Wealthspire Advisors LLC Takes $326,000 Position in Reddit, Inc. (NYSE:RDDT)

Wealthspire Advisors LLC purchased a new stake in Reddit, Inc. (NYSE:RDDT) in the 4th quarter, HoldingsChannel.com reports. The firm purchased 1,994 shares of the company’s stock, valued at approximately $326,000.

Several other hedge funds also recently made changes to their positions in RDDT. Raymond James & Associates grew its position in shares of Reddit by 60.3% in the third quarter. Raymond James & Associates now owns 68,374 shares of the company’s stock valued at $4,507,000 after purchasing an additional 25,733 shares in the last quarter. DekaBank Deutsche Girozentrale grew its position in Reddit by 5.0% during the third quarter. DekaBank Deutsche Girozentrale now owns 141,800 shares of the company’s stock worth $9,347,000 after buying an additional 6,800 shares in the last quarter. Biechele Royce Advisors purchased a new position in Reddit during the third quarter worth about $1,754,000. Campbell Capital Management Inc. purchased a new position in Reddit during the third quarter worth about $3,088,000. Finally, Vestor Capital LLC grew its position in Reddit by 1.1% during the third quarter. Vestor Capital LLC now owns 84,787 shares of the company’s stock worth $5,589,000 after buying an additional 922 shares in the last quarter.

Reddit Price Performance

RDDT opened at $159.45 on Friday. The business has a 50 day simple moving average of $183.75 and a two-hundred day simple moving average of $126.22. The firm has a market capitalization of $28.84 billion and a price-to-earnings ratio of -20.63. Reddit, Inc. has a one year low of $37.35 and a one year high of $230.41.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, beating analysts’ consensus estimates 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, sell-side analysts expect that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. Piper Sandler boosted their target price on Reddit from $210.00 to $220.00 and gave the stock an “overweight” rating in a research report on Friday, February 21st. Seaport Res Ptn upgraded Reddit to a “hold” rating in a research report on Thursday, February 6th. Raymond James boosted their target price on Reddit from $200.00 to $250.00 and gave the stock a “strong-buy” rating in a research report on Monday, February 10th. JMP Securities upped their price objective on Reddit from $190.00 to $200.00 and gave the stock a “market outperform” rating in a report on Thursday, February 13th. Finally, Guggenheim initiated coverage on Reddit in a report on Friday, December 20th. They issued a “buy” rating and a $210.00 price objective for the company. One investment analyst has rated the stock with a sell rating, nine have assigned 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 company presently has a consensus rating of “Moderate Buy” and a consensus target price of $175.95.

Insider Transactions at Reddit

In other news, CTO Christopher Brian Slowe sold 21,000 shares of the stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $162.80, for a total value 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 approximately $45,781,476.40. This represents a 6.95 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Andrew Vollero sold 48,122 shares of the stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $162.80, for a total value of $7,834,261.60. Following the completion of the transaction, the chief financial officer now directly owns 599,295 shares of the company’s stock, valued at $97,565,226. This represents a 7.43 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 275,122 shares of company stock valued at $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.