Sanders Morris Harris LLC Purchases Shares of 2,428 Reddit, Inc. (NYSE:RDDT)

Sanders Morris Harris LLC acquired a new position in shares of Reddit, Inc. (NYSE:RDDT - Free Report) in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 2,428 shares of the company's stock, valued at approximately $397,000.

Several other large investors have also made changes to their positions in the company. Ridgewood Investments LLC grew its position 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 acquiring an additional 100 shares during the period. Whittier Trust Co. purchased a new stake in shares of Reddit during the 3rd quarter worth about $42,000. Daiwa Securities Group Inc. purchased a new stake in shares of Reddit during the 3rd quarter worth about $85,000. AdvisorNet Financial Inc increased its position in Reddit by 41.9% during the 4th quarter. AdvisorNet Financial Inc now owns 681 shares of the company's stock worth $111,000 after purchasing an additional 201 shares in the last quarter. Finally, SOA Wealth Advisors LLC. raised its holdings in Reddit by 56.3% in the third quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company's stock valued at $126,000 after buying an additional 691 shares during the period.

Insider Activity

In other news, CFO Andrew Vollero sold 19,838 shares of the company's stock in a transaction that occurred on Monday, November 25th. The shares were 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 directly owns 703,615 shares of the company's stock, valued at approximately $100,771,740.30. This represents a 2.74 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CTO Christopher Brian Slowe sold 5,000 shares of the firm's stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $77.48, for a total transaction of $387,400.00. Following the transaction, the chief technology officer now owns 30,068 shares in the company, valued at $2,329,668.64. This represents a 14.26 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 217,023 shares of company stock valued at $31,699,295.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Loop Capital increased their price objective on shares of Reddit from $120.00 to $180.00 and gave the stock a "buy" rating in a research report on Monday, December 2nd. Citigroup increased their price target on Reddit from $120.00 to $200.00 and gave the company a "buy" rating in a report on Friday, December 20th. Wells Fargo & Company initiated coverage on Reddit in a research report on Wednesday, December 11th. They issued an "overweight" rating and a $206.00 price objective on the stock. Piper Sandler upped their target price on Reddit from $150.00 to $197.00 and gave the stock an "overweight" rating in a research report on Tuesday. Finally, Robert W. Baird raised their target price on Reddit from $100.00 to $160.00 and gave the company a "neutral" rating in a report on Wednesday, December 11th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $148.25.

Reddit Stock Performance

RDDT stock traded up $4.12 during midday trading on Thursday, reaching $174.81. The company had a trading volume of 3,336,746 shares, compared to its average volume of 4,911,937. The stock has a 50 day moving average price of $156.38 and a 200 day moving average price of $99.15. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $187.69.

Reddit (NYSE:RDDT - Get Free Report) last released 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. The business had revenue of $348.40 million during the quarter, compared to analyst estimates of $313.61 million. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The business's quarterly revenue was up 67.9% compared to the same quarter last year. As a group, analysts anticipate that Reddit, Inc. will post -3.46 EPS for the current year.

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.