point72 Asset Management L.P. grew its holdings in shares of Reddit by 3,172.0% in the third quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock worth $151,357,000 after acquiring an additional 2,225,895 shares during the period. Holocene Advisors LP grew its holdings in Reddit by 177.6% during the third quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock valued at $198,154,000 after purchasing an additional 1,923,109 shares during the period. Finally, Lord Abbett & CO. LLC grew its holdings in Reddit by 1,519.4% during the third quarter. Lord Abbett & CO. LLC now owns 1,650,362 shares of the company’s stock valued at $108,792,000 after purchasing an additional 1,548,450 shares during the period.

Analyst Upgrades and Downgrades

Several analysts have issued reports on RDDT shares. Guggenheim started coverage on Reddit in a report on Friday, December 20th. They set a “buy” rating and a $210.00 price target for the company. Needham & Company LLC boosted their price target on Reddit from $190.00 to $220.00 and gave the company a “buy” rating in a report on Thursday, February 13th. The Goldman Sachs Group boosted their price target on Reddit from $105.00 to $176.00 and gave the company a “neutral” rating in a report on Tuesday, January 14th. Raymond James boosted their price target on Reddit from $200.00 to $250.00 and gave the company a “strong-buy” rating in a report on Monday, February 10th. Finally, Roth Capital lowered Reddit from a “strong-buy” rating to a “hold” rating in a report on Wednesday, January 22nd. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Reddit has a consensus rating of “Moderate Buy” and a consensus price target of $175.95.

Insider Buying and Selling at Reddit

In other Reddit news, CTO Christopher Brian Slowe sold 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $184.15, for a total transaction of $920,750.00. Following the sale, the chief technology officer now directly owns 35,252 shares in the company, valued at $6,491,655.80. This represents a 12.42 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Michelle Marie Reynolds sold 11,965 shares of the company’s stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $157.41, for a total value of $1,883,410.65. Following the sale, the chief accounting officer now owns 48,418 shares in the company, valued at approximately $7,621,477.38. This trade represents a 19.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 393,386 shares of company stock worth $66,673,388 over the last ninety days.

Reddit Trading Down 20.9 %

NYSE:RDDT opened at $105.94 on Tuesday. The company has a market capitalization of $19.16 billion and a P/E ratio of -13.70. Reddit, Inc. has a 12 month low of $37.35 and a 12 month high of $230.41. The business’s 50-day moving average is $180.42 and its 200 day moving average is $131.86.

Reddit (NYSE:RDDT) last issued 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%. On average, research analysts forecast that Reddit, Inc. will post 1.12 earnings per share for the current 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.