Envestnet Portfolio Solutions Inc. acquired a new position in shares of Reddit, Inc. (NYSE:RDDT - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 3,724 shares of the company's stock, valued at approximately $609,000.
A number of other institutional investors have also made changes to their positions in RDDT. Plato Investment Management Ltd acquired a new position in Reddit during the 4th quarter worth $27,000. EverSource Wealth Advisors LLC acquired a new position in shares of Reddit in the 4th quarter valued at about $28,000. Ridgewood Investments LLC boosted 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 purchasing an additional 100 shares during the last quarter. Farmers & Merchants Investments Inc. bought a new stake in Reddit in the fourth quarter worth $33,000. Finally, Bogart Wealth LLC acquired a new stake in shares of Reddit in the fourth quarter worth $33,000.
Reddit Trading Up 0.7 %
NYSE:RDDT traded up $0.82 on Tuesday, hitting $125.76. The company's stock had a trading volume of 5,801,904 shares, compared to its average volume of 5,532,507. Reddit, Inc. has a one year low of $37.35 and a one year high of $230.41. The stock has a fifty day moving average of $170.39 and a two-hundred day moving average of $136.18. The firm has a market capitalization of $22.75 billion and a P/E ratio of -16.27.
Reddit (NYSE:RDDT - Get Free Report) last released its quarterly earnings data 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 return on equity of 24.71% and a negative net margin of 37.25%. As a group, sell-side analysts anticipate that Reddit, Inc. will post 1.12 EPS for the current year.
Insider Buying and Selling at Reddit
In other Reddit news, insider Benjamin Seong Lee sold 92,299 shares of the business's stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $157.35, for a total value of $14,523,247.65. Following the sale, the insider now owns 115,001 shares in the company, valued at $18,095,407.35. The trade was a 44.52 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the company's stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $201.96, for a total value of $2,827,440.00. Following the sale, the chief executive officer now owns 614,394 shares in the company, valued at approximately $124,083,012.24. This trade represents a 2.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 492,794 shares of company stock worth $76,482,524 over the last three months.
Analyst Upgrades and Downgrades
RDDT has been the topic of several research analyst reports. Needham & Company LLC restated a "buy" rating and set a $220.00 target price on shares of Reddit in a report on Friday. Jefferies Financial Group lifted their price objective on shares of Reddit from $120.00 to $175.00 and gave the company a "buy" rating in a research note on Monday, November 25th. Bank of America boosted their price objective on Reddit from $180.00 to $190.00 and gave the stock a "neutral" rating in a research report on Thursday, February 13th. Morgan Stanley upped their target price on Reddit from $200.00 to $210.00 and gave the company an "overweight" rating in a report on Thursday, February 13th. Finally, The Goldman Sachs Group increased their price objective on shares of Reddit from $105.00 to $176.00 and gave the stock a "neutral" rating in a research report on Tuesday, January 14th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $162.68.
Read Our Latest Report on Reddit
Reddit Company Profile
(
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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