SWS Partners Makes New Investment in Reddit, Inc. (NYSE:RDDT)

SWS Partners bought a new stake in shares of Reddit, Inc. (NYSE:RDDT) in the 4th quarter, HoldingsChannel.com reports. The fund bought 2,500 shares of the company’s stock, valued at approximately $409,000.

Several other large investors have also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. increased its holdings in Reddit by 27.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 642,456 shares of the company’s stock valued at $105,003,000 after buying an additional 139,135 shares in the last quarter. Steward Partners Investment Advisory LLC grew its position in shares of Reddit by 29.0% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 1,086 shares of the company’s stock valued at $177,000 after acquiring an additional 244 shares during the period. Resolute Wealth Strategies LLC increased its stake in shares of Reddit by 106.7% in the 4th quarter. Resolute Wealth Strategies LLC now owns 15,790 shares of the company’s stock valued at $2,581,000 after purchasing an additional 8,150 shares in the last quarter. Meridian Wealth Management LLC increased its stake in shares of Reddit by 47.1% in the 4th quarter. Meridian Wealth Management LLC now owns 67,137 shares of the company’s stock valued at $10,973,000 after purchasing an additional 21,487 shares in the last quarter. Finally, LGT Group Foundation acquired a new position in Reddit in the 4th quarter worth about $222,000.

Analyst Ratings Changes

RDDT has been the subject of a number of recent analyst reports. The Goldman Sachs Group boosted their price objective on Reddit from $105.00 to $176.00 and gave the company a “neutral” rating in a research report on Tuesday, January 14th. Needham & Company LLC boosted their price target on shares of Reddit from $190.00 to $220.00 and gave the stock a “buy” rating in a report on Thursday, February 13th. Roth Mkm downgraded shares of Reddit from a “buy” rating to a “neutral” rating and increased their price objective for the company from $116.00 to $195.00 in a report on Wednesday, January 22nd. Piper Sandler boosted their target price on shares of Reddit from $210.00 to $220.00 and gave the stock an “overweight” rating in a research note on Friday, February 21st. Finally, B. Riley raised their price target on shares of Reddit from $112.00 to $187.00 and gave the company a “buy” rating in a research note on Tuesday, January 14th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $175.95.

Reddit Price Performance

RDDT opened at $162.37 on Tuesday. The company’s 50 day simple moving average is $183.45 and its two-hundred day simple moving average is $128.76. Reddit, Inc. has a 1-year low of $37.35 and a 1-year high of $230.41. The firm has a market capitalization of $29.37 billion and a price-to-earnings ratio of -21.01.

Reddit (NYSE:RDDT) last released its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, topping analysts’ consensus estimates 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 analysts anticipate that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

Insider Activity

In other news, COO Jennifer L. Wong sold 33,333 shares of Reddit stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $176.23, for a total transaction of $5,874,274.59. Following the sale, the chief operating officer now owns 1,504,297 shares of the company’s stock, valued at approximately $265,102,260.31. The trade was a 2.17 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $176.20, for a total transaction of $2,466,800.00. Following the sale, the chief executive officer now directly owns 620,971 shares in the company, valued at approximately $109,415,090.20. The trade was a 2.20 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 275,122 shares of company stock valued at $48,022,530.

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.