Kingsview Wealth Management LLC Purchases 171 Shares of Reddit, Inc. (NYSE:RDDT)

Kingsview Wealth Management LLC lifted its stake in Reddit, Inc. (NYSE:RDDT) by 4.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 3,986 shares of the company’s stock after acquiring an additional 171 shares during the quarter. Kingsview Wealth Management LLC’s holdings in Reddit were worth $651,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in RDDT. Ridgewood Investments LLC lifted its stake in Reddit by 100.0% in the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock valued at $33,000 after purchasing an additional 100 shares during the last quarter. Spire Wealth Management bought a new position in Reddit during the 4th quarter worth $35,000. Blue Trust Inc. acquired a new position in shares of Reddit in the 4th quarter valued at approximately $59,000. New Wave Wealth Advisors LLC bought a new stake in Reddit during the fourth quarter worth $69,000. Finally, Whittier Trust Co. acquired a new stake in Reddit in the third quarter valued at about $42,000.

Reddit Stock Performance

Shares of Reddit stock opened at $216.96 on Thursday. The stock’s 50-day moving average is $179.35 and its 200 day moving average is $116.59. Reddit, Inc. has a one year low of $37.35 and a one year high of $230.41.

Reddit (NYSE:RDDT) last posted its quarterly 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 40.54% and a negative net margin of 47.83%. Analysts expect that Reddit, Inc. will post -3.45 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CTO Christopher Brian Slowe sold 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $184.15, for a total transaction of $920,750.00. Following the transaction, the chief technology officer now directly owns 35,252 shares of the company’s stock, valued at $6,491,655.80. This represents a 12.42 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction on Friday, November 15th. The stock was sold at an average price of $125.98, for a total value of $1,763,720.00. Following the completion of the transaction, the chief executive officer now owns 651,775 shares in the company, valued at approximately $82,110,614.50. This represents a 2.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 259,357 shares of company stock worth $41,121,108.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on RDDT shares. Piper Sandler boosted their target price on shares of Reddit from $150.00 to $197.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 14th. Loop Capital increased their target price on Reddit from $120.00 to $180.00 and gave the company a “buy” rating in a research report on Monday, December 2nd. The Goldman Sachs Group boosted their price target on Reddit from $105.00 to $176.00 and gave the stock a “neutral” rating in a report on Tuesday, January 14th. Sanford C. Bernstein raised their price objective on shares of Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a report on Wednesday, October 30th. Finally, Wells Fargo & Company assumed coverage on shares of Reddit in a research report on Wednesday, December 11th. They set an “overweight” rating and a $206.00 target price on the stock. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $162.20.

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.