440,634 Shares in Reddit, Inc. (NYSE:RDDT) Purchased by Norges Bank

Norges Bank purchased a new stake in shares of Reddit, Inc. (NYSE:RDDT) in the 4th quarter, Holdings Channel.com reports. The firm purchased 440,634 shares of the company’s stock, valued at approximately $72,017,000.

A number of other large investors have also added to or reduced their stakes in RDDT. Charles Schwab Investment Management Inc. grew its holdings in shares of Reddit by 194.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 503,321 shares of the company’s stock valued at $33,179,000 after purchasing an additional 332,604 shares in the last quarter. Cerity Partners LLC bought a new position in Reddit during the third quarter valued at $446,000. The Manufacturers Life Insurance Company bought a new position in Reddit during the third quarter valued at $1,053,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of Reddit in the 3rd quarter worth $349,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in shares of Reddit in the 3rd quarter worth about $2,724,000.

Reddit Stock Performance

NYSE RDDT opened at $109.33 on Thursday. The company’s 50-day simple moving average is $161.47 and its two-hundred day simple moving average is $138.29. Reddit, Inc. has a one year low of $37.35 and a one year high of $230.41. The company has a market capitalization of $19.78 billion and a price-to-earnings ratio of -14.14.

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

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the company. The Goldman Sachs Group lifted their price target on Reddit from $105.00 to $176.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 14th. Seaport Res Ptn upgraded Reddit to a “hold” rating in a report on Thursday, February 6th. Wells Fargo & Company cut their target price on Reddit from $215.00 to $158.00 and set an “overweight” rating on the stock in a research report on Monday. Redburn Partners set a $75.00 price target on Reddit in a research report on Monday, March 17th. Finally, JMP Securities set a $155.00 price objective on shares of Reddit in a research report on Friday, March 28th. 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. According to MarketBeat, Reddit presently has a consensus rating of “Moderate Buy” and a consensus price target of $163.00.

Insider Transactions at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $103.28, for a total value of $1,445,920.00. Following the completion of the transaction, the chief executive officer now directly owns 577,013 shares in the company, valued at approximately $59,593,902.64. The trade was a 2.37 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Jennifer L. Wong sold 33,334 shares of the firm’s stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $173.93, for a total transaction of $5,797,782.62. Following the completion of the sale, the chief operating officer now owns 1,504,297 shares in the company, valued at $261,642,377.21. This represents a 2.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 603,794 shares of company stock valued at $89,386,704.

Reddit Company 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.