Oxford Financial Group LTD. LLC Buys Shares of 14,686 Reddit, Inc. (NYSE:RDDT)

Oxford Financial Group LTD. LLC bought a new stake in shares of Reddit, Inc. (NYSE:RDDT - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 14,686 shares of the company's stock, valued at approximately $2,400,000.

Several other hedge funds have also made changes to their positions in the company. Prospera Financial Services Inc bought a new stake in Reddit during the 3rd quarter valued at $248,000. Charles Schwab Investment Management Inc. lifted its stake in shares of Reddit by 194.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 503,321 shares of the company's stock worth $33,179,000 after purchasing an additional 332,604 shares during the last quarter. GM Advisory Group LLC bought a new stake in Reddit during the third quarter valued at about $255,000. Meridian Wealth Management LLC grew its stake in Reddit by 29.7% in the third quarter. Meridian Wealth Management LLC now owns 45,650 shares of the company's stock valued at $3,009,000 after purchasing an additional 10,466 shares during the last quarter. Finally, Cerity Partners LLC bought a new position in Reddit in the third quarter worth about $446,000.

Reddit Stock Performance

Shares of NYSE:RDDT traded up $0.82 during midday trading on Tuesday, reaching $125.76. 5,801,904 shares of the company's stock traded hands, compared to its average volume of 5,456,739. The company has a market cap of $22.75 billion and a P/E ratio of -16.27. The company has a fifty day simple moving average of $169.60 and a two-hundred 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 issued its quarterly 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 net margin of 37.25% and a negative return on equity of 24.71%. As a group, research analysts forecast that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Insider Activity at Reddit

In other news, Director David C. Habiger purchased 774 shares of the stock in a transaction dated Wednesday, March 12th. The shares were purchased at an average price of $130.36 per share, with a total value of $100,898.64. Following the transaction, the director now owns 30,808 shares in the company, valued at $4,016,130.88. The trade was a 2.58 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the business's stock in a transaction dated Tuesday, December 31st. The shares were sold at an average price of $165.33, for a total transaction of $2,314,620.00. Following the completion of the transaction, the chief executive officer now owns 614,394 shares in the company, valued at $101,577,760.02. The trade was a 2.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 492,794 shares of company stock valued at $76,482,524.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on RDDT shares. Piper Sandler raised their price target on shares of Reddit from $210.00 to $220.00 and gave the company an "overweight" rating in a report on Friday, February 21st. JMP Securities raised their target price on shares of Reddit from $190.00 to $200.00 and gave the company a "market outperform" rating in a research note on Thursday, February 13th. B. Riley lifted their price target on shares of Reddit from $112.00 to $187.00 and gave the stock a "buy" rating in a report on Tuesday, January 14th. Raymond James decreased their price objective on Reddit from $250.00 to $200.00 and set a "strong-buy" rating for the company in a report on Wednesday, March 12th. Finally, Redburn Partners set a $75.00 price objective on Reddit in a research report on Monday, March 17th. Two equities 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, the stock presently has an average rating of "Hold" and an average target price of $162.68.

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.