GQG Partners LLC Invests $271.54 Million in Reddit, Inc. (NYSE:RDDT)

GQG Partners LLC purchased a new stake in shares of Reddit, Inc. (NYSE:RDDT) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 1,661,400 shares of the company’s stock, valued at approximately $271,539,000. GQG Partners LLC owned 0.95% of Reddit at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Jennison Associates LLC bought a new stake in shares of Reddit during the 4th quarter valued at about $494,861,000. Renaissance Capital LLC boosted its position in Reddit by 14.2% during the 4th quarter. Renaissance Capital LLC now owns 31,236 shares of the company’s stock valued at $5,105,000 after acquiring an additional 3,892 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Reddit by 27.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 642,456 shares of the company’s stock worth $105,003,000 after acquiring an additional 139,135 shares during the period. Assetmark Inc. raised its position in shares of Reddit by 1,537,566.7% in the 4th quarter. Assetmark Inc. now owns 46,130 shares of the company’s stock worth $7,539,000 after acquiring an additional 46,127 shares in the last quarter. Finally, Wellington Management Group LLP lifted its stake in shares of Reddit by 3,640.5% in the 3rd quarter. Wellington Management Group LLP now owns 255,325 shares of the company’s stock valued at $16,831,000 after purchasing an additional 248,499 shares during the period.

Insiders Place Their Bets

In other Reddit news, CAO Michelle Marie Reynolds sold 11,965 shares of the business’s stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $157.41, for a total value of $1,883,410.65. Following the sale, the chief accounting officer now owns 48,418 shares in the company, valued at $7,621,477.38. The trade was a 19.82 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Jennifer L. Wong sold 33,333 shares of the firm’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $125.22, for a total value of $4,173,958.26. Following the transaction, the chief operating officer now owns 1,466,119 shares of the company’s stock, valued at approximately $183,587,421.18. The trade was a 2.22 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 492,794 shares of company stock worth $76,482,524 in the last three months.

Analyst Ratings Changes

A number of equities analysts have issued reports on RDDT shares. Roth Mkm downgraded Reddit from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $116.00 to $195.00 in a report on Wednesday, January 22nd. Redburn Atlantic began coverage on shares of Reddit in a research note on Monday, March 17th. They issued a “sell” rating and a $75.00 price target for the company. B. Riley boosted their price objective on shares of Reddit from $112.00 to $187.00 and gave the stock a “buy” rating in a research note on Tuesday, January 14th. Robert W. Baird raised their target price on shares of Reddit from $160.00 to $185.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th. Finally, JPMorgan Chase & Co. upped their price target on Reddit from $142.00 to $185.00 and gave the stock a “neutral” rating in a research note on Thursday, February 13th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $162.68.

Reddit Stock Performance

RDDT opened at $124.96 on Tuesday. The stock has a market cap of $22.61 billion and a price-to-earnings ratio of -16.17. The firm’s fifty day moving average is $170.39 and its 200 day moving average is $136.18. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $230.41.

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

About Reddit

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.