Reddit, Inc. (NYSE:RDDT) Stock Position Reduced by West Tower Group LLC

West Tower Group LLC decreased its holdings in Reddit, Inc. (NYSE:RDDT - Free Report) by 60.0% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,000 shares of the company's stock after selling 3,000 shares during the quarter. West Tower Group LLC's holdings in Reddit were worth $327,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. OVERSEA CHINESE BANKING Corp Ltd purchased a new stake in shares of Reddit in the 4th quarter worth about $6,744,000. Brooklyn FI LLC acquired a new stake in shares of Reddit in the fourth quarter valued at approximately $303,082,000. Axxcess Wealth Management LLC purchased a new position in shares of Reddit during the 4th quarter worth approximately $455,000. Glenview Trust co acquired a new position in shares of Reddit during the 4th quarter worth approximately $490,000. Finally, Harbour Investments Inc. purchased a new stake in Reddit in the 4th quarter valued at approximately $540,000.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Roth Capital downgraded Reddit from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, January 22nd. Loop Capital reaffirmed a "buy" rating and set a $210.00 price target on shares of Reddit in a research note on Tuesday, March 11th. Wells Fargo & Company boosted their price objective on shares of Reddit from $206.00 to $215.00 and gave the company an "overweight" rating in a research report on Thursday, February 13th. Seaport Res Ptn upgraded shares of Reddit to a "hold" rating in a research report on Thursday, February 6th. Finally, JMP Securities boosted their price target on Reddit from $190.00 to $200.00 and gave the company a "market outperform" rating in a report on Thursday, February 13th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $162.68.

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Reddit Trading Up 6.2 %

NYSE:RDDT traded up $6.71 during mid-day trading on Friday, hitting $115.46. The company had a trading volume of 7,971,329 shares, compared to its average volume of 5,518,548. The business has a fifty day simple moving average of $171.19 and a 200-day simple moving average of $135.16. The firm has a market capitalization of $20.89 billion and a price-to-earnings ratio of -14.94. Reddit, Inc. has a 1 year low of $37.35 and a 1 year 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 EPS for the quarter, topping the consensus estimate of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. As a group, research analysts anticipate that Reddit, Inc. will post 1.12 earnings per share for the current year.

Insider Activity

In other Reddit news, COO Jennifer L. Wong sold 33,333 shares of the company's stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $125.22, for a total value of $4,173,958.26. Following the completion of the transaction, the chief operating officer now directly owns 1,466,119 shares of the company's stock, valued at $183,587,421.18. This represents a 2.22 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director David C. Habiger bought 774 shares of the stock in a transaction dated Wednesday, March 12th. The shares were acquired at an average price of $130.36 per share, with a total value of $100,898.64. Following the completion of the purchase, the director now directly owns 30,808 shares of the company's stock, valued at approximately $4,016,130.88. This represents a 2.58 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders sold 503,794 shares of company stock worth $78,350,874.

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.