WT Asset Management Ltd Purchases New Holdings in Reddit, Inc. (NYSE:RDDT)

WT Asset Management Ltd acquired a new position in Reddit, Inc. (NYSE:RDDT) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 50,100 shares of the company’s stock, valued at approximately $8,188,000. Reddit comprises about 0.9% of WT Asset Management Ltd’s investment portfolio, making the stock its 20th largest position.

A number of other institutional investors have also recently bought and sold shares of the business. Ridgewood Investments LLC raised its holdings in shares of 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. Spire Wealth Management purchased a new stake in Reddit in the fourth quarter worth $35,000. Blue Trust Inc. bought a new stake in shares of Reddit in the fourth quarter valued at $59,000. New Wave Wealth Advisors LLC purchased a new position in shares of Reddit during the 4th quarter valued at $69,000. Finally, Whittier Trust Co. bought a new position in shares of Reddit during the 3rd quarter worth $42,000.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Morgan Stanley raised shares of Reddit from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $70.00 to $200.00 in a report on Monday, December 9th. Jefferies Financial Group upped their price target on shares of Reddit from $120.00 to $175.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Guggenheim started coverage on shares of Reddit in a research note on Friday, December 20th. They issued a “buy” rating and a $210.00 price objective for the company. Raymond James boosted their target price on shares of Reddit from $150.00 to $200.00 and gave the company a “strong-buy” rating in a report on Tuesday, January 21st. Finally, Roth Capital lowered Reddit from a “strong-buy” rating to a “hold” rating in a report on Wednesday, January 22nd. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $159.70.

Reddit Trading Up 6.5 %

Shares of NYSE:RDDT opened at $215.42 on Wednesday. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $218.25. The firm has a fifty day moving average of $169.97 and a 200 day moving average of $110.05.

Insiders Place Their Bets

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction on Friday, November 15th. The shares were sold at an average price of $125.98, for a total transaction of $1,763,720.00. Following the transaction, the chief executive officer now owns 651,775 shares of the company’s stock, valued at approximately $82,110,614.50. This trade represents a 2.10 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Andrew Vollero sold 19,838 shares of Reddit stock in a transaction on Monday, November 25th. The stock was sold at an average price of $143.22, for a total transaction of $2,841,198.36. Following the completion of the transaction, the chief financial officer now owns 703,615 shares in the company, valued at approximately $100,771,740.30. The trade was a 2.74 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 259,357 shares of company stock valued at $41,121,108 over 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.