Kestra Investment Management LLC Takes Position in Reddit, Inc. (NYSE:RDDT)

Kestra Investment Management LLC purchased a new stake in shares of Reddit, Inc. (NYSE:RDDT) in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 233 shares of the company’s stock, valued at approximately $38,000.

Several other large investors have also recently modified their holdings of RDDT. Ridgewood Investments LLC raised its stake 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 buying an additional 100 shares during the last quarter. Farmers & Merchants Investments Inc. bought a new position in Reddit during the fourth quarter worth $33,000. Bogart Wealth LLC bought a new position in Reddit during the fourth quarter worth $33,000. Spire Wealth Management bought a new position in Reddit during the fourth quarter worth $35,000. Finally, Allworth Financial LP raised its stake in Reddit by 970.0% during the fourth quarter. Allworth Financial LP now owns 214 shares of the company’s stock worth $35,000 after buying an additional 194 shares during the last quarter.

Insider Buying and Selling

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $141.79, for a total transaction of $1,985,060.00. Following the completion of the transaction, the chief executive officer now directly owns 634,971 shares of the company’s stock, valued at $90,032,538.09. This represents a 2.16 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Jennifer L. Wong sold 33,333 shares of the stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $187.72, for a total transaction of $6,257,270.76. Following the transaction, the chief operating officer now directly owns 1,504,297 shares of the company’s stock, valued at $282,386,632.84. This represents a 2.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 219,838 shares of company stock worth $38,201,526.

Analysts Set New Price Targets

RDDT has been the subject of a number of analyst reports. Roth Capital downgraded shares of Reddit from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 22nd. Morgan Stanley raised their price target on shares of Reddit from $200.00 to $210.00 and gave the stock an “overweight” rating in a report on Thursday, February 13th. B. Riley raised their price target on shares of Reddit from $112.00 to $187.00 and gave the stock a “buy” rating in a report on Tuesday, January 14th. Raymond James raised their price target on shares of Reddit from $200.00 to $250.00 and gave the stock a “strong-buy” rating in a report on Monday, February 10th. Finally, Wells Fargo & Company raised their price target on shares of Reddit from $206.00 to $215.00 and gave the stock an “overweight” rating in a report on Thursday, February 13th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $175.95.

Reddit Price Performance

Shares of NYSE RDDT opened at $166.27 on Friday. The stock has a market capitalization of $30.08 billion and a P/E ratio of -21.51. The company has a 50-day moving average price of $184.13 and a 200-day moving average price of $123.65. Reddit, Inc. has a 1 year low of $37.35 and a 1 year high of $230.41.

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