Stephens Investment Management Group LLC Makes New Investment in Reddit, Inc. (NYSE:RDDT)

Stephens Investment Management Group LLC purchased a new stake in Reddit, Inc. (NYSE:RDDT) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 132,907 shares of the company’s stock, valued at approximately $21,722,000. Stephens Investment Management Group LLC owned approximately 0.08% of Reddit as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Ridgewood Investments LLC lifted its stake 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 in the last quarter. Farmers & Merchants Investments Inc. bought a new position in shares of Reddit in the fourth quarter worth $33,000. Spire Wealth Management purchased a new stake in shares of Reddit in the fourth quarter worth $35,000. Blue Trust Inc. bought a new stake in Reddit during the fourth quarter valued at $59,000. Finally, New Wave Wealth Advisors LLC purchased a new position in Reddit during the fourth quarter worth about $69,000.

Insiders Place Their Bets

In other Reddit news, CFO Andrew Vollero sold 19,838 shares of the stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $143.22, for a total value of $2,841,198.36. Following the completion of the sale, the chief financial officer now owns 703,615 shares in the company, valued at approximately $100,771,740.30. This trade represents a 2.74 % decrease in their position. The transaction 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 the business’s stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $201.96, for a total value of $2,827,440.00. Following the transaction, the chief executive officer now directly owns 614,394 shares in the company, valued at $124,083,012.24. This trade represents a 2.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 259,357 shares of company stock valued at $41,121,108 in the last quarter.

Reddit Stock Performance

Shares of Reddit stock opened at $225.42 on Monday. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $227.05. The company’s 50 day moving average price is $176.42 and its 200-day moving average price is $114.02.

Analyst Upgrades and Downgrades

Several analysts have weighed in on RDDT shares. JMP Securities raised their price target on Reddit from $160.00 to $190.00 and gave the company a “market outperform” rating in a report on Monday, January 27th. Roth Mkm downgraded shares of Reddit from a “buy” rating to a “neutral” rating and raised their target price for the company from $116.00 to $195.00 in a research note on Wednesday, January 22nd. Wells Fargo & Company began coverage on shares of Reddit in a research note on Wednesday, December 11th. They issued an “overweight” rating and a $206.00 price target for the company. Robert W. Baird increased their price target on shares of Reddit from $100.00 to $160.00 and gave the stock a “neutral” rating in a report on Wednesday, December 11th. Finally, Sanford C. Bernstein lifted their price objective on shares of Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a report on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $159.70.

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.