Employees Retirement System of Texas Takes $1.80 Million Position in Reddit, Inc. (NYSE:RDDT)

Employees Retirement System of Texas purchased a new position in shares of Reddit, Inc. (NYSE:RDDT) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 11,034 shares of the company’s stock, valued at approximately $1,803,000.

A number of other institutional investors have also added to or reduced their stakes in the company. Cerity Partners LLC bought a new position in Reddit in the 3rd quarter valued at $446,000. The Manufacturers Life Insurance Company bought a new position in Reddit during the third quarter valued at about $1,053,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new stake in Reddit during the third quarter worth about $349,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in Reddit in the third quarter worth about $2,724,000. Finally, HighTower Advisors LLC boosted its stake in Reddit by 154.0% in the third quarter. HighTower Advisors LLC now owns 11,699 shares of the company’s stock valued at $770,000 after acquiring an additional 7,094 shares during the last quarter.

Reddit Trading Up 6.8 %

Shares of NYSE RDDT opened at $92.83 on Tuesday. The business has a 50-day moving average of $156.11 and a 200-day moving average of $139.45. The firm has a market capitalization of $16.79 billion and a price-to-earnings ratio of -12.01. Reddit, Inc. has a 12 month low of $37.35 and a 12 month high of $230.41.

Reddit (NYSE:RDDT) last released its quarterly earnings results 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%. On average, analysts predict that Reddit, Inc. will post 1.12 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages have recently issued reports on RDDT. Guggenheim decreased their price target on shares of Reddit from $210.00 to $170.00 and set a “buy” rating for the company in a research note on Thursday, March 20th. B. Riley raised their target price on Reddit from $112.00 to $187.00 and gave the stock a “buy” rating in a research report on Tuesday, January 14th. Loop Capital reaffirmed a “buy” rating and set a $210.00 price target on shares of Reddit in a research report on Tuesday, March 11th. Truist Financial initiated coverage on Reddit in a report on Monday. They issued a “buy” rating and a $150.00 price objective for the company. Finally, The Goldman Sachs Group upped their price objective on shares of Reddit from $105.00 to $176.00 and gave the company a “neutral” rating in a report on Tuesday, January 14th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $162.41.

Insider Activity at Reddit

In other news, COO Jennifer L. Wong sold 33,333 shares of the business’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $187.72, for a total value of $6,257,270.76. Following the completion of the sale, the chief operating officer now directly owns 1,504,297 shares in the company, valued at approximately $282,386,632.84. The trade was a 2.17 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction on Friday, January 31st. The shares were sold at an average price of $201.96, for a total transaction of $2,827,440.00. Following the completion of the sale, the chief executive officer now directly owns 614,394 shares of the company’s stock, valued at $124,083,012.24. This trade represents a 2.23 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 603,794 shares of company stock valued at $89,386,704 over the last 90 days.

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.