17,006 Shares in Reddit, Inc. (NYSE:RDDT) Purchased by Integrated Wealth Concepts LLC

Integrated Wealth Concepts LLC purchased a new position in Reddit, Inc. (NYSE:RDDT - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 17,006 shares of the company's stock, valued at approximately $2,779,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in shares of Reddit by 184.2% during the fourth quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company's stock worth $1,500,606,000 after acquiring an additional 5,950,909 shares during the last quarter. Jennison Associates LLC purchased a new stake in Reddit in the 4th quarter worth $494,861,000. Alliancebernstein L.P. boosted its holdings in shares of Reddit by 1,011.1% during the 4th quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company's stock valued at $455,795,000 after purchasing an additional 2,537,768 shares during the last quarter. Brooklyn FI LLC purchased a new position in shares of Reddit during the fourth quarter valued at about $303,082,000. Finally, GQG Partners LLC purchased a new position in shares of Reddit during the fourth quarter valued at about $271,539,000.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Wells Fargo & Company dropped their price target on Reddit from $215.00 to $158.00 and set an "overweight" rating for the company in a research note on Monday, March 31st. Loop Capital reissued a "buy" rating and issued a $210.00 target price on shares of Reddit in a report on Tuesday, March 11th. Raymond James decreased their price target on shares of Reddit from $250.00 to $200.00 and set a "strong-buy" rating on the stock in a research note on Wednesday, March 12th. Morgan Stanley reduced their target price on shares of Reddit from $210.00 to $140.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. Finally, Seaport Res Ptn raised shares of Reddit to a "hold" rating in a report on Thursday, February 6th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $142.22.

Reddit Price Performance

Shares of Reddit stock opened at $118.35 on Friday. The stock has a market cap of $21.41 billion and a price-to-earnings ratio of -15.31. The firm's 50-day moving average is $122.11 and its two-hundred day moving average is $142.14. Reddit, Inc. has a 1 year low of $44.15 and a 1 year high of $230.41.

Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) 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%. On average, equities analysts expect that Reddit, Inc. will post 1.12 earnings per share for the current year.

Insider Activity at Reddit

In related news, insider Benjamin Seong Lee sold 92,299 shares of the business's stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $157.35, for a total transaction of $14,523,247.65. Following the transaction, the insider now directly owns 115,001 shares in the company, valued at $18,095,407.35. The trade was a 44.52 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director David C. Habiger purchased 774 shares of the stock in a transaction on Wednesday, March 12th. The stock was acquired at an average cost of $130.36 per share, with a total value of $100,898.64. Following the acquisition, the director now owns 30,808 shares of the company's stock, valued at approximately $4,016,130.88. This represents a 2.58 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 725,270 shares of company stock valued at $97,067,425 over the last quarter.

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.

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