420 Shares in Reddit, Inc. (NYSE:RDDT) Purchased by New Wave Wealth Advisors LLC

New Wave Wealth Advisors LLC bought a new stake in shares of Reddit, Inc. (NYSE:RDDT) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 420 shares of the company’s stock, valued at approximately $69,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in RDDT. Ridgewood Investments LLC boosted 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 valued at $33,000 after acquiring an additional 100 shares in the last quarter. Whittier Trust Co. acquired a new stake in Reddit in the third quarter worth approximately $42,000. Blue Trust Inc. bought a new position in Reddit during the 4th quarter valued at $59,000. Daiwa Securities Group Inc. acquired a new position in shares of Reddit during the 3rd quarter valued at $85,000. Finally, AdvisorNet Financial Inc raised its stake in shares of Reddit by 41.9% in the 4th quarter. AdvisorNet Financial Inc now owns 681 shares of the company’s stock worth $111,000 after buying an additional 201 shares in the last quarter.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. Loop Capital raised their target price on Reddit from $120.00 to $180.00 and gave the company a “buy” rating in a research note on Monday, December 2nd. Citigroup raised their price objective on shares of Reddit from $120.00 to $200.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Robert W. Baird boosted their target price on shares of Reddit from $100.00 to $160.00 and gave the stock a “neutral” rating in a report on Wednesday, December 11th. Roth Mkm cut shares of Reddit from a “buy” rating to a “neutral” rating and raised their target price for the stock from $116.00 to $195.00 in a report on Wednesday, January 22nd. Finally, Roth Capital lowered shares of Reddit from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 22nd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $159.70.

Insider Activity

In related news, CTO Christopher Brian Slowe sold 5,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $184.15, for a total value of $920,750.00. Following the completion of the sale, the chief technology officer now owns 35,252 shares of the company’s stock, valued at approximately $6,491,655.80. The trade was a 12.42 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $125.98, for a total transaction of $1,763,720.00. Following the transaction, the chief executive officer now directly owns 651,775 shares in the company, valued at approximately $82,110,614.50. The trade was a 2.10 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 245,357 shares of company stock worth $38,293,668 in the last ninety days.

Reddit Stock Up 0.5 %

NYSE:RDDT opened at $199.91 on Friday. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $208.62. The stock’s 50-day moving average is $167.69 and its two-hundred day moving average is $107.63.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $348.40 million for the quarter, compared to the consensus estimate of $313.61 million. Reddit’s revenue was up 67.9% compared to the same quarter last year. As a group, research analysts expect that Reddit, Inc. will post -3.45 EPS for the current year.

Reddit 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.