Atria Investments Inc Makes New Investment in Reddit, Inc. (NYSE:RDDT)

Atria Investments Inc bought a new position in shares of Reddit, Inc. (NYSE:RDDT) during the 4th quarter, according to its most recent 13F filing with the SEC. The fund bought 2,856 shares of the company’s stock, valued at approximately $467,000.

Other institutional investors also recently made changes to their positions in the company. Jennison Associates LLC purchased a new stake in shares of Reddit during the 4th quarter worth $494,861,000. Renaissance Capital LLC raised its stake 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 during the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Reddit by 27.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 642,456 shares of the company’s stock worth $105,003,000 after buying an additional 139,135 shares during the last quarter. Assetmark Inc. raised its stake in shares of Reddit by 1,537,566.7% during the 4th quarter. Assetmark Inc. now owns 46,130 shares of the company’s stock worth $7,539,000 after buying an additional 46,127 shares during the last quarter. Finally, Wellington Management Group LLP raised its stake 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 during the last quarter.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Wells Fargo & Company lifted their price target on Reddit from $206.00 to $215.00 and gave the stock an “overweight” rating in a research note on Thursday, February 13th. Roth Capital downgraded Reddit from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 22nd. B. Riley lifted their price target on Reddit from $112.00 to $187.00 and gave the stock a “buy” rating in a research note on Tuesday, January 14th. Morgan Stanley lifted their price target on Reddit from $200.00 to $210.00 and gave the stock an “overweight” rating in a research note on Thursday, February 13th. Finally, Roth Mkm downgraded shares of Reddit from a “buy” rating to a “neutral” rating and boosted their target price for the company from $116.00 to $195.00 in a research note on Wednesday, January 22nd. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $173.45.

Insider Transactions at Reddit

In other Reddit news, CAO Michelle Marie Reynolds sold 11,965 shares of the company’s stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $157.41, for a total value of $1,883,410.65. Following the completion of the transaction, the chief accounting officer now owns 48,418 shares in the company, valued at $7,621,477.38. This represents a 19.82 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $176.20, for a total value of $2,466,800.00. Following the completion of the transaction, the chief executive officer now owns 620,971 shares of the company’s stock, valued at approximately $109,415,090.20. This represents a 2.20 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 393,386 shares of company stock worth $66,673,388.

Reddit Price Performance

NYSE RDDT opened at $127.71 on Friday. Reddit, Inc. has a 12 month low of $37.35 and a 12 month high of $230.41. The company has a 50-day moving average of $177.06 and a 200-day moving average of $133.22. The company has a market cap of $23.10 billion and a P/E ratio of -16.52.

Reddit (NYSE:RDDT) last posted its quarterly earnings data 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 net margin of 37.25% and a negative return on equity of 24.71%. As a group, equities research analysts anticipate that Reddit, Inc. will post 1.12 EPS for the current year.

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.