Trek Financial LLC Purchases Shares of 5,570 Reddit, Inc. (NYSE:RDDT)

Trek Financial LLC purchased a new stake in Reddit, Inc. (NYSE:RDDT - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 5,570 shares of the company's stock, valued at approximately $910,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Cerity Partners LLC bought a new position in Reddit in the third quarter valued at $446,000. The Manufacturers Life Insurance Company bought a new position in shares of Reddit in the 3rd quarter valued at about $1,053,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in shares of Reddit in the 3rd quarter valued at about $349,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC acquired a new stake in shares of Reddit in the third quarter valued at about $2,724,000. Finally, HighTower Advisors LLC raised its holdings in Reddit by 154.0% during the third quarter. HighTower Advisors LLC now owns 11,699 shares of the company's stock worth $770,000 after acquiring an additional 7,094 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on RDDT shares. Roth Capital lowered shares of Reddit from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, January 22nd. Guggenheim dropped their price objective on Reddit from $210.00 to $170.00 and set a "buy" rating on the stock in a research note on Thursday, March 20th. Redburn Atlantic began coverage on Reddit in a report on Monday, March 17th. They set a "sell" rating and a $75.00 target price on the stock. Wells Fargo & Company dropped their price target on Reddit from $215.00 to $158.00 and set an "overweight" rating on the stock in a research note on Monday, March 31st. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Reddit from $185.00 to $110.00 and set a "neutral" rating for the company in a research report on Tuesday. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Reddit presently has a consensus rating of "Moderate Buy" and a consensus target price of $151.73.

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Reddit Stock Down 7.8 %

Shares of RDDT traded down $8.65 during midday trading on Thursday, hitting $102.22. The company's stock had a trading volume of 4,176,588 shares, compared to its average volume of 5,471,093. Reddit, Inc. has a one year low of $37.35 and a one year high of $230.41. The stock has a market capitalization of $18.49 billion and a price-to-earnings ratio of -13.18. The company's fifty day simple moving average is $148.19 and its two-hundred day simple moving average is $139.38.

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

Insider Buying and Selling

In other news, insider Benjamin Seong Lee sold 92,299 shares of Reddit stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $157.35, for a total transaction of $14,523,247.65. Following the sale, the insider now directly owns 115,001 shares of the company's stock, valued at approximately $18,095,407.35. This trade represents a 44.52 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the company's stock in a transaction that occurred on Monday, March 31st. The shares were sold at an average price of $103.28, for a total value of $1,445,920.00. Following the completion of the transaction, the chief executive officer now directly owns 577,013 shares of the company's stock, valued at $59,593,902.64. This represents a 2.37 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 603,794 shares of company stock worth $89,386,704 in the last three months.

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.