Somnio Financial Group LLC Invests $640,000 in Reddit, Inc. (NYSE:RDDT)

Somnio Financial Group LLC purchased a new stake in Reddit, Inc. (NYSE:RDDT - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 3,914 shares of the company's stock, valued at approximately $640,000. Reddit accounts for about 0.5% of Somnio Financial Group LLC's investment portfolio, making the stock its 12th largest position.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Whittier Trust Co. acquired a new stake in Reddit during the third quarter worth $42,000. Daiwa Securities Group Inc. bought a new position in shares of Reddit during the 3rd quarter worth about $85,000. SOA Wealth Advisors LLC. boosted its position in shares of Reddit by 56.3% during the 3rd quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company's stock valued at $126,000 after acquiring an additional 691 shares in the last quarter. Sanctuary Advisors LLC bought a new stake in Reddit in the third quarter valued at about $144,000. Finally, Hsbc Holdings PLC acquired a new position in Reddit in the second quarter worth about $203,000.

Reddit Stock Up 1.5 %

Reddit stock traded up $2.47 during midday trading on Thursday, hitting $165.91. 4,054,258 shares of the stock were exchanged, compared to its average volume of 5,147,248. The company has a fifty day simple moving average of $142.69 and a two-hundred day simple moving average of $91.44. Reddit, Inc. has a 52 week low of $37.35 and a 52 week high of $182.20.

Reddit (NYSE:RDDT - Get Free Report) last announced its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, topping analysts' consensus estimates of ($0.07) by $0.23. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The company had revenue of $348.40 million for the quarter, compared to analysts' expectations of $313.61 million. Reddit's quarterly revenue was up 67.9% on a year-over-year basis. As a group, sell-side analysts anticipate that Reddit, Inc. will post -3.46 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on RDDT shares. Piper Sandler reaffirmed an "overweight" rating and set a $150.00 price objective (up from $115.00) on shares of Reddit in a report on Tuesday, November 19th. JPMorgan Chase & Co. boosted their price target on Reddit from $59.00 to $77.00 and gave the company a "neutral" rating in a research note on Monday, October 7th. Morgan Stanley upgraded Reddit from an "equal weight" rating to an "overweight" rating and increased their price objective for the stock from $70.00 to $200.00 in a research note on Monday, December 9th. The Goldman Sachs Group boosted their target price on shares of Reddit from $60.00 to $68.00 and gave the company a "neutral" rating in a research note on Monday, October 14th. Finally, Needham & Company LLC increased their target price on shares of Reddit from $120.00 to $190.00 and gave the stock a "buy" rating in a research report on Wednesday, December 11th. One analyst has rated the stock with a sell rating, five have issued a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $132.70.

Insider Activity

In related news, CTO Christopher Brian Slowe sold 11,000 shares of the stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $169.85, for a total transaction of $1,868,350.00. Following the completion of the transaction, the chief technology officer now directly owns 324,837 shares of the company's stock, valued at approximately $55,173,564.45. This represents a 3.28 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Mary Porter Gale sold 5,000 shares of the firm's stock in a transaction on Friday, November 1st. The shares were sold at an average price of $114.40, for a total transaction of $572,000.00. Following the completion of the transaction, the director now directly owns 46,459 shares of the company's stock, valued at $5,314,909.60. This represents a 9.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 250,357 shares of company stock worth $32,983,080 over the last quarter.

Reddit 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.