Resolute Wealth Strategies LLC Grows Stock Holdings in Reddit, Inc. (NYSE:RDDT)

Resolute Wealth Strategies LLC increased its stake in shares of Reddit, Inc. (NYSE:RDDT) by 106.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 15,790 shares of the company’s stock after buying an additional 8,150 shares during the period. Reddit comprises 1.3% of Resolute Wealth Strategies LLC’s portfolio, making the stock its 25th largest holding. Resolute Wealth Strategies LLC’s holdings in Reddit were worth $2,581,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in RDDT. Plato Investment Management Ltd acquired a new position in Reddit during the fourth quarter worth about $27,000. Ridgewood Investments LLC raised its position in Reddit by 100.0% during the fourth 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 position in shares of Reddit in the fourth quarter valued at approximately $33,000. Bogart Wealth LLC acquired a new position in shares of Reddit in the fourth quarter valued at approximately $33,000. Finally, Spire Wealth Management acquired a new position in shares of Reddit in the fourth quarter valued at approximately $35,000.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. JPMorgan Chase & Co. boosted their price objective on shares of Reddit from $142.00 to $185.00 and gave the company a “neutral” rating in a research report on Thursday, February 13th. Guggenheim assumed coverage on shares of Reddit in a research report on Friday, December 20th. They issued a “buy” rating and a $210.00 price objective for the company. Loop Capital boosted their price objective on shares of Reddit from $180.00 to $210.00 and gave the company a “buy” rating in a research report on Thursday, February 13th. Morgan Stanley boosted their price objective on shares of Reddit from $200.00 to $210.00 and gave the company an “overweight” rating in a research report on Thursday, February 13th. Finally, Needham & Company LLC boosted their price objective on shares of Reddit from $190.00 to $220.00 and gave the company a “buy” rating in a research report on Thursday, February 13th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $175.95.

Reddit Stock Up 0.4 %

RDDT opened at $162.37 on Tuesday. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $230.41. The company has a 50 day moving average of $183.45 and a two-hundred day moving average of $128.76. The company has a market cap of $29.37 billion and a P/E ratio of -21.01.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.12. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. Research analysts anticipate that Reddit, Inc. will post 1.12 earnings per share for the current year.

Insider Activity

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $176.20, for a total value of $2,466,800.00. Following the completion of the transaction, the chief executive officer now directly owns 620,971 shares in the company, valued at approximately $109,415,090.20. This represents a 2.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Christopher Brian Slowe sold 21,000 shares of the company’s stock in a transaction on Monday, February 24th. The shares were sold at an average price of $162.80, for a total transaction of $3,418,800.00. Following the completion of the transaction, the chief technology officer now owns 281,213 shares of the company’s stock, valued at $45,781,476.40. This trade represents a 6.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 275,122 shares of company stock worth $48,022,530.

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.