Wealthfront Advisers LLC Acquires Shares of 3,906 Reddit, Inc. (NYSE:RDDT)

Wealthfront Advisers LLC acquired a new stake in Reddit, Inc. (NYSE:RDDT) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 3,906 shares of the company’s stock, valued at approximately $696,000.

Other institutional investors also recently bought and sold shares of the company. Plato Investment Management Ltd acquired a new position in Reddit in the fourth quarter valued at $27,000. Ridgewood Investments LLC increased its stake in Reddit by 100.0% in the fourth 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 period. Farmers & Merchants Investments Inc. acquired a new position in Reddit in the fourth quarter valued at $33,000. Bogart Wealth LLC acquired a new position in Reddit in the fourth quarter valued at $33,000. Finally, Spire Wealth Management acquired a new position in Reddit in the fourth quarter valued at $35,000.

Reddit Price Performance

Shares of NYSE RDDT opened at $127.71 on Monday. Reddit, Inc. has a 12-month low of $37.35 and a 12-month high of $230.41. The company has a market capitalization of $23.10 billion and a PE ratio of -16.52. The firm’s 50-day moving average is $177.06 and its two-hundred day moving average is $133.76.

Reddit (NYSE:RDDT) last announced 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 net margin of 37.25% and a negative return on equity of 24.71%. On average, analysts forecast that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. B. Riley lifted their price objective 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. The Goldman Sachs Group lifted their target price on shares of Reddit from $105.00 to $176.00 and gave the company a “neutral” rating in a report on Tuesday, January 14th. Loop Capital reaffirmed a “buy” rating on shares of Reddit in a report on Tuesday, March 11th. Raymond James lowered their target price on shares of Reddit from $250.00 to $200.00 and set a “strong-buy” rating on the stock in a report on Wednesday, March 12th. Finally, JMP Securities lifted their target price on shares of Reddit from $190.00 to $200.00 and gave the company a “market outperform” rating in a report on Thursday, February 13th. One analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $173.45.

Insider Buying and Selling at Reddit

In other Reddit news, CFO Andrew Vollero sold 48,122 shares of the company’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $162.80, for a total value of $7,834,261.60. Following the sale, the chief financial officer now owns 599,295 shares of the company’s stock, valued at $97,565,226. This represents a 7.43 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Benjamin Seong Lee sold 92,299 shares of the business’s stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $157.35, for a total transaction of $14,523,247.65. Following the completion of the transaction, the insider now directly owns 115,001 shares of the company’s stock, valued at approximately $18,095,407.35. This represents a 44.52 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 346,053 shares of company stock valued at $58,332,313 over the last quarter.

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.