KLP Kapitalforvaltning AS Buys Shares of 11,400 Reddit, Inc. (NYSE:RDDT)

KLP Kapitalforvaltning AS bought a new position in Reddit, Inc. (NYSE:RDDT) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 11,400 shares of the company’s stock, valued at approximately $1,863,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. FMR LLC increased its holdings in 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 buying an additional 9,139,196 shares during the last quarter. Jennison Associates LLC bought a new stake in Reddit in the fourth quarter worth approximately $494,861,000. Holocene Advisors LP increased its stake in shares of Reddit by 177.6% during the 3rd quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock worth $198,154,000 after purchasing an additional 1,923,109 shares during the last quarter. Point72 Asset Management L.P. lifted its stake in shares of Reddit by 3,172.0% in the 3rd quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock valued at $151,357,000 after purchasing an additional 2,225,895 shares during the last quarter. Finally, Brooklyn FI LLC bought a new stake in Reddit in the fourth quarter worth $303,082,000.

Analyst Ratings Changes

Several research firms have recently issued reports on RDDT. Guggenheim decreased their price target on Reddit from $210.00 to $170.00 and set a “buy” rating for the company in a research note on Thursday, March 20th. Wells Fargo & Company upped their target price on Reddit from $206.00 to $215.00 and gave the stock an “overweight” rating in a research report on Thursday, February 13th. Redburn Atlantic began coverage on shares of Reddit in a research report on Monday, March 17th. They issued a “sell” rating and a $75.00 price target on the stock. Morgan Stanley upped their price objective on shares of Reddit from $200.00 to $210.00 and gave the stock an “overweight” rating in a report on Thursday, February 13th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $220.00 target price on shares of Reddit in a report on Friday, March 21st. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $167.86.

Reddit Stock Performance

NYSE:RDDT opened at $110.32 on Friday. The company has a 50-day moving average of $167.31 and a 200-day moving average of $136.36. Reddit, Inc. has a 52 week low of $37.35 and a 52 week high of $230.41. The company has a market capitalization of $19.96 billion and a price-to-earnings ratio of -14.27.

Reddit (NYSE:RDDT) last released 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 return on equity of 24.71% and a negative net margin of 37.25%. Sell-side analysts forecast that Reddit, Inc. will post 1.12 EPS for the current year.

Insider Buying and Selling

In other news, COO Jennifer L. Wong sold 33,333 shares of the company’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $187.72, for a total transaction of $6,257,270.76. Following the transaction, the chief operating officer now directly owns 1,504,297 shares in the company, valued at approximately $282,386,632.84. This represents a 2.17 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction that occurred on 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 sale, the chief executive officer now directly owns 614,394 shares of the company’s stock, valued at approximately $106,161,139.26. This represents a 2.23 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 603,794 shares of company stock worth $90,255,404 in the last three months.

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.