Defender Capital LLC. Takes $492,000 Position in Reddit, Inc. (NYSE:RDDT)

Defender Capital LLC. purchased a new position in shares of Reddit, Inc. (NYSE:RDDT - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 3,009 shares of the company's stock, valued at approximately $492,000. Reddit comprises 0.2% of Defender Capital LLC.'s investment portfolio, making the stock its 24th biggest position.

Several other hedge funds also recently modified their holdings of the business. Ridgewood Investments LLC increased its stake in shares of Reddit by 100.0% during the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company's stock worth $33,000 after purchasing an additional 100 shares during the last quarter. UMB Bank n.a. boosted its holdings in shares of Reddit by 10.8% during the 4th quarter. UMB Bank n.a. now owns 1,533 shares of the company's stock worth $251,000 after buying an additional 150 shares during the period. Foundations Investment Advisors LLC boosted its holdings in shares of Reddit by 3.0% during the 4th quarter. Foundations Investment Advisors LLC now owns 5,325 shares of the company's stock worth $870,000 after buying an additional 155 shares during the period. StoneCrest Wealth Management Inc. boosted its holdings in shares of Reddit by 2.6% during the 3rd quarter. StoneCrest Wealth Management Inc. now owns 6,846 shares of the company's stock worth $451,000 after buying an additional 176 shares during the period. Finally, AdvisorNet Financial Inc boosted its holdings in shares of Reddit by 41.9% during the 4th quarter. AdvisorNet Financial Inc now owns 681 shares of the company's stock worth $111,000 after buying an additional 201 shares during the period.

Wall Street Analyst Weigh In

Several analysts recently issued reports on RDDT shares. Wells Fargo & Company started coverage on shares of Reddit in a report on Wednesday, December 11th. They set an "overweight" rating and a $206.00 price objective for the company. Bank of America increased their price target on shares of Reddit from $99.00 to $180.00 and gave the company a "neutral" rating in a report on Wednesday, January 8th. Needham & Company LLC increased their price target on shares of Reddit from $120.00 to $190.00 and gave the company a "buy" rating in a report on Wednesday, December 11th. Morgan Stanley raised shares of Reddit from an "equal weight" rating to an "overweight" rating and increased their price target for the company from $70.00 to $200.00 in a report on Monday, December 9th. Finally, Robert W. Baird increased their price target on shares of Reddit from $100.00 to $160.00 and gave the company a "neutral" rating in a report on Wednesday, December 11th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $159.70.

Reddit Trading Down 2.1 %

Shares of Reddit stock traded down $4.23 during mid-day trading on Thursday, reaching $197.78. 3,287,409 shares of the stock were exchanged, compared to its average volume of 4,790,609. The firm has a 50-day simple moving average of $166.86 and a 200 day simple moving average of $106.99. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $208.62.

Reddit (NYSE:RDDT - Get Free Report) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.23. The firm had revenue of $348.40 million during the quarter, compared to analysts' expectations of $313.61 million. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The business's revenue was up 67.9% compared to the same quarter last year. Research analysts expect that Reddit, Inc. will post -3.48 earnings per share for the current fiscal year.

Insider Buying and Selling at Reddit

In other news, COO Jennifer L. Wong sold 33,334 shares of Reddit stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $173.93, for a total transaction of $5,797,782.62. Following the completion of the sale, the chief operating officer now owns 1,504,297 shares in the company, valued at $261,642,377.21. The trade was a 2.17 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $113.13, for a total transaction of $1,583,820.00. Following the sale, the chief executive officer now owns 651,775 shares of the company's stock, valued at approximately $73,735,305.75. This represents a 2.10 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 264,357 shares of company stock worth $40,449,488.

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.