Axxcess Wealth Management LLC Purchases New Shares in Reddit, Inc. (NYSE:RDDT)

Axxcess Wealth Management LLC acquired a new stake in Reddit, Inc. (NYSE:RDDT - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 2,786 shares of the company's stock, valued at approximately $455,000.

Several other large investors have also recently made changes to their positions in the business. FMR LLC raised its stake in Reddit by 302.8% in the 3rd quarter. FMR LLC now owns 12,157,591 shares of the company's stock valued at $801,428,000 after acquiring an additional 9,139,196 shares during the period. Jennison Associates LLC bought a new stake in shares of Reddit in the fourth quarter valued at approximately $494,861,000. Point72 Asset Management L.P. lifted its stake in shares of Reddit by 3,172.0% during the 3rd quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company's stock valued at $151,357,000 after buying an additional 2,225,895 shares in the last quarter. Holocene Advisors LP lifted its stake in shares of Reddit by 177.6% during the 3rd quarter. Holocene Advisors LP now owns 3,005,977 shares of the company's stock valued at $198,154,000 after buying an additional 1,923,109 shares in the last quarter. Finally, Lord Abbett & CO. LLC boosted its holdings in Reddit by 1,519.4% in the 3rd quarter. Lord Abbett & CO. LLC now owns 1,650,362 shares of the company's stock worth $108,792,000 after buying an additional 1,548,450 shares during the period.

Reddit Stock Performance

NYSE:RDDT traded up $0.82 during trading hours on Tuesday, reaching $125.76. The company's stock had a trading volume of 5,801,904 shares, compared to its average volume of 5,456,739. The firm has a market capitalization of $22.75 billion and a price-to-earnings ratio of -16.27. The firm has a 50-day simple moving average of $169.60 and a 200-day simple moving average of $136.66. Reddit, Inc. has a 1 year low of $37.35 and a 1 year high of $230.41.

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Reddit (NYSE:RDDT - Get Free Report) last released its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, beating analysts' consensus estimates of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. Equities analysts anticipate that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

Insider Buying and Selling at Reddit

In other Reddit news, Director David C. Habiger bought 774 shares of the firm's stock in a transaction that occurred on Wednesday, March 12th. The stock was bought at an average price of $130.36 per share, for a total transaction of $100,898.64. Following the completion of the acquisition, the director now directly owns 30,808 shares in the company, valued at $4,016,130.88. The trade was a 2.58 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Michelle Marie Reynolds sold 11,965 shares of the business's stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $157.41, for a total transaction of $1,883,410.65. Following the transaction, the chief accounting officer now directly owns 48,418 shares in the company, valued at approximately $7,621,477.38. The trade was a 19.82 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 492,794 shares of company stock worth $76,482,524.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Citigroup reissued a "neutral" rating on shares of Reddit in a report on Thursday, February 13th. Morgan Stanley increased their price objective on Reddit from $200.00 to $210.00 and gave the stock an "overweight" rating in a report on Thursday, February 13th. Roth Mkm downgraded Reddit from a "buy" rating to a "neutral" rating and raised their target price for the stock from $116.00 to $195.00 in a research note on Wednesday, January 22nd. Roth Capital cut Reddit from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, January 22nd. Finally, JPMorgan Chase & Co. increased their price target on shares of Reddit from $142.00 to $185.00 and gave the stock a "neutral" rating in a report on Thursday, February 13th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Reddit currently has a consensus rating of "Hold" and an average target price of $162.68.

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.