Trek Financial LLC Purchases New Shares in Reddit, Inc. (NYSE:RDDT)

Trek Financial LLC acquired a new position in shares of Reddit, Inc. (NYSE:RDDT) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 5,570 shares of the company’s stock, valued at approximately $910,000.

A number of other hedge funds also recently bought and sold shares of RDDT. FMR LLC increased its position in shares of Reddit by 7.5% in the fourth quarter. FMR LLC now owns 13,070,780 shares of the company’s stock worth $2,136,288,000 after acquiring an additional 913,189 shares in the last quarter. Russell Investments Group Ltd. boosted its stake in Reddit by 1,419.3% in the 4th quarter. Russell Investments Group Ltd. now owns 167,925 shares of the company’s stock worth $27,573,000 after purchasing an additional 156,872 shares during the period. Envestnet Asset Management Inc. grew its position in Reddit by 2,292.0% during the 4th quarter. Envestnet Asset Management Inc. now owns 81,736 shares of the company’s stock worth $13,359,000 after purchasing an additional 78,319 shares in the last quarter. Wedbush Securities Inc. acquired a new stake in Reddit during the 4th quarter valued at $368,000. Finally, Katamaran Capital LLP purchased a new stake in shares of Reddit in the fourth quarter valued at $424,000.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on RDDT shares. Redburn Atlantic started coverage on Reddit in a report on Monday, March 17th. They set a “sell” rating and a $75.00 price target on the stock. Piper Sandler upped their target price on Reddit from $210.00 to $220.00 and gave the company an “overweight” rating in a report on Friday, February 21st. Bank of America raised their price target on shares of Reddit from $180.00 to $190.00 and gave the stock a “neutral” rating in a report on Thursday, February 13th. Raymond James dropped their price objective on shares of Reddit from $250.00 to $200.00 and set a “strong-buy” rating on the stock in a research note on Wednesday, March 12th. Finally, Morgan Stanley lifted their target price on shares of Reddit from $200.00 to $210.00 and gave the company an “overweight” rating in a research note on Thursday, February 13th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $163.00.

Reddit Trading Down 10.5 %

NYSE RDDT opened at $86.72 on Monday. The company has a market cap of $15.69 billion and a P/E ratio of -11.22. Reddit, Inc. has a 1 year low of $37.35 and a 1 year high of $230.41. The company has a fifty day simple moving average of $157.86 and a 200 day simple moving average of $139.25.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. Equities research analysts forecast that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Insider Buying and Selling at Reddit

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $103.28, for a total transaction of $1,445,920.00. Following the transaction, the chief executive officer now owns 577,013 shares in the company, valued at approximately $59,593,902.64. The trade was a 2.37 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Andrew Vollero sold 100,000 shares of the stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $124.08, for a total transaction of $12,408,000.00. Following the completion of the sale, the chief financial officer now owns 499,295 shares of the company’s stock, valued at approximately $61,952,523.60. The trade was a 16.69 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 603,794 shares of company stock valued at $89,386,704 in the last 90 days.

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.