State of New Jersey Common Pension Fund D Makes New Investment in Reddit, Inc. (NYSE:RDDT)

State of New Jersey Common Pension Fund D acquired a new stake in shares of Reddit, Inc. (NYSE:RDDT) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm acquired 21,583 shares of the company’s stock, valued at approximately $3,528,000.

Several other institutional investors have also recently made changes to their positions in RDDT. Raymond James & Associates raised its holdings in shares of Reddit by 60.3% in the third quarter. Raymond James & Associates now owns 68,374 shares of the company’s stock valued at $4,507,000 after purchasing an additional 25,733 shares during the last quarter. Whittier Trust Co. purchased a new position in shares of Reddit in the third quarter worth about $42,000. Foundations Investment Advisors LLC purchased a new stake in shares of Reddit during the 3rd quarter valued at approximately $341,000. Brighton Jones LLC purchased a new position in Reddit in the 3rd quarter valued at approximately $2,898,000. Finally, Lyell Wealth Management LP purchased a new position in Reddit during the 3rd quarter valued at about $516,000.

Wall Street Analyst Weigh In

Several analysts have weighed in on RDDT shares. Needham & Company LLC raised 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. Seaport Res Ptn upgraded shares of Reddit to a “hold” rating in a research report on Thursday, February 6th. JPMorgan Chase & Co. raised their price target on Reddit from $142.00 to $185.00 and gave the company a “neutral” rating in a research report on Thursday, February 13th. Guggenheim initiated coverage on Reddit in a report on Friday, December 20th. They issued a “buy” rating and a $210.00 price objective for the company. Finally, Morgan Stanley raised their price objective on Reddit from $200.00 to $210.00 and gave the company an “overweight” rating in a report on Thursday, February 13th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $175.45.

Insider Buying and Selling at Reddit

In other Reddit news, CTO Christopher Brian Slowe sold 5,000 shares of Reddit 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 of the company’s stock, valued at approximately $6,491,655.80. The trade was a 12.42 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $141.79, for a total value of $1,985,060.00. Following the transaction, the chief executive officer now owns 634,971 shares in the company, valued at $90,032,538.09. This trade represents a 2.16 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 212,024 shares of company stock valued at $35,086,431.

Reddit Price Performance

NYSE RDDT opened at $189.76 on Thursday. Reddit, Inc. has a 1 year low of $37.35 and a 1 year high of $230.41. The stock has a market capitalization of $33.32 billion and a PE ratio of -24.55. The business’s 50-day moving average is $184.02 and its 200 day moving average is $122.04.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, topping 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%. As a group, equities research analysts anticipate that Reddit, Inc. will post 0.96 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.