HighTower Advisors LLC Purchases 18,676 Shares of Reddit, Inc. (NYSE:RDDT)

HighTower Advisors LLC boosted its position in shares of Reddit, Inc. (NYSE:RDDT - Free Report) by 159.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 30,375 shares of the company's stock after acquiring an additional 18,676 shares during the period. HighTower Advisors LLC's holdings in Reddit were worth $4,964,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Ridgewood Investments LLC raised its stake in Reddit by 100.0% during the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company's stock worth $33,000 after acquiring an additional 100 shares during the period. Proficio Capital Partners LLC raised its stake in Reddit by 2.1% during the 4th quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company's stock worth $966,000 after acquiring an additional 120 shares during the period. UMB Bank n.a. grew its holdings in Reddit by 10.8% during the 4th quarter. UMB Bank n.a. now owns 1,533 shares of the company's stock valued at $251,000 after buying an additional 150 shares in the last quarter. Foundations Investment Advisors LLC grew its holdings in Reddit by 3.0% during the 4th quarter. Foundations Investment Advisors LLC now owns 5,325 shares of the company's stock valued at $870,000 after buying an additional 155 shares in the last quarter. Finally, Plato Investment Management Ltd purchased a new stake in Reddit during the 4th quarter valued at approximately $27,000.

Reddit Stock Performance

NYSE RDDT traded up $6.71 on Friday, hitting $115.46. 7,971,329 shares of the stock were exchanged, compared to its average volume of 5,518,548. The stock has a fifty day moving average price of $171.19 and a two-hundred day moving average price of $135.16. The firm has a market capitalization of $20.89 billion and a P/E ratio of -14.94. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $230.41.

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Reddit (NYSE:RDDT - Get Free Report) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, topping 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%. Sell-side analysts expect that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

RDDT has been the subject of a number of research analyst reports. B. Riley increased their price objective on shares of Reddit from $112.00 to $187.00 and gave the company a "buy" rating in a report on Tuesday, January 14th. Robert W. Baird increased their price objective on shares of Reddit from $160.00 to $185.00 and gave the company a "neutral" rating in a report on Thursday, February 13th. JPMorgan Chase & Co. increased their price objective on shares of Reddit from $142.00 to $185.00 and gave the company a "neutral" rating in a report on Thursday, February 13th. Raymond James cut their price objective on shares of Reddit from $250.00 to $200.00 and set a "strong-buy" rating for the company in a report on Wednesday, March 12th. Finally, Guggenheim cut their price objective on shares of Reddit from $210.00 to $170.00 and set a "buy" rating for the company in a report on Thursday. Two analysts have rated the stock with a sell rating, nine have given a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $162.68.

Insider Transactions at Reddit

In other Reddit news, Director David C. Habiger bought 774 shares of the firm's stock in a transaction dated Wednesday, March 12th. The stock was acquired at an average cost of $130.36 per share, for a total transaction of $100,898.64. Following the completion of the transaction, the director now owns 30,808 shares in the company, valued at $4,016,130.88. This trade represents a 2.58 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Jennifer L. Wong sold 33,333 shares of Reddit stock in a transaction on Monday, March 17th. The stock was sold at an average price of $125.22, for a total value of $4,173,958.26. Following the sale, the chief operating officer now owns 1,466,119 shares of the company's stock, valued at approximately $183,587,421.18. This trade represents a 2.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 503,794 shares of company stock worth $78,350,874.

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.