Nkcfo LLC bought a new position in shares of Reddit, Inc. (NYSE:RDDT - Free Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The fund bought 3,500 shares of the company's stock, valued at approximately $572,000.
A number of other institutional investors and hedge funds have also recently bought and sold shares of RDDT. Truist Financial Corp acquired a new position in shares of Reddit during the 2nd quarter valued at $266,000. Raymond James & Associates lifted its stake in shares of Reddit by 60.3% during the third quarter. Raymond James & Associates now owns 68,374 shares of the company's stock worth $4,507,000 after purchasing an additional 25,733 shares in the last quarter. TB Alternative Assets Ltd. purchased a new stake in shares of Reddit in the third quarter worth about $2,003,000. Whittier Trust Co. acquired a new stake in shares of Reddit in the third quarter valued at about $42,000. Finally, Foundations Investment Advisors LLC purchased a new stake in shares of Reddit during the 3rd quarter valued at about $341,000.
Wall Street Analysts Forecast Growth
RDDT has been the subject of several recent research reports. Bank of America increased their price objective on shares of Reddit from $180.00 to $190.00 and gave the company a "neutral" rating in a research report on Thursday, February 13th. The Goldman Sachs Group lifted their price target on shares of Reddit from $105.00 to $176.00 and gave the stock a "neutral" rating in a research note on Tuesday, January 14th. Guggenheim assumed coverage on shares of Reddit in a research report on Friday, December 20th. They issued a "buy" rating and a $210.00 price objective for the company. Morgan Stanley lifted their target price on Reddit from $200.00 to $210.00 and gave the stock an "overweight" rating in a research report on Thursday, February 13th. Finally, Roth Mkm downgraded Reddit from a "buy" rating to a "neutral" rating and increased their price target for the company from $116.00 to $195.00 in a report on Wednesday, January 22nd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $175.45.
Read Our Latest Report on RDDT
Insiders Place Their Bets
In other Reddit news, CFO Andrew Vollero sold 19,838 shares of Reddit stock in a transaction on Monday, November 25th. The stock was sold at an average price of $143.22, for a total transaction of $2,841,198.36. Following the sale, the chief financial officer now owns 703,615 shares of the company's stock, valued at $100,771,740.30. The trade was a 2.74 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the business's stock in a transaction on Friday, January 31st. The stock was sold at an average price of $201.96, for a total value of $2,827,440.00. Following the transaction, the chief executive officer now owns 614,394 shares of the company's stock, valued at $124,083,012.24. This trade represents a 2.23 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 212,024 shares of company stock worth $35,086,431.
Reddit Stock Performance
Shares of Reddit stock traded up $2.02 on Wednesday, reaching $189.15. 2,099,722 shares of the company were exchanged, compared to its average volume of 5,685,411. The firm has a market cap of $33.21 billion and a price-to-earnings ratio of -24.44. The company's 50-day moving average is $183.54 and its two-hundred day moving average is $121.57. Reddit, Inc. has a 1-year low of $37.35 and a 1-year high of $230.41.
Reddit (NYSE:RDDT - Get Free Report) last announced its quarterly earnings results 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%. As a group, sell-side analysts forecast that Reddit, Inc. will post 0.96 earnings per share for the current year.
About Reddit
(
Free Report)
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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