Wedbush Securities Inc. Purchases Shares of 2,254 Reddit, Inc. (NYSE:RDDT)

Wedbush Securities Inc. bought a new position in shares of Reddit, Inc. (NYSE:RDDT - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 2,254 shares of the company's stock, valued at approximately $368,000.

Several other institutional investors also recently bought and sold shares of RDDT. Ridgewood Investments LLC increased 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. Proficio Capital Partners LLC grew its holdings in shares of Reddit by 2.1% in the fourth quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company's stock valued at $966,000 after purchasing an additional 120 shares in the last quarter. Farther Finance Advisors LLC increased its position in Reddit by 148.5% in the fourth quarter. Farther Finance Advisors LLC now owns 246 shares of the company's stock worth $40,000 after purchasing an additional 147 shares during the last quarter. UMB Bank n.a. raised its stake in Reddit by 10.8% during the fourth quarter. UMB Bank n.a. now owns 1,533 shares of the company's stock valued at $251,000 after purchasing an additional 150 shares in the last quarter. Finally, Foundations Investment Advisors LLC lifted its position in Reddit by 3.0% during the fourth quarter. Foundations Investment Advisors LLC now owns 5,325 shares of the company's stock valued at $870,000 after purchasing an additional 155 shares during the last quarter.

Analyst Ratings Changes

RDDT has been the topic of a number of research reports. The Goldman Sachs Group reduced their target price on shares of Reddit from $185.00 to $124.00 and set a "neutral" rating on the stock in a report on Monday. JPMorgan Chase & Co. reduced their price objective on Reddit from $185.00 to $110.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 8th. Raymond James lowered their price objective on Reddit from $250.00 to $200.00 and set a "strong-buy" rating for the company in a research note on Wednesday, March 12th. Loop Capital restated a "buy" rating and set a $210.00 price target on shares of Reddit in a report on Tuesday, March 11th. Finally, Truist Financial initiated coverage on Reddit in a research report on Monday, April 7th. They issued a "buy" rating and a $150.00 price target for the company. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, Reddit presently has a consensus rating of "Moderate Buy" and a consensus target price of $149.36.

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Reddit Stock Performance

NYSE:RDDT traded down $2.43 during trading hours on Monday, reaching $98.72. The company's stock had a trading volume of 2,804,680 shares, compared to its average volume of 7,611,893. The company has a market capitalization of $17.86 billion and a P/E ratio of -12.77. The stock has a 50 day moving average price of $143.88 and a two-hundred day moving average price of $140.36. Reddit, Inc. has a 12 month low of $37.35 and a 12 month high of $230.41.

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

Insiders Place Their Bets

In other Reddit news, COO Jennifer L. Wong sold 33,334 shares of the company's stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $173.93, for a total transaction of $5,797,782.62. Following the transaction, the chief operating officer now owns 1,504,297 shares in the company, valued at approximately $261,642,377.21. This represents a 2.17 % decrease in their position. 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 Reddit stock in a transaction on Monday, March 31st. The stock was sold at an average price of $103.28, for a total transaction of $1,445,920.00. Following the sale, the chief executive officer now owns 577,013 shares of the company's stock, valued at $59,593,902.64. The trade was a 2.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 603,794 shares of company stock valued at $89,386,704.

Reddit Company Profile

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.