The Manufacturers Life Insurance Company Purchases 3,257 Shares of Reddit, Inc. (NYSE:RDDT)

The Manufacturers Life Insurance Company lifted its position in Reddit, Inc. (NYSE:RDDT) by 20.4% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 19,236 shares of the company’s stock after acquiring an additional 3,257 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Reddit were worth $3,144,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in RDDT. FMR LLC lifted its stake in Reddit by 7.5% in the fourth quarter. FMR LLC now owns 13,070,780 shares of the company’s stock worth $2,136,288,000 after purchasing an additional 913,189 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Reddit by 184.2% during the 4th quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company’s stock worth $1,500,606,000 after acquiring an additional 5,950,909 shares during the last quarter. Jennison Associates LLC purchased a new position in Reddit during the 4th quarter valued at $494,861,000. Alliancebernstein L.P. grew its position in Reddit by 1,011.1% in the 4th quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company’s stock valued at $455,795,000 after acquiring an additional 2,537,768 shares during the last quarter. Finally, Lord Abbett & CO. LLC lifted its position in shares of Reddit by 12.8% during the fourth quarter. Lord Abbett & CO. LLC now owns 1,861,998 shares of the company’s stock worth $304,325,000 after purchasing an additional 211,636 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Morgan Stanley cut their price target on shares of Reddit from $210.00 to $140.00 and set an “overweight” rating on the stock in a report on Thursday, April 17th. JPMorgan Chase & Co. decreased their price target on shares of Reddit from $185.00 to $110.00 and set a “neutral” rating for the company in a research note on Tuesday, April 8th. Seaport Res Ptn raised Reddit from a “hold” rating to a “strong-buy” rating in a research note on Monday, May 5th. B. Riley reaffirmed a “buy” rating and set a $220.00 target price (down from $222.00) on shares of Reddit in a research report on Friday, May 2nd. Finally, Bank of America dropped their price target on Reddit from $190.00 to $110.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 9th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, fourteen have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $140.35.

Reddit Price Performance

Shares of NYSE:RDDT opened at $108.35 on Friday. The firm has a market capitalization of $19.60 billion, a P/E ratio of -14.02, a P/E/G ratio of 4.72 and a beta of 2.90. The business’s 50-day moving average is $111.54 and its 200 day moving average is $144.30. Reddit, Inc. has a 1 year low of $49.13 and a 1 year high of $230.41.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Thursday, May 1st. The company reported $0.13 EPS for the quarter, beating the consensus estimate of $0.02 by $0.11. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. The firm had revenue of $392.36 million during the quarter, compared to analyst estimates of $370.55 million. During the same period last year, the firm posted ($8.19) EPS. Reddit’s revenue was up 61.5% on a year-over-year basis. On average, analysts expect that Reddit, Inc. will post 1.12 EPS for the current year.

Insider Activity

In other news, Director David C. Habiger purchased 774 shares of the company’s stock in a transaction on Wednesday, March 12th. The shares were acquired 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 in the company, valued at $4,016,130.88. This trade represents a 2.58 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Steve Ladd Huffman sold 124,408 shares of the firm’s stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $127.36, for a total value of $15,844,602.88. Following the completion of the transaction, the chief executive officer now owns 583,515 shares of the company’s stock, valued at approximately $74,316,470.40. The trade was a 17.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 725,270 shares of company stock valued at $95,789,365 over the last ninety days.

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.