Reddit, Inc. (NYSE:RDDT) Shares Acquired by NewEdge Advisors LLC

NewEdge Advisors LLC increased its position in Reddit, Inc. (NYSE:RDDT - Free Report) by 446.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,281 shares of the company's stock after purchasing an additional 2,681 shares during the quarter. NewEdge Advisors LLC's holdings in Reddit were worth $536,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. United Capital Financial Advisors LLC acquired a new position in shares of Reddit in the fourth quarter worth about $218,000. Guggenheim Capital LLC purchased a new position in shares of Reddit during the 4th quarter valued at approximately $606,000. Portolan Capital Management LLC grew its position in shares of Reddit by 195.5% during the fourth quarter. Portolan Capital Management LLC now owns 131,622 shares of the company's stock worth $21,512,000 after buying an additional 87,080 shares in the last quarter. Mariner LLC raised its holdings in Reddit by 244.3% in the fourth quarter. Mariner LLC now owns 21,650 shares of the company's stock valued at $3,538,000 after acquiring an additional 15,361 shares in the last quarter. Finally, Virtus Wealth Solutions LLC acquired a new position in Reddit during the 4th quarter worth $8,450,000.

Insider Transactions at Reddit

In other news, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction on Friday, January 31st. The stock was sold at an average price of $201.96, for a total transaction of $2,827,440.00. Following the transaction, the chief executive officer now owns 614,394 shares in the company, valued at approximately $124,083,012.24. The trade was a 2.23 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director David C. Habiger acquired 774 shares of Reddit stock in a transaction that occurred on Wednesday, March 12th. The stock was acquired at an average cost of $130.36 per share, with a total value of $100,898.64. Following the completion of the purchase, the director now owns 30,808 shares in the company, valued at approximately $4,016,130.88. This represents a 2.58 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 725,270 shares of company stock valued at $97,067,425 over the last ninety days.

Reddit Stock Performance

Shares of NYSE:RDDT opened at $118.35 on Monday. The stock has a market capitalization of $21.41 billion and a price-to-earnings ratio of -15.31. Reddit, Inc. has a 1-year low of $44.15 and a 1-year high of $230.41. The company has a 50 day moving average price of $122.11 and a 200 day moving average price of $142.64.

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, topping analysts' consensus estimates of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. On average, sell-side analysts expect that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts have recently commented on RDDT shares. The Goldman Sachs Group reduced their price target on shares of Reddit from $185.00 to $124.00 and set a "neutral" rating on the stock in a research report on Monday, April 14th. Piper Sandler decreased their target price on Reddit from $220.00 to $140.00 and set an "overweight" rating for the company in a research report on Thursday, April 10th. Bank of America dropped their price target on Reddit from $190.00 to $110.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 9th. Raymond James decreased 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, Roth Capital downgraded shares of Reddit from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, January 22nd. Two investment 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. According to data from MarketBeat.com, Reddit has an average rating of "Moderate Buy" and an average price target of $142.22.

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.

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