West Tower Group LLC Sells 3,000 Shares of Reddit, Inc. (NYSE:RDDT)

West Tower Group LLC reduced its stake in shares of Reddit, Inc. (NYSE:RDDT) by 60.0% in the fourth quarter, HoldingsChannel.com reports. The fund owned 2,000 shares of the company’s stock after selling 3,000 shares during the quarter. West Tower Group LLC’s holdings in Reddit were worth $327,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Plato Investment Management Ltd bought a new stake in shares of Reddit during the 4th quarter worth $27,000. EverSource Wealth Advisors LLC purchased a new position in Reddit in the 4th quarter worth $28,000. Ridgewood Investments LLC raised its position in Reddit by 100.0% in the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after purchasing an additional 100 shares during the period. Farmers & Merchants Investments Inc. purchased a new position in Reddit in the 4th quarter worth $33,000. Finally, Bogart Wealth LLC purchased a new position in Reddit in the 4th quarter worth $33,000.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Redburn Partners set a $75.00 target price on shares of Reddit in a research report on Monday. Bank of America lifted their target price on shares of Reddit from $180.00 to $190.00 and gave the stock a “neutral” rating in a research report on Thursday, February 13th. JMP Securities lifted their target price on shares of Reddit from $190.00 to $200.00 and gave the stock a “market outperform” rating in a research report on Thursday, February 13th. Loop Capital reiterated a “buy” rating and issued a $210.00 target price on shares of Reddit in a research report on Tuesday, March 11th. Finally, B. Riley lifted their target price on shares of Reddit from $112.00 to $187.00 and gave the stock a “buy” rating in a research report on Tuesday, January 14th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $164.50.

Insider Buying and Selling

In related news, CEO Steve Ladd Huffman sold 124,408 shares of the business’s stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $127.36, for a total transaction of $15,844,602.88. Following the sale, the chief executive officer now owns 583,515 shares of the company’s stock, valued at $74,316,470.40. The trade was a 17.57 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director David C. Habiger bought 774 shares of the company’s stock in a transaction dated Wednesday, March 12th. The stock was purchased at an average price of $130.36 per share, for a total transaction of $100,898.64. Following the purchase, the director now owns 30,808 shares of the company’s stock, valued at approximately $4,016,130.88. This represents a 2.58 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold 470,461 shares of company stock valued at $74,176,916 over the last quarter.

Reddit Price Performance

NYSE:RDDT opened at $110.02 on Wednesday. Reddit, Inc. has a one year low of $37.35 and a one year high of $230.41. The company’s 50-day simple moving average is $174.74 and its 200 day simple moving average is $134.59. The firm has a market capitalization of $19.90 billion and a P/E ratio of -14.23.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 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%. On average, equities research analysts expect 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.