Defender Capital LLC. Purchases New Position in Reddit, Inc. (NYSE:RDDT)

Defender Capital LLC. acquired a new stake in shares of Reddit, Inc. (NYSE:RDDT) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 3,009 shares of the company’s stock, valued at approximately $492,000. Reddit comprises 0.2% of Defender Capital LLC.’s portfolio, making the stock its 24th largest holding.

Several other hedge funds and other institutional investors have also made changes to their positions in RDDT. Ridgewood Investments LLC increased its stake in shares of Reddit by 100.0% during the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock valued at $33,000 after acquiring an additional 100 shares during the last quarter. Blue Trust Inc. acquired a new position in Reddit in the fourth quarter valued at $59,000. Whittier Trust Co. purchased a new stake in Reddit during the third quarter valued at about $42,000. AdvisorNet Financial Inc increased its stake in Reddit by 41.9% during the fourth quarter. AdvisorNet Financial Inc now owns 681 shares of the company’s stock worth $111,000 after acquiring an additional 201 shares during the last quarter. Finally, Harbor Investment Advisory LLC purchased a new position in shares of Reddit in the 4th quarter worth about $147,000.

Reddit Stock Performance

Reddit stock opened at $201.68 on Thursday. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $205.57. The firm has a 50 day moving average price of $165.55 and a two-hundred day moving average price of $106.33.

Reddit (NYSE:RDDT) last released its earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.23. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The business had revenue of $348.40 million for the quarter, compared to analyst estimates of $313.61 million. The company’s revenue was up 67.9% on a year-over-year basis. Equities analysts expect that Reddit, Inc. will post -3.48 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts recently commented on RDDT shares. Loop Capital raised their price target on shares of Reddit from $120.00 to $180.00 and gave the company a “buy” rating in a report on Monday, December 2nd. Citigroup lifted their target price on shares of Reddit from $120.00 to $200.00 and gave the company a “buy” rating in a report on Friday, December 20th. Needham & Company LLC increased their price target on Reddit from $120.00 to $190.00 and gave the company a “buy” rating in a report on Wednesday, December 11th. Robert W. Baird boosted their price objective on Reddit from $100.00 to $160.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 11th. Finally, Morgan Stanley upgraded Reddit from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $70.00 to $200.00 in a research note on Monday, December 9th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $159.70.

Insider Transactions at Reddit

In other news, insider Benjamin Seong Lee sold 18,519 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $146.06, for a total value of $2,704,885.14. Following the transaction, the insider now owns 138,401 shares in the company, valued at $20,214,850.06. This trade represents a 11.80 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Mary Porter Gale sold 5,000 shares of the business’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $114.40, for a total value of $572,000.00. Following the completion of the transaction, the director now directly owns 46,459 shares in the company, valued at approximately $5,314,909.60. This represents a 9.72 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 264,357 shares of company stock valued at $40,449,488.

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.