Employees Retirement System of Texas Acquires New Position in Reddit, Inc. (NYSE:RDDT)

Employees Retirement System of Texas bought a new position in shares of Reddit, Inc. (NYSE:RDDT) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 11,034 shares of the company’s stock, valued at approximately $1,803,000.

Other large investors have also recently modified their holdings of the company. Plato Investment Management Ltd bought a new stake in shares of Reddit during the 4th quarter valued at approximately $27,000. EverSource Wealth Advisors LLC bought a new stake in shares of Reddit during the fourth quarter worth $28,000. Ridgewood Investments LLC increased its holdings in shares of Reddit by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after buying an additional 100 shares in the last quarter. Farmers & Merchants Investments Inc. acquired a new position in shares of Reddit during the fourth quarter worth $33,000. Finally, Bogart Wealth LLC bought a new position in shares of Reddit in the 4th quarter valued at $33,000.

Analyst Upgrades and Downgrades

RDDT has been the subject of a number of recent research reports. B. Riley upped their target price on Reddit from $112.00 to $187.00 and gave the stock a “buy” rating in a report on Tuesday, January 14th. JPMorgan Chase & Co. upped their price objective on Reddit from $142.00 to $185.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th. Citigroup reiterated an “outperform” rating on shares of Reddit in a report on Friday, March 28th. Loop Capital reiterated a “buy” rating and set a $210.00 target price on shares of Reddit in a research report on Tuesday, March 11th. Finally, Roth Capital cut shares of Reddit from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 22nd. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Reddit has an average rating of “Moderate Buy” and a consensus price target of $162.41.

Insiders Place Their Bets

In other news, COO Jennifer L. Wong sold 33,334 shares of the business’s stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $173.93, for a total transaction of $5,797,782.62. Following the completion of the sale, the chief operating officer now directly owns 1,504,297 shares of the company’s stock, valued at $261,642,377.21. The trade was a 2.17 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $172.79, for a total transaction of $2,419,060.00. Following the completion of the transaction, the chief executive officer now directly owns 614,394 shares in the company, valued at approximately $106,161,139.26. The trade was a 2.23 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 603,794 shares of company stock worth $89,386,704.

Reddit Stock Up 6.8 %

NYSE:RDDT opened at $92.83 on Tuesday. Reddit, Inc. has a twelve month low of $37.35 and a twelve month high of $230.41. The company has a fifty day moving average of $156.11 and a 200-day moving average of $139.45. The firm has a market capitalization of $16.79 billion and a P/E ratio of -12.01.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, beating the consensus estimate 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, analysts anticipate 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.