Floyd Financial Group LLC Takes $2.68 Million Position in Reddit, Inc. (NYSE:RDDT)

Floyd Financial Group LLC acquired a new stake in shares of Reddit, Inc. (NYSE:RDDT - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 16,015 shares of the company's stock, valued at approximately $2,676,000. Reddit makes up about 2.2% of Floyd Financial Group LLC's portfolio, making the stock its 16th biggest position.

A number of other institutional investors have also recently added to or reduced their stakes in RDDT. SeaCrest Wealth Management LLC acquired a new stake in shares of Reddit in the fourth quarter worth about $347,000. AdvisorNet Financial Inc raised its stake in shares of Reddit by 41.9% in the 4th quarter. AdvisorNet Financial Inc now owns 681 shares of the company's stock valued at $111,000 after acquiring an additional 201 shares in the last quarter. Sivia Capital Partners LLC lifted its holdings in Reddit by 277.6% in the 4th quarter. Sivia Capital Partners LLC now owns 184,577 shares of the company's stock worth $30,167,000 after purchasing an additional 135,700 shares during the last quarter. Westmount Partners LLC bought a new stake in Reddit during the fourth quarter worth approximately $391,000. Finally, Ridgewood Investments LLC grew its holdings in Reddit by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company's stock valued at $33,000 after purchasing an additional 100 shares during the last quarter.

Reddit Trading Up 3.4 %

Shares of RDDT traded up $5.64 during mid-day trading on Wednesday, reaching $170.46. The company had a trading volume of 5,095,238 shares, compared to its average volume of 5,078,404. The company's 50-day moving average is $155.39 and its 200-day moving average is $98.65. Reddit, Inc. has a twelve month low of $37.35 and a twelve month high of $187.69.

Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.07) by $0.23. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The company had revenue of $348.40 million during the quarter, compared to analysts' expectations of $313.61 million. Reddit's revenue was up 67.9% on a year-over-year basis. On average, sell-side analysts predict that Reddit, Inc. will post -3.46 EPS for the current fiscal year.

Insider Buying and Selling at Reddit

In other news, COO Jennifer L. Wong sold 33,333 shares of the stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $176.23, for a total transaction of $5,874,274.59. Following the sale, the chief operating officer now directly owns 1,504,297 shares of the company's stock, valued at $265,102,260.31. This represents a 2.17 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of the business's stock in a transaction that occurred on Tuesday, December 31st. The stock was sold at an average price of $165.33, for a total transaction of $2,314,620.00. Following the completion of the transaction, the chief executive officer now owns 614,394 shares of the company's stock, valued at $101,577,760.02. This trade represents a 2.23 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 217,023 shares of company stock worth $31,699,295 over the last ninety days.

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Piper Sandler lifted their target price on shares of Reddit from $150.00 to $197.00 and gave the stock an "overweight" rating in a report on Tuesday. JPMorgan Chase & Co. boosted their price objective on Reddit from $59.00 to $77.00 and gave the stock a "neutral" rating in a research report on Monday, October 7th. Jefferies Financial Group raised their target price on Reddit from $120.00 to $175.00 and gave the company a "buy" rating in a report on Monday, November 25th. Loop Capital lifted their price target on Reddit from $120.00 to $180.00 and gave the stock a "buy" rating in a research report on Monday, December 2nd. Finally, The Goldman Sachs Group increased their price objective on Reddit from $105.00 to $176.00 and gave the company a "neutral" rating in a research report on Tuesday. One research analyst has rated the stock with a sell rating, five have given a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $148.25.

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.