Trivest Advisors Ltd boosted its stake in shares of Reddit, Inc. (NYSE:RDDT - Free Report) by 976.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 430,680 shares of the company's stock after buying an additional 390,680 shares during the quarter. Reddit accounts for about 3.2% of Trivest Advisors Ltd's holdings, making the stock its 11th biggest holding. Trivest Advisors Ltd owned approximately 0.25% of Reddit worth $70,390,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds also recently bought and sold shares of the company. Plato Investment Management Ltd purchased a new position in shares of Reddit in the fourth quarter valued at approximately $27,000. EverSource Wealth Advisors LLC purchased a new position in shares of Reddit in the fourth quarter valued at approximately $28,000. Ridgewood Investments LLC boosted its stake in shares of Reddit by 100.0% in the fourth 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. Farmers & Merchants Investments Inc. purchased a new position in shares of Reddit in the fourth quarter valued at approximately $33,000. Finally, Bogart Wealth LLC purchased a new position in shares of Reddit in the fourth quarter valued at approximately $33,000.
Analyst Ratings Changes
Several research analysts have recently commented on RDDT shares. Roth Mkm lowered shares of Reddit from a "buy" rating to a "neutral" rating and raised their price objective for the company from $116.00 to $195.00 in a research note on Wednesday, January 22nd. Loop Capital reaffirmed a "buy" rating and issued a $210.00 target price on shares of Reddit in a report on Tuesday, March 11th. Roth Capital cut shares of Reddit from a "strong-buy" rating to a "hold" rating in a report on Wednesday, January 22nd. Guggenheim reduced their target price on shares of Reddit from $210.00 to $170.00 and set a "buy" rating on the stock in a report on Thursday. Finally, Wells Fargo & Company raised their target price on shares of Reddit from $206.00 to $215.00 and gave the company an "overweight" rating in a report on Thursday, February 13th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $162.68.
Check Out Our Latest Stock Report on RDDT
Insider Activity at Reddit
In related news, insider Benjamin Seong Lee sold 92,299 shares of Reddit stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $157.35, for a total value of $14,523,247.65. Following the transaction, the insider now directly owns 115,001 shares in the company, valued at $18,095,407.35. This trade represents a 44.52 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Mary Porter Gale sold 20,000 shares of Reddit stock in a transaction on Friday, February 21st. The shares were sold at an average price of $169.71, for a total transaction of $3,394,200.00. Following the completion of the transaction, the director now owns 26,309 shares in the company, valued at approximately $4,464,900.39. This trade represents a 43.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 503,794 shares of company stock worth $78,350,874 in the last three months.
Reddit Trading Up 6.2 %
Shares of Reddit stock traded up $6.71 during trading on Friday, reaching $115.46. The company's stock had a trading volume of 7,971,329 shares, compared to its average volume of 5,518,548. The company has a 50-day moving average price of $171.19 and a two-hundred day moving average price of $135.71. The firm has a market cap of $20.89 billion and a PE ratio of -14.94. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $230.41.
Reddit (NYSE:RDDT - Get Free Report) last announced its earnings results on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, beating 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%. On average, analysts predict that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.
About Reddit
(
Free Report)
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.
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