Teacher Retirement System of Texas Purchases Shares of 17,215 Reddit, Inc. (NYSE:RDDT)

Teacher Retirement System of Texas acquired a new position in Reddit, Inc. (NYSE:RDDT) during the fourth quarter, Holdings Channel reports. The firm acquired 17,215 shares of the company’s stock, valued at approximately $2,814,000.

Other institutional investors have also modified their holdings of the company. Plato Investment Management Ltd bought a new stake in Reddit in the fourth quarter worth about $27,000. EverSource Wealth Advisors LLC bought a new stake in shares of Reddit in the 4th quarter worth approximately $28,000. Ridgewood Investments LLC lifted its stake in Reddit by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock valued at $33,000 after purchasing an additional 100 shares during the last quarter. Farmers & Merchants Investments Inc. bought a new stake in Reddit during the fourth quarter worth approximately $33,000. Finally, Bogart Wealth LLC acquired a new position in Reddit in the fourth quarter worth approximately $33,000.

Insider Activity

In other news, COO Jennifer L. Wong sold 33,333 shares of the firm’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $125.22, for a total value of $4,173,958.26. Following the sale, the chief operating officer now directly owns 1,466,119 shares of the company’s stock, valued at approximately $183,587,421.18. This trade represents a 2.22 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Michelle Marie Reynolds sold 11,965 shares of the business’s stock in a transaction dated 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 transaction, the chief accounting officer now directly owns 48,418 shares of the company’s stock, valued at $7,621,477.38. This represents a 19.82 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 492,794 shares of company stock valued at $76,482,524.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Guggenheim reduced their price objective on Reddit from $210.00 to $170.00 and set a “buy” rating for the company in a research note on Thursday, March 20th. Redburn Partners set a $75.00 price target on Reddit in a research report on Monday, March 17th. Citigroup restated a “neutral” rating on shares of Reddit in a report on Thursday, February 13th. Redburn Atlantic initiated coverage on shares of Reddit in a report on Monday, March 17th. They issued a “sell” rating and a $75.00 target price for the company. Finally, B. Riley upped their price target on shares of Reddit from $112.00 to $187.00 and gave the company a “buy” rating in a research report on Tuesday, January 14th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $162.68.

Reddit Stock Up 0.7 %

NYSE RDDT opened at $125.76 on Wednesday. The company has a 50 day moving average price of $169.60 and a two-hundred day moving average price of $136.66. Reddit, Inc. has a 12-month low of $37.35 and a 12-month high of $230.41. The stock has a market capitalization of $22.75 billion and a PE ratio of -16.27.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, topping 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 analysts anticipate that Reddit, Inc. will post 1.12 EPS 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.