2,423 Shares in Reddit, Inc. (NYSE:RDDT) Bought by Franklin Resources Inc.

Franklin Resources Inc. bought a new stake in shares of Reddit, Inc. (NYSE:RDDT) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 2,423 shares of the company’s stock, valued at approximately $396,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. HighTower Advisors LLC boosted its stake in Reddit by 154.0% in the 3rd quarter. HighTower Advisors LLC now owns 11,699 shares of the company’s stock worth $770,000 after purchasing an additional 7,094 shares during the period. State Street Corp increased its holdings in shares of Reddit by 189.3% in the 3rd quarter. State Street Corp now owns 322,321 shares of the company’s stock valued at $21,247,000 after purchasing an additional 210,921 shares during the period. MML Investors Services LLC lifted its position in shares of Reddit by 12.0% in the third quarter. MML Investors Services LLC now owns 7,085 shares of the company’s stock worth $467,000 after purchasing an additional 757 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of 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 purchasing an additional 525,619 shares during the period. Finally, SOA Wealth Advisors LLC. grew its position in Reddit by 56.3% during the third quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company’s stock valued at $126,000 after purchasing an additional 691 shares in the last quarter.

Insider Buying and Selling at Reddit

In other Reddit news, insider Benjamin Seong Lee sold 92,299 shares of the business’s stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $157.35, for a total value of $14,523,247.65. Following the sale, the insider now owns 115,001 shares of the company’s stock, valued at $18,095,407.35. The trade was a 44.52 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Andrew Vollero sold 48,122 shares of the stock in a transaction on Monday, February 24th. The shares were sold at an average price of $162.80, for a total transaction of $7,834,261.60. Following the completion of the transaction, the chief financial officer now owns 599,295 shares of the company’s stock, valued at approximately $97,565,226. This represents a 7.43 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 680,868 shares of company stock valued at $93,193,895 in the last ninety days.

Reddit Stock Performance

Shares of NYSE:RDDT opened at $96.04 on Friday. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $230.41. The company has a market cap of $17.37 billion and a P/E ratio of -12.42. The stock’s 50-day moving average is $133.84 and its 200-day moving average is $140.17.

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%. As a group, equities analysts predict that Reddit, Inc. will post 1.12 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on RDDT shares. Redburn Partners set a $75.00 target price on shares of Reddit in a research report on Monday, March 17th. Oppenheimer initiated coverage on Reddit in a report on Wednesday. They set an “outperform” rating and a $125.00 price objective for the company. Guggenheim reduced their price objective on Reddit from $210.00 to $170.00 and set a “buy” rating for the company in a research report on Thursday, March 20th. Raymond James dropped their target price on Reddit from $250.00 to $200.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, March 12th. Finally, Morgan Stanley cut their price target on Reddit from $210.00 to $140.00 and set an “overweight” rating for the company in a research note on Thursday. Two analysts have rated the stock with a sell rating, seven have given a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $142.22.

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.