West Tower Group LLC acquired a new stake in shares of Reddit Inc. (NYSE:RDDT – Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 4,700 shares of the company’s stock, valued at approximately $708,000. Reddit accounts for approximately 1.5% of West Tower Group LLC’s holdings, making the stock its 17th largest holding.
A number of other institutional investors and hedge funds have also made changes to their positions in the company. Alliancebernstein L.P. boosted its holdings in Reddit by 103.0% in the first quarter. Alliancebernstein L.P. now owns 5,659,990 shares of the company’s stock valued at $593,733,000 after acquiring an additional 2,871,232 shares during the last quarter. Nordea Investment Management AB increased its stake in Reddit by 21,703.0% during the second quarter. Nordea Investment Management AB now owns 1,060,935 shares of the company’s stock worth $164,021,000 after acquiring an additional 1,056,069 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Reddit by 11.1% in the 1st quarter. Vanguard Group Inc. now owns 10,198,552 shares of the company’s stock worth $1,069,828,000 after purchasing an additional 1,017,162 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of Reddit by 98.2% in the 1st quarter. JPMorgan Chase & Co. now owns 1,907,495 shares of the company’s stock valued at $200,096,000 after purchasing an additional 944,847 shares in the last quarter. Finally, Scge Management L.P. grew its holdings in shares of Reddit by 121.1% during the 1st quarter. Scge Management L.P. now owns 1,612,000 shares of the company’s stock worth $169,099,000 after purchasing an additional 883,000 shares during the period.
Reddit Trading Down 2.0%
Shares of RDDT stock opened at $195.00 on Monday. The firm has a fifty day simple moving average of $228.39 and a 200-day simple moving average of $163.13. The company has a market capitalization of $36.50 billion, a PE ratio of 177.27, a price-to-earnings-growth ratio of 2.98 and a beta of 2.23. Reddit Inc. has a twelve month low of $76.42 and a twelve month high of $282.95.
Analyst Upgrades and Downgrades
Several research analysts recently commented on RDDT shares. Weiss Ratings restated a “hold (c-)” rating on shares of Reddit in a report on Wednesday, October 8th. Bank of America increased their price objective on shares of Reddit from $130.00 to $150.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 30th. Truist Financial lifted their target price on shares of Reddit from $225.00 to $260.00 and gave the company a “buy” rating in a report on Wednesday. Wells Fargo & Company upped their price target on shares of Reddit from $155.00 to $174.00 and gave the stock a “cautious” rating in a research report on Tuesday, October 7th. Finally, Morgan Stanley raised their price objective on Reddit from $170.00 to $230.00 and gave the company an “overweight” rating in a research report on Friday, August 1st. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, ten have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, Reddit presently has an average rating of “Moderate Buy” and an average target price of $209.50.
Insiders Place Their Bets
In other Reddit news, CFO Andrew Vollero sold 30,000 shares of Reddit stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $218.09, for a total transaction of $6,542,700.00. Following the sale, the chief financial officer directly owned 284,168 shares in the company, valued at $61,974,199.12. The trade was a 9.55% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Steve Ladd Huffman sold 18,000 shares of the company’s stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $223.41, for a total value of $4,021,380.00. Following the completion of the transaction, the chief executive officer directly owned 494,104 shares in the company, valued at approximately $110,387,774.64. The trade was a 3.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 382,500 shares of company stock worth $86,159,231. 34.25% of the stock is owned by insiders.
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.
Featured Articles
- Five stocks we like better than Reddit
- What is the Euro STOXX 50 Index?
- JPMorgan Crushes Q3; But Is the Steady Eddy Stock Hitting A Wall?
- What is the Hang Seng index?
- Snap-on Incorporated: Snap It Up Quick, New Highs Will Come Soon
- How Investors Can Identify and Successfully Trade Gap-Down Stocks
- As Global Renewables Surpass Coal, This ETF Offers Smart Exposure
Want to see what other hedge funds are holding RDDT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Reddit Inc. (NYSE:RDDT – Free Report).
Receive News & Ratings for Reddit Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Reddit and related companies with MarketBeat.com's FREE daily email newsletter.