Daiwa Securities Group Inc. Has $6.22 Million Stock Position in Reddit, Inc. (NYSE:RDDT)

Daiwa Securities Group Inc. lifted its holdings in shares of Reddit, Inc. (NYSE:RDDT) by 2,858.8% during the fourth quarter, Holdings Channel.com reports. The firm owned 38,021 shares of the company’s stock after acquiring an additional 36,736 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Reddit were worth $6,215,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Plato Investment Management Ltd acquired a new position in shares of Reddit during the fourth quarter worth $27,000. Ridgewood Investments LLC lifted its holdings in shares of Reddit by 100.0% during the fourth 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. acquired a new position in shares of Reddit during the fourth quarter worth $33,000. Bogart Wealth LLC acquired a new position in shares of Reddit during the fourth quarter worth $33,000. Finally, Allworth Financial LP lifted its holdings in shares of Reddit by 970.0% during the fourth quarter. Allworth Financial LP now owns 214 shares of the company’s stock worth $35,000 after purchasing an additional 194 shares during the period.

Insider Activity

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $176.20, for a total transaction of $2,466,800.00. Following the transaction, the chief executive officer now directly owns 620,971 shares in the company, valued at approximately $109,415,090.20. The trade was a 2.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Michelle Marie Reynolds sold 11,965 shares of the business’s stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $157.41, for a total transaction of $1,883,410.65. Following the transaction, the chief accounting officer now owns 48,418 shares in the company, valued at approximately $7,621,477.38. This trade represents a 19.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 393,386 shares of company stock worth $66,673,388 over the last three months.

Analysts Set New Price Targets

RDDT has been the topic of a number of recent research reports. Morgan Stanley lifted their price target on shares of Reddit from $200.00 to $210.00 and gave the stock an “overweight” rating in a report on Thursday, February 13th. Wells Fargo & Company lifted their target price on shares of Reddit from $206.00 to $215.00 and gave the stock an “overweight” rating in a research note on Thursday, February 13th. Guggenheim initiated coverage on shares of Reddit in a research note on Friday, December 20th. They set a “buy” rating and a $210.00 target price for the company. Piper Sandler lifted their target price on shares of Reddit from $210.00 to $220.00 and gave the stock an “overweight” rating in a research note on Friday, February 21st. Finally, Citigroup reissued a “neutral” rating on shares of Reddit in a research note on Thursday, February 13th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Reddit presently has an average rating of “Moderate Buy” and a consensus target price of $173.45.

Reddit Trading Up 6.5 %

RDDT opened at $130.74 on Thursday. The company has a market cap of $23.65 billion and a P/E ratio of -16.91. The company has a fifty day moving average price of $178.95 and a two-hundred day moving average price of $132.30. Reddit, Inc. has a 1-year low of $37.35 and a 1-year high of $230.41.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.12. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. On average, research analysts forecast that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

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.