OVERSEA CHINESE BANKING Corp Ltd Makes New $6.74 Million Investment in Reddit, Inc. (NYSE:RDDT)

OVERSEA CHINESE BANKING Corp Ltd acquired a new stake in shares of Reddit, Inc. (NYSE:RDDT) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 41,200 shares of the company’s stock, valued at approximately $6,744,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Plato Investment Management Ltd purchased a new position in Reddit in the 4th quarter worth $27,000. EverSource Wealth Advisors LLC purchased a new position in Reddit in the 4th quarter worth $28,000. Ridgewood Investments LLC raised its position in Reddit by 100.0% in the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after purchasing an additional 100 shares during the period. Farmers & Merchants Investments Inc. bought a new stake in Reddit in the 4th quarter worth $33,000. Finally, Bogart Wealth LLC bought a new stake in Reddit in the 4th quarter worth $33,000.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Roth Capital lowered shares of Reddit from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 22nd. Morgan Stanley lifted their target price on shares of Reddit from $200.00 to $210.00 and gave the company an “overweight” rating in a research note on Thursday, February 13th. JMP Securities lifted their target price on shares of Reddit from $190.00 to $200.00 and gave the company a “market outperform” rating in a research note on Thursday, February 13th. B. Riley lifted their target price 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, JPMorgan Chase & Co. boosted their price objective on shares of Reddit from $142.00 to $185.00 and gave the stock a “neutral” rating in a research note on Thursday, February 13th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Reddit currently has an average rating of “Hold” and a consensus price target of $164.50.

Insider Activity at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 31st. The shares were sold at an average price of $165.33, for a total value of $2,314,620.00. Following the completion of the transaction, the chief executive officer now directly owns 614,394 shares in the company, valued at $101,577,760.02. This represents a 2.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Christopher Brian Slowe sold 11,000 shares of the company’s stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $169.85, for a total transaction of $1,868,350.00. Following the completion of the transaction, the chief technology officer now owns 324,837 shares of the company’s stock, valued at approximately $55,173,564.45. The trade was a 3.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 470,461 shares of company stock worth $74,176,916.

Reddit Stock Performance

Shares of Reddit stock opened at $110.02 on Wednesday. The company has a 50-day simple moving average of $174.74 and a two-hundred day simple moving average of $134.59. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $230.41. The stock has a market capitalization of $19.90 billion and a PE ratio of -14.23.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, beating 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%. As a group, equities research analysts forecast that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

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.