Berkshire Capital Holdings Inc. Takes Position in Reddit, Inc. (NYSE:RDDT)

Berkshire Capital Holdings Inc. bought a new stake in shares of Reddit, Inc. (NYSE:RDDT) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 51,050 shares of the company’s stock, valued at approximately $8,344,000. Reddit comprises about 3.0% of Berkshire Capital Holdings Inc.’s holdings, making the stock its 18th biggest position.

A number of other hedge funds have also recently modified their holdings of RDDT. Prospera Financial Services Inc bought a new position in shares of Reddit during the third quarter valued at approximately $248,000. AlpInvest Partners B.V. bought a new position in shares of Reddit during the third quarter valued at approximately $4,688,000. Charles Schwab Investment Management Inc. grew its stake in Reddit by 194.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 503,321 shares of the company’s stock worth $33,179,000 after purchasing an additional 332,604 shares in the last quarter. GM Advisory Group LLC bought a new position in Reddit in the third quarter worth approximately $255,000. Finally, Meridian Wealth Management LLC grew its stake in Reddit by 29.7% in the third quarter. Meridian Wealth Management LLC now owns 45,650 shares of the company’s stock worth $3,009,000 after purchasing an additional 10,466 shares in the last quarter.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on RDDT shares. Morgan Stanley increased their price objective on Reddit from $200.00 to $210.00 and gave the stock an “overweight” rating in a research note on Thursday, February 13th. Wells Fargo & Company increased their price objective on Reddit from $206.00 to $215.00 and gave the stock an “overweight” rating in a research note on Thursday, February 13th. JMP Securities increased their price objective on Reddit from $190.00 to $200.00 and gave the stock a “market outperform” rating in a research note on Thursday, February 13th. Seaport Res Ptn raised Reddit to a “hold” rating in a research note on Thursday, February 6th. Finally, The Goldman Sachs Group increased their target price on Reddit from $105.00 to $176.00 and gave the company a “neutral” rating in a research report on Tuesday, January 14th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $164.50.

Reddit Price Performance

Shares of RDDT stock opened at $109.62 on Thursday. The firm has a market capitalization of $19.83 billion and a price-to-earnings ratio of -14.18. The business has a fifty day moving average of $173.50 and a 200 day moving average of $134.41. Reddit, Inc. has a 1 year low of $37.35 and a 1 year high of $230.41.

Reddit (NYSE:RDDT) last issued its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, topping 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, equities research analysts expect that Reddit, Inc. will post 1.12 earnings per share for the current year.

Insider Buying and Selling

In other Reddit news, COO Jennifer L. Wong sold 33,333 shares of the stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $125.22, for a total transaction of $4,173,958.26. Following the sale, the chief operating officer now directly owns 1,466,119 shares of the company’s stock, valued at approximately $183,587,421.18. This trade represents a 2.22 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Steve Ladd Huffman sold 124,408 shares of the stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $127.36, for a total value of $15,844,602.88. Following the sale, the chief executive officer now directly owns 583,515 shares in the company, valued at $74,316,470.40. This represents a 17.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 503,794 shares of company stock worth $78,350,874 in the last 90 days.

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.