Mitsubishi UFJ Asset Management Co. Ltd. Has $15.06 Million Holdings in Reddit, Inc. (NYSE:RDDT)

Mitsubishi UFJ Asset Management Co. Ltd. decreased its position in shares of Reddit, Inc. (NYSE:RDDT) by 15.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 84,734 shares of the company’s stock after selling 15,691 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Reddit were worth $15,061,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. raised its stake in shares of Reddit by 184.2% in the fourth quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company’s stock worth $1,500,606,000 after acquiring an additional 5,950,909 shares during the last quarter. Jennison Associates LLC acquired a new stake in shares of Reddit in the fourth quarter valued at approximately $494,861,000. Holocene Advisors LP raised its position in Reddit by 177.6% in 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 holdings in Reddit by 3,172.0% during the 3rd quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock worth $151,357,000 after buying an additional 2,225,895 shares in the last quarter. Finally, Brooklyn FI LLC acquired a new position in Reddit during the 4th quarter worth $303,082,000.

Analyst Ratings Changes

RDDT has been the subject of a number of recent research reports. The Goldman Sachs Group boosted their target price on Reddit from $105.00 to $176.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 14th. Redburn Atlantic started coverage on shares of Reddit in a research report on Monday, March 17th. They set a “sell” rating and a $75.00 target price on the stock. JMP Securities set a $155.00 price target on shares of Reddit in a research report on Friday. Needham & Company LLC restated a “buy” rating and issued a $220.00 price objective on shares of Reddit in a report on Friday, March 21st. Finally, Morgan Stanley lifted their target price on shares of Reddit from $200.00 to $210.00 and gave the stock an “overweight” rating in a report on Thursday, February 13th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $163.00.

Reddit Stock Down 2.7 %

Shares of NYSE:RDDT opened at $104.82 on Tuesday. The firm has a market cap of $18.96 billion and a price-to-earnings ratio of -13.56. Reddit, Inc. has a 12 month low of $37.35 and a 12 month high of $230.41. The company’s fifty day simple moving average is $164.53 and its 200 day simple moving average is $138.13.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, beating 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%. Research analysts expect that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

Insider Transactions at Reddit

In related news, Director David C. Habiger purchased 774 shares of Reddit stock in a transaction that occurred on Wednesday, March 12th. The stock was purchased at an average cost of $130.36 per share, with a total value of $100,898.64. Following the completion of the transaction, the director now owns 30,808 shares of the company’s stock, valued at approximately $4,016,130.88. This trade represents a 2.58 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 value of $2,419,060.00. Following the completion of the transaction, the chief executive officer now owns 614,394 shares of the company’s stock, valued at approximately $106,161,139.26. This represents a 2.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 589,794 shares of company stock valued at $87,940,784 in the last ninety days.

About Reddit

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.