Alliancebernstein L.P. Grows Stock Position in Reddit, Inc. (NYSE:RDDT)

Alliancebernstein L.P. increased its holdings in Reddit, Inc. (NYSE:RDDT) by 1,011.1% in the 4th quarter, HoldingsChannel reports. The fund owned 2,788,758 shares of the company’s stock after purchasing an additional 2,537,768 shares during the quarter. Alliancebernstein L.P.’s holdings in Reddit were worth $455,795,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in RDDT. Clearbridge Investments LLC acquired a new position in shares of Reddit in the 4th quarter valued at $52,121,000. IPG Investment Advisors LLC purchased a new stake in Reddit in the 4th quarter valued at about $252,000. Tucker Asset Management LLC acquired a new position in Reddit in the fourth quarter valued at about $39,000. Level Four Advisory Services LLC purchased a new position in Reddit during the fourth quarter worth about $231,000. Finally, Pictet Asset Management Holding SA increased its position in shares of Reddit by 123.9% during the fourth quarter. Pictet Asset Management Holding SA now owns 7,244 shares of the company’s stock valued at $1,184,000 after acquiring an additional 4,009 shares during the last quarter.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on RDDT. Redburn Partners set a $75.00 price objective on shares of Reddit in a research report on Monday, March 17th. Morgan Stanley raised their price target on Reddit from $200.00 to $210.00 and gave the stock an “overweight” rating in a research report on Thursday, February 13th. B. Riley boosted their price objective on Reddit from $112.00 to $187.00 and gave the company a “buy” rating in a report on Tuesday, January 14th. JPMorgan Chase & Co. raised their target price on Reddit from $142.00 to $185.00 and gave the company a “neutral” rating in a report on Thursday, February 13th. Finally, JMP Securities set a $155.00 price target on shares of Reddit in a research note on Friday. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $163.00.

Insider Buying and Selling

In other Reddit news, CFO Andrew Vollero sold 48,122 shares of the firm’s stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $162.80, for a total transaction of $7,834,261.60. Following the transaction, the chief financial officer now owns 599,295 shares of the company’s stock, valued at approximately $97,565,226. This trade represents a 7.43 % 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, CTO Christopher Brian Slowe sold 11,000 shares of the business’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $124.08, for a total value of $1,364,880.00. Following the completion of the sale, the chief technology officer now directly owns 281,213 shares of the company’s stock, valued at $34,892,909.04. The trade was a 3.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 589,794 shares of company stock worth $87,940,784 in the last ninety days.

Reddit Stock Performance

Shares of NYSE RDDT opened at $104.82 on Tuesday. The stock’s 50-day simple moving average is $164.53 and its 200-day simple moving average is $138.13. The firm has a market capitalization of $18.96 billion and a PE ratio of -13.56. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $230.41.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share 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%. On average, sell-side analysts forecast that Reddit, Inc. will post 1.12 earnings per share for the current fiscal 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.