Royce & Associates LP Has $8.81 Million Stock Holdings in Reddit, Inc. (NYSE:RDDT)

Royce & Associates LP reduced its position in shares of Reddit, Inc. (NYSE:RDDT) by 32.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 53,900 shares of the company’s stock after selling 25,600 shares during the period. Royce & Associates LP’s holdings in Reddit were worth $8,809,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Plato Investment Management Ltd acquired a new position in Reddit during the 4th quarter worth about $27,000. EverSource Wealth Advisors LLC bought a new position in shares of Reddit during the fourth quarter worth about $28,000. Ridgewood Investments LLC lifted its stake 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 acquiring an additional 100 shares during the period. Farmers & Merchants Investments Inc. bought a new stake in Reddit in the fourth quarter valued at approximately $33,000. Finally, Bogart Wealth LLC acquired a new stake in Reddit during the 4th quarter valued at approximately $33,000.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on RDDT shares. Piper Sandler upped their price objective on shares of Reddit from $210.00 to $220.00 and gave the company an “overweight” rating in a research note on Friday, February 21st. Redburn Atlantic assumed coverage on shares of Reddit in a research report on Monday. They set a “sell” rating and a $75.00 price target on the stock. Raymond James lowered their price objective on Reddit from $250.00 to $200.00 and set a “strong-buy” rating for the company in a research report on Wednesday, March 12th. JMP Securities upped their target price on Reddit from $190.00 to $200.00 and gave the company a “market outperform” rating in a research report on Thursday, February 13th. Finally, Guggenheim started coverage on Reddit in a report on Friday, December 20th. They issued a “buy” rating and a $210.00 target price for the company. Two analysts have rated the stock with a sell rating, nine have given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Reddit currently has an average rating of “Hold” and a consensus target price of $164.50.

Reddit Price Performance

RDDT opened at $110.02 on Wednesday. The firm’s fifty day moving average price is $174.74 and its two-hundred day moving average price is $134.59. The company has a market capitalization of $19.90 billion and a price-to-earnings ratio of -14.23. Reddit, Inc. has a 1 year low of $37.35 and a 1 year high of $230.41.

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, topping 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%. As a group, equities analysts anticipate that Reddit, Inc. will post 1.12 EPS for the current year.

Insider Activity at Reddit

In other Reddit news, CFO Andrew Vollero sold 48,122 shares of Reddit stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $162.80, for a total value of $7,834,261.60. Following the sale, the chief financial officer now owns 599,295 shares of the company’s stock, valued at approximately $97,565,226. The trade was a 7.43 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Steve Ladd Huffman sold 124,408 shares of the business’s stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $127.36, for a total transaction of $15,844,602.88. Following the completion of the transaction, the chief executive officer now owns 583,515 shares in the company, valued at approximately $74,316,470.40. The trade was a 17.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 470,461 shares of company stock valued at $74,176,916.

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.