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

Commonwealth Equity Services LLC increased its holdings in shares of Reddit, Inc. (NYSE:RDDT - Free Report) by 18.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 31,325 shares of the company's stock after purchasing an additional 4,898 shares during the quarter. Commonwealth Equity Services LLC's holdings in Reddit were worth $5,120,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Prospera Financial Services Inc bought a new stake in shares of Reddit during the 3rd quarter worth approximately $248,000. Charles Schwab Investment Management Inc. lifted its stake in Reddit by 194.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 503,321 shares of the company's stock valued at $33,179,000 after acquiring an additional 332,604 shares during the period. GM Advisory Group LLC acquired a new position in Reddit in the third quarter valued at approximately $255,000. Meridian Wealth Management LLC increased its holdings 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 buying an additional 10,466 shares in the last quarter. Finally, Cerity Partners LLC acquired a new stake in Reddit in the third quarter valued at approximately $446,000.

Insider Buying and Selling at Reddit

In other Reddit news, Director David C. Habiger acquired 774 shares of Reddit 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 approximately $4,016,130.88. This represents a 2.58 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the company's stock in a transaction dated Tuesday, December 31st. The stock was sold at an average price of $165.33, for a total transaction of $2,314,620.00. Following the completion of the sale, the chief executive officer now directly owns 614,394 shares of the company's stock, valued at $101,577,760.02. The trade was a 2.23 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 492,794 shares of company stock valued at $76,482,524 over the last 90 days.

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Analyst Upgrades and Downgrades

RDDT has been the topic of several research reports. Piper Sandler raised their target price on Reddit from $210.00 to $220.00 and gave the company an "overweight" rating in a research report on Friday, February 21st. Guggenheim decreased their price objective on shares of Reddit from $210.00 to $170.00 and set a "buy" rating for the company in a research report on Thursday, March 20th. Redburn Atlantic assumed coverage on shares of Reddit in a research report on Monday, March 17th. They issued a "sell" rating and a $75.00 target price on the stock. Robert W. Baird increased their price objective on Reddit from $160.00 to $185.00 and gave the stock a "neutral" rating in a research report on Thursday, February 13th. Finally, Needham & Company LLC reissued a "buy" rating and set a $220.00 price target on shares of Reddit in a report on Friday. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $162.68.

Reddit Trading Up 0.7 %

RDDT traded up $0.82 during midday trading on Tuesday, hitting $125.76. The company's stock had a trading volume of 5,801,904 shares, compared to its average volume of 5,456,739. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $230.41. The firm has a 50-day moving average price of $169.60 and a two-hundred day moving average price of $136.66. The firm has a market cap of $22.75 billion and a P/E ratio of -16.27.

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

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.