Wealth High Governance Capital Ltda Takes Position in Reddit, Inc. (NYSE:RDDT)

Wealth High Governance Capital Ltda acquired a new stake in Reddit, Inc. (NYSE:RDDT - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 37,200 shares of the company's stock, valued at approximately $6,080,000. Reddit makes up 2.2% of Wealth High Governance Capital Ltda's portfolio, making the stock its 22nd largest position.

Several other large investors have also made changes to their positions in RDDT. Plato Investment Management Ltd purchased a new position in shares of Reddit in the fourth quarter valued at about $27,000. Ridgewood Investments LLC increased its holdings in shares of Reddit by 100.0% in the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company's stock worth $33,000 after purchasing an additional 100 shares during the last quarter. Farmers & Merchants Investments Inc. bought a new stake in shares of Reddit in the fourth quarter worth about $33,000. Bogart Wealth LLC bought a new stake in shares of Reddit in the fourth quarter worth about $33,000. Finally, Spire Wealth Management bought a new stake in shares of Reddit in the fourth quarter worth about $35,000.

Reddit Stock Up 14.6 %

Reddit stock opened at $123.01 on Wednesday. The business has a fifty day moving average of $179.61 and a two-hundred day moving average of $132.31. The firm has a market cap of $22.25 billion and a P/E ratio of -15.91. Reddit, Inc. has a twelve month low of $37.35 and a twelve month high of $230.41.

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Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) 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%. Equities analysts expect that Reddit, Inc. will post 1.12 earnings per share for the current year.

Insider Transactions at Reddit

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the company's stock in a transaction on Monday, December 16th. The stock was sold at an average price of $176.20, for a total value of $2,466,800.00. Following the transaction, the chief executive officer now directly owns 620,971 shares of the company's stock, valued at $109,415,090.20. This represents a 2.20 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Jennifer L. Wong sold 33,333 shares of the company's stock in a transaction 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 completion of the transaction, the chief operating officer now directly owns 1,504,297 shares in the company, valued at approximately $265,102,260.31. The trade was a 2.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 393,386 shares of company stock valued at $66,673,388.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on RDDT shares. Bank of America lifted their target price on Reddit from $180.00 to $190.00 and gave the stock a "neutral" rating in a report on Thursday, February 13th. Wells Fargo & Company boosted their price objective on Reddit from $206.00 to $215.00 and gave the stock an "overweight" rating in a research note on Thursday, February 13th. JPMorgan Chase & Co. boosted their price objective on Reddit from $142.00 to $185.00 and gave the stock a "neutral" rating in a research note on Thursday, February 13th. Robert W. Baird boosted their price objective on Reddit from $160.00 to $185.00 and gave the stock a "neutral" rating in a research note on Thursday, February 13th. Finally, Morgan Stanley boosted their price objective on Reddit from $200.00 to $210.00 and gave the stock an "overweight" rating in a research note on Thursday, February 13th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $175.95.

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.

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