Archon Partners LLC Takes Position in Reddit, Inc. (NYSE:RDDT)

Archon Partners LLC acquired a new position in Reddit, Inc. (NYSE:RDDT - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 40,000 shares of the company's stock, valued at approximately $6,538,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in RDDT. Plato Investment Management Ltd bought a new position in shares of Reddit in the fourth quarter worth approximately $27,000. EverSource Wealth Advisors LLC bought a new stake in shares of Reddit in the 4th quarter valued at about $28,000. Ridgewood Investments LLC lifted 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 last quarter. Farmers & Merchants Investments Inc. acquired a new position in shares of Reddit during the fourth quarter valued at about $33,000. Finally, Bogart Wealth LLC purchased a new position in shares of Reddit during the fourth quarter worth $33,000.

Insider Activity

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the company's stock in a transaction on Friday, January 31st. The shares were sold at an average price of $201.96, for a total transaction of $2,827,440.00. Following the completion of the transaction, the chief executive officer now owns 614,394 shares in the company, valued at approximately $124,083,012.24. This represents a 2.23 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Michelle Marie Reynolds sold 11,965 shares of the company'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 completion of the sale, the chief accounting officer now directly owns 48,418 shares in the company, valued at $7,621,477.38. This trade represents a 19.82 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 714,202 shares of company stock valued at $96,326,958.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on RDDT shares. Needham & Company LLC reiterated a "buy" rating and set a $220.00 price objective on shares of Reddit in a research report on Friday, March 21st. Truist Financial began coverage on shares of Reddit in a research report on Monday, April 7th. They set a "buy" rating and a $150.00 target price on the stock. Roth Capital cut shares of Reddit from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, January 22nd. Roth Mkm cut shares of Reddit from a "buy" rating to a "neutral" rating and lifted their price target for the company from $116.00 to $195.00 in a research report on Wednesday, January 22nd. Finally, JMP Securities set a $155.00 price objective on Reddit in a research note on Friday, March 28th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, Reddit presently has a consensus rating of "Moderate Buy" and an average price target of $142.22.

Reddit Trading Down 2.0 %

Shares of NYSE:RDDT opened at $94.28 on Tuesday. Reddit, Inc. has a 12 month low of $40.51 and a 12 month high of $230.41. The company has a market cap of $17.06 billion and a price-to-earnings ratio of -12.20. The company has a 50-day moving average price of $129.04 and a 200 day moving average price of $141.54.

Reddit (NYSE:RDDT - Get Free Report) last posted its earnings results on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, beating analysts' consensus estimates 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, equities analysts forecast that Reddit, Inc. will post 1.12 EPS 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.

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