Commonwealth Equity Services LLC Acquires 4,898 Shares of Reddit, Inc. (NYSE:RDDT)

Commonwealth Equity Services LLC increased its stake in shares of Reddit, Inc. (NYSE:RDDT - Free Report) by 18.5% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 31,325 shares of the company's stock after acquiring an additional 4,898 shares during the period. Commonwealth Equity Services LLC's holdings in Reddit were worth $5,120,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Ridgewood Investments LLC boosted its stake in Reddit by 100.0% during the 4th 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 period. Proficio Capital Partners LLC boosted its position in shares of Reddit by 2.1% in the fourth quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company's stock valued at $966,000 after acquiring an additional 120 shares during the period. Farther Finance Advisors LLC grew its stake in shares of Reddit by 148.5% in the fourth quarter. Farther Finance Advisors LLC now owns 246 shares of the company's stock worth $40,000 after acquiring an additional 147 shares during the last quarter. UMB Bank n.a. increased its position in Reddit by 10.8% during the fourth quarter. UMB Bank n.a. now owns 1,533 shares of the company's stock worth $251,000 after acquiring an additional 150 shares during the period. Finally, Foundations Investment Advisors LLC raised its stake 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 purchasing an additional 155 shares during the last quarter.

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Wall Street Analyst Weigh In

RDDT has been the topic of several research reports. Morgan Stanley boosted their price objective on shares of Reddit from $200.00 to $210.00 and gave the stock an "overweight" rating in a report on Thursday, February 13th. Piper Sandler boosted their price target on Reddit from $210.00 to $220.00 and gave the company an "overweight" rating in a research note on Friday, February 21st. The Goldman Sachs Group raised their price objective on Reddit from $105.00 to $176.00 and gave the stock a "neutral" rating in a research report on Tuesday, January 14th. JMP Securities boosted their price objective on Reddit from $190.00 to $200.00 and gave the company a "market outperform" rating in a research report on Thursday, February 13th. Finally, Redburn Partners set a $75.00 price target on shares of Reddit in a research note on Monday, March 17th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, eleven 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 "Hold" and an average price target of $162.68.

Reddit Trading Down 4.3 %

Shares of RDDT traded down $5.36 during trading hours on Wednesday, hitting $120.07. 4,841,103 shares of the stock traded hands, compared to its average volume of 7,318,940. The business has a fifty day moving average of $169.60 and a 200-day moving average of $136.66. The firm has a market capitalization of $21.72 billion and a PE ratio of -15.53. Reddit, Inc. has a 1-year low of $37.35 and a 1-year high of $230.41.

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

Insider Buying and Selling at Reddit

In other news, 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 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Jennifer L. Wong sold 33,333 shares of the firm's stock in a transaction on Monday, March 17th. The stock was sold at an average price of $125.22, for a total transaction of $4,173,958.26. Following the sale, the chief operating officer now owns 1,466,119 shares in the company, valued at approximately $183,587,421.18. The trade was 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 492,794 shares of company stock valued at $76,482,524.

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.