Virtus Wealth Solutions LLC acquired a new position 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. The fund acquired 51,702 shares of the company's stock, valued at approximately $8,450,000. Reddit comprises about 2.0% of Virtus Wealth Solutions LLC's holdings, making the stock its 13th largest holding.
Several other institutional investors and hedge funds have also bought and sold shares of RDDT. Plato Investment Management Ltd purchased a new stake in Reddit during the 4th quarter worth approximately $27,000. EverSource Wealth Advisors LLC acquired a new position in shares of Reddit in the 4th quarter valued at $28,000. Ridgewood Investments LLC raised its stake in Reddit by 100.0% in the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company's stock worth $33,000 after acquiring an additional 100 shares during the last quarter. Farmers & Merchants Investments Inc. acquired a new stake in Reddit during the 4th quarter worth about $33,000. Finally, Bogart Wealth LLC acquired a new stake in Reddit during the 4th quarter worth about $33,000.
Reddit Stock Performance
Shares of NYSE RDDT traded up $0.66 during mid-day trading on Friday, reaching $96.04. The company's stock had a trading volume of 2,852,484 shares, compared to its average volume of 5,508,185. The stock has a 50-day moving average of $133.84 and a two-hundred day moving average of $140.17. Reddit, Inc. has a 1-year low of $37.35 and a 1-year high of $230.41. The stock has a market capitalization of $17.37 billion and a P/E ratio of -12.42.
Reddit (NYSE:RDDT - Get Free Report) last released its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, topping 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%. Analysts predict that Reddit, Inc. will post 1.12 EPS for the current fiscal year.
Insider Buying and Selling at Reddit
In other Reddit news, CAO Michelle Marie Reynolds sold 11,965 shares of Reddit stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $157.41, for a total transaction of $1,883,410.65. Following the completion of the sale, the chief accounting officer now directly owns 48,418 shares in the company, valued at $7,621,477.38. This trade represents a 19.82 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the company's stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $201.96, for a total transaction of $2,827,440.00. Following the completion of the transaction, the chief executive officer now owns 614,394 shares in the company, valued at approximately $124,083,012.24. This represents a 2.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 680,868 shares of company stock worth $93,193,895 in the last ninety days.
Analyst Ratings Changes
A number of research firms recently commented on RDDT. Guggenheim decreased their target price on Reddit from $210.00 to $170.00 and set a "buy" rating for the company in a report on Thursday, March 20th. Needham & Company LLC reaffirmed a "buy" rating and issued a $220.00 price objective on shares of Reddit in a report on Friday, March 21st. Redburn Atlantic assumed coverage on shares of Reddit in a report on Monday, March 17th. They set a "sell" rating and a $75.00 target price for the company. Morgan Stanley lowered their price target on shares of Reddit from $210.00 to $140.00 and set an "overweight" rating on the stock in a report on Thursday. Finally, Citigroup reduced their price objective on Reddit from $220.00 to $150.00 and set a "buy" rating for the company in a research note on Monday. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, fourteen 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 "Moderate Buy" and a consensus price target of $142.22.
View Our Latest Stock Analysis on RDDT
Reddit Company Profile
(
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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