Guggenheim Capital LLC Purchases New Position in Reddit, Inc. (NYSE:RDDT)

Guggenheim Capital LLC 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 Form 13F filing with the Securities & Exchange Commission. The fund acquired 3,706 shares of the company's stock, valued at approximately $606,000.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Plato Investment Management Ltd bought a new stake in shares of Reddit during the fourth quarter valued at approximately $27,000. EverSource Wealth Advisors LLC acquired a new stake in Reddit in the 4th quarter valued at approximately $28,000. Ridgewood Investments LLC raised its stake in shares of Reddit by 100.0% in the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company's stock valued at $33,000 after buying an additional 100 shares in the last quarter. Farmers & Merchants Investments Inc. acquired a new stake in shares of Reddit during the 4th quarter worth about $33,000. Finally, Bogart Wealth LLC bought a new position in shares of Reddit in the 4th quarter valued at about $33,000.

Analysts Set New Price Targets

A number of research firms have recently commented on RDDT. Oppenheimer began coverage on shares of Reddit in a research note on Wednesday, April 16th. They set an "outperform" rating and a $125.00 price objective for the company. Redburn Partners set a $75.00 price target on Reddit in a report on Monday, March 17th. Seaport Res Ptn raised Reddit to a "hold" rating in a research report on Thursday, February 6th. B. Riley upped their price objective on shares of Reddit from $112.00 to $187.00 and gave the stock a "buy" rating in a research report on Tuesday, January 14th. Finally, Bank of America cut their target price on shares of Reddit from $190.00 to $110.00 and set a "neutral" rating on the stock in a report on Wednesday, April 9th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $142.22.

Insiders Place Their Bets

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 stock was sold at an average price of $201.96, for a total value 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 $124,083,012.24. This represents a 2.23 % 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, insider Benjamin Seong Lee sold 92,299 shares of the company'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 transaction, the insider now directly owns 115,001 shares in the company, valued at $18,095,407.35. This represents a 44.52 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 725,270 shares of company stock worth $97,067,425.

Reddit Stock Up 0.9 %

Reddit stock traded up $1.09 during midday trading on Tuesday, hitting $122.30. 3,740,395 shares of the stock were exchanged, compared to its average volume of 5,610,426. The company has a fifty day simple moving average of $120.74 and a two-hundred day simple moving average of $142.98. Reddit, Inc. has a 52 week low of $44.15 and a 52 week high of $230.41. The stock has a market capitalization of $22.12 billion and a PE ratio of -15.82.

Reddit (NYSE:RDDT - Get Free Report) last issued its 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, equities research analysts anticipate that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Reddit Company 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.