Reddit, Inc. (NYSE:RDDT) Position Boosted by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Reddit, Inc. (NYSE:RDDT) by 173.5% in the 4th quarter, HoldingsChannel.com reports. The firm owned 14,486 shares of the company’s stock after purchasing an additional 9,189 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Reddit were worth $2,368,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in RDDT. Entropy Technologies LP acquired a new position in shares of Reddit in the third quarter worth about $231,000. Sumitomo Mitsui Trust Group Inc. boosted its holdings in shares of Reddit by 64.9% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 512,871 shares of the company’s stock worth $33,808,000 after buying an additional 201,776 shares during the period. Victory Capital Management Inc. boosted its holdings in shares of Reddit by 903.8% in the third quarter. Victory Capital Management Inc. now owns 504,116 shares of the company’s stock worth $33,231,000 after buying an additional 453,894 shares during the period. Claro Advisors LLC acquired a new position in shares of Reddit in the third quarter worth about $1,879,000. Finally, Prospera Financial Services Inc acquired a new position in shares of Reddit in the third quarter worth about $248,000.

Insider Transactions at Reddit

In other news, CFO Andrew Vollero sold 48,122 shares of the firm’s stock in a transaction on Monday, February 24th. The shares were sold at an average price of $162.80, for a total value of $7,834,261.60. Following the sale, the chief financial officer now owns 599,295 shares in the company, 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 legal filing with the SEC, which is accessible through this hyperlink. Also, Director David C. Habiger acquired 774 shares of the stock in a transaction dated Wednesday, March 12th. The stock was bought at an average price of $130.36 per share, for a total transaction of $100,898.64. Following the purchase, the director now owns 30,808 shares of the company’s stock, valued at $4,016,130.88. The trade was a 2.58 % increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 346,053 shares of company stock worth $58,332,313.

Reddit Stock Up 5.1 %

NYSE:RDDT opened at $127.71 on Monday. Reddit, Inc. has a 12 month low of $37.35 and a 12 month high of $230.41. The firm has a market cap of $23.10 billion and a price-to-earnings ratio of -16.52. The company’s 50 day moving average is $177.06 and its 200-day moving average is $133.76.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, beating 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%. Research analysts predict that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. The Goldman Sachs Group increased their price target on shares of Reddit from $105.00 to $176.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 14th. Piper Sandler increased their price target on shares of Reddit from $210.00 to $220.00 and gave the stock an “overweight” rating in a research report on Friday, February 21st. Guggenheim assumed coverage on shares of Reddit in a research report on Friday, December 20th. They issued a “buy” rating and a $210.00 price target for the company. Jefferies Financial Group increased their price target on shares of Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. Finally, Roth Capital lowered shares of Reddit from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 22nd. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $173.45.

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.