Rockefeller Capital Management L.P. Invests $1.67 Million in Reddit, Inc. (NYSE:RDDT)

Rockefeller Capital Management L.P. purchased a new stake in shares of Reddit, Inc. (NYSE:RDDT) during the 4th quarter, Holdings Channel.com reports. The institutional investor purchased 10,233 shares of the company’s stock, valued at approximately $1,672,000.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. State Street Corp lifted its position in Reddit by 189.3% during the third quarter. State Street Corp now owns 322,321 shares of the company’s stock valued at $21,247,000 after buying an additional 210,921 shares during the period. MML Investors Services LLC lifted its position in Reddit by 12.0% during the 3rd quarter. MML Investors Services LLC now owns 7,085 shares of the company’s stock valued at $467,000 after acquiring an additional 757 shares during the period. Geode Capital Management LLC boosted its stake in Reddit by 176.0% during the third quarter. Geode Capital Management LLC now owns 824,200 shares of the company’s stock worth $54,355,000 after acquiring an additional 525,619 shares in the last quarter. SOA Wealth Advisors LLC. grew its holdings in Reddit by 56.3% in the third quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company’s stock worth $126,000 after purchasing an additional 691 shares during the period. Finally, Sanctuary Advisors LLC bought a new position in shares of Reddit during the third quarter valued at approximately $144,000.

Reddit Price Performance

Shares of RDDT stock opened at $96.04 on Monday. The company has a market cap of $17.37 billion and a price-to-earnings ratio of -12.42. Reddit, Inc. has a 1 year low of $40.51 and a 1 year high of $230.41. The firm has a fifty day moving average price of $131.49 and a 200-day moving average price of $141.39.

Reddit (NYSE:RDDT) last issued 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 return on equity of 24.71% and a negative net margin of 37.25%. Equities research analysts expect that Reddit, Inc. will post 1.12 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on RDDT shares. Raymond James cut their price target on Reddit from $250.00 to $200.00 and set a “strong-buy” rating on the stock in a research note on Wednesday, March 12th. Wells Fargo & Company reduced their price target on Reddit from $215.00 to $158.00 and set an “overweight” rating for the company in a report on Monday, March 31st. Redburn Partners set a $75.00 price target on shares of Reddit in a research note on Monday, March 17th. B. Riley raised their price objective on shares of Reddit from $112.00 to $187.00 and gave the company a “buy” rating in a research note on Tuesday, January 14th. Finally, The Goldman Sachs Group dropped their target price on shares of Reddit from $185.00 to $124.00 and set a “neutral” rating on the stock in a research note on Monday, April 14th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Reddit currently has an average rating of “Moderate Buy” and an average price target of $142.22.

Insider Buying and Selling

In other Reddit news, COO Jennifer L. Wong sold 33,334 shares of the firm’s stock in a transaction dated Wednesday, April 16th. The stock was sold at an average price of $93.99, for a total transaction of $3,133,062.66. Following the sale, the chief operating officer now directly owns 1,466,119 shares of the company’s stock, valued at $137,800,524.81. This trade represents a 2.22 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Christopher Brian Slowe sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $184.15, for a total value of $920,750.00. Following the completion of the transaction, the chief technology officer now directly owns 35,252 shares in the company, valued at approximately $6,491,655.80. This represents a 12.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 714,202 shares of company stock valued at $96,326,958.

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.