StoneCrest Wealth Management Inc. Boosts Stake in Reddit, Inc. (NYSE:RDDT)

StoneCrest Wealth Management Inc. increased its stake in Reddit, Inc. (NYSE:RDDT - Free Report) by 22.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,406 shares of the company's stock after purchasing an additional 1,560 shares during the period. StoneCrest Wealth Management Inc.'s holdings in Reddit were worth $1,374,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. ARK Investment Management LLC raised its position in Reddit by 120.5% during the 3rd quarter. ARK Investment Management LLC now owns 352,721 shares of the company's stock valued at $23,251,000 after purchasing an additional 192,785 shares during the last quarter. Wellington Management Group LLP raised its holdings in shares of Reddit by 3,640.5% during the third quarter. Wellington Management Group LLP now owns 255,325 shares of the company's stock valued at $16,831,000 after acquiring an additional 248,499 shares in the last quarter. Victory Capital Management Inc. lifted its stake in Reddit by 903.8% in the third quarter. Victory Capital Management Inc. now owns 504,116 shares of the company's stock worth $33,231,000 after acquiring an additional 453,894 shares during the period. Geode Capital Management LLC boosted its holdings in Reddit by 176.0% in the third quarter. Geode Capital Management LLC now owns 824,200 shares of the company's stock valued at $54,355,000 after acquiring an additional 525,619 shares in the last quarter. Finally, Mission Creek Capital Partners Inc. purchased a new position in Reddit during the 3rd quarter valued at $7,490,000.

Insider Activity at Reddit

In other Reddit news, COO Jennifer L. Wong sold 33,333 shares of the firm's stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $176.23, for a total value of $5,874,274.59. Following the transaction, the chief operating officer now directly owns 1,504,297 shares of the company's stock, valued at $265,102,260.31. This trade represents a 2.17 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Christopher Brian Slowe sold 5,000 shares of the stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $77.48, for a total value of $387,400.00. Following the completion of the sale, the chief technology officer now directly owns 30,068 shares of the company's stock, valued at approximately $2,329,668.64. This represents a 14.26 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 217,023 shares of company stock worth $31,699,295 over the last quarter.

Reddit Stock Performance

Reddit stock traded up $1.86 during trading hours on Friday, reaching $176.73. The stock had a trading volume of 2,581,548 shares, compared to its average volume of 4,694,360. The business's 50 day moving average price is $157.24 and its 200-day moving average price is $99.68. Reddit, Inc. has a 52 week low of $37.35 and a 52 week high of $187.69.

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

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Loop Capital raised their target price on shares of Reddit from $120.00 to $180.00 and gave the stock a "buy" rating in a research report on Monday, December 2nd. Piper Sandler lifted their price objective on Reddit from $150.00 to $197.00 and gave the company an "overweight" rating in a research report on Tuesday. Bank of America increased their target price on Reddit from $99.00 to $180.00 and gave the stock a "neutral" rating in a research report on Wednesday, January 8th. Jefferies Financial Group lifted their price target on Reddit from $120.00 to $175.00 and gave the company a "buy" rating in a research report on Monday, November 25th. Finally, Raymond James lifted their target price on shares of Reddit from $70.00 to $80.00 and gave the company a "strong-buy" rating in a report on Thursday, October 10th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $148.25.

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.