CIBC Asset Management Inc Acquires Shares of 2,887 Reddit, Inc. (NYSE:RDDT)

CIBC Asset Management Inc acquired a new stake in Reddit, Inc. (NYSE:RDDT) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 2,887 shares of the company’s stock, valued at approximately $472,000.

Several other hedge funds also recently bought and sold shares of the business. Jennison Associates LLC bought a new position in shares of Reddit during the 4th quarter worth $494,861,000. Renaissance Capital LLC grew its position in shares of Reddit by 14.2% during the 4th quarter. Renaissance Capital LLC now owns 31,236 shares of the company’s stock worth $5,105,000 after buying an additional 3,892 shares in the last quarter. ARK Investment Management LLC grew its position in shares of Reddit by 120.5% during the 3rd quarter. ARK Investment Management LLC now owns 352,721 shares of the company’s stock worth $23,251,000 after buying an additional 192,785 shares in the last quarter. Wellington Management Group LLP grew its position in shares of Reddit by 3,640.5% during the 3rd quarter. Wellington Management Group LLP now owns 255,325 shares of the company’s stock worth $16,831,000 after buying an additional 248,499 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. grew its position in shares of Reddit by 666.7% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 2,300 shares of the company’s stock worth $376,000 after buying an additional 2,000 shares in the last quarter.

Analyst Ratings Changes

A number of research firms have recently issued reports on RDDT. Piper Sandler increased their price target on Reddit from $210.00 to $220.00 and gave the stock an “overweight” rating in a research report on Friday. Jefferies Financial Group increased their price target on Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. Sanford C. Bernstein upped their price objective on Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a research note on Wednesday, October 30th. B. Riley upped their price objective on Reddit from $112.00 to $187.00 and gave the stock a “buy” rating in a research note on Tuesday, January 14th. Finally, Wells Fargo & Company upped their price objective on Reddit from $206.00 to $215.00 and gave the stock an “overweight” rating in a research note on Thursday, February 13th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $175.95.

Insider Activity

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $176.20, for a total transaction of $2,466,800.00. Following the sale, the chief executive officer now directly owns 620,971 shares of the company’s stock, valued at $109,415,090.20. This trade represents a 2.20 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Jennifer L. Wong sold 33,334 shares of the firm’s stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $173.93, for a total value of $5,797,782.62. Following the sale, the chief operating officer now directly owns 1,504,297 shares in the company, valued at approximately $261,642,377.21. This trade represents a 2.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 200,000 shares of company stock valued at $35,360,328.

Reddit Stock Performance

Shares of RDDT stock opened at $166.27 on Monday. The stock’s 50-day simple moving average is $184.13 and its 200-day simple moving average is $124.17. The firm has a market capitalization of $30.08 billion and a PE ratio of -21.51. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $230.41.

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 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%. Sell-side analysts forecast that Reddit, Inc. will post 1.12 earnings per share for the current year.

Reddit 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.