Reddit, Inc. (NYSE:RDDT) Shares Acquired by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA boosted its holdings in Reddit, Inc. (NYSE:RDDT) by 123.9% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,244 shares of the company’s stock after acquiring an additional 4,009 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Reddit were worth $1,184,000 at the end of the most recent quarter.

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

Reddit Trading Down 10.5 %

RDDT opened at $86.72 on Friday. Reddit, Inc. has a 1-year low of $37.35 and a 1-year high of $230.41. The business has a 50 day moving average of $157.86 and a 200-day moving average of $138.72. The stock has a market capitalization of $15.69 billion and a price-to-earnings ratio of -11.22.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate 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 predict that Reddit, Inc. will post 1.12 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. B. Riley upped their price target on shares of Reddit from $112.00 to $187.00 and gave the stock a “buy” rating in a research note on Tuesday, January 14th. Robert W. Baird lifted their price target on Reddit from $160.00 to $185.00 and gave the company a “neutral” rating in a research report on Thursday, February 13th. Wells Fargo & Company lowered their price target on Reddit from $215.00 to $158.00 and set an “overweight” rating on the stock in a research report on Monday, March 31st. Piper Sandler upped their price objective on Reddit from $210.00 to $220.00 and gave the company an “overweight” rating in a report on Friday, February 21st. Finally, Seaport Res Ptn raised Reddit to a “hold” rating in a report on Thursday, February 6th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Reddit currently has an average rating of “Moderate Buy” and a consensus price target of $163.00.

Insider Buying and Selling at Reddit

In other news, CFO Andrew Vollero sold 100,000 shares of the stock in a transaction on Monday, March 24th. The shares were sold at an average price of $124.08, for a total value of $12,408,000.00. Following the completion of the transaction, the chief financial officer now owns 499,295 shares in the company, valued at approximately $61,952,523.60. This represents a 16.69 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $103.28, for a total transaction of $1,445,920.00. Following the sale, the chief executive officer now owns 577,013 shares in the company, valued at approximately $59,593,902.64. This trade represents a 2.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 603,794 shares of company stock valued at $89,386,704 in the last quarter.

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.