Reddit, Inc. (NYSE:RDDT) Shares Purchased by Commonwealth Equity Services LLC

Commonwealth Equity Services LLC raised its holdings in Reddit, Inc. (NYSE:RDDT) by 18.5% in the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 31,325 shares of the company’s stock after acquiring an additional 4,898 shares during the period. Commonwealth Equity Services LLC’s holdings in Reddit were worth $5,120,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in RDDT. Plato Investment Management Ltd acquired a new position in Reddit in the fourth quarter valued at $27,000. EverSource Wealth Advisors LLC acquired a new position in shares of Reddit during the 4th quarter valued at about $28,000. Ridgewood Investments LLC lifted its holdings in shares of Reddit by 100.0% during the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after acquiring an additional 100 shares during the period. Farmers & Merchants Investments Inc. acquired a new stake in shares of Reddit in the fourth quarter worth approximately $33,000. Finally, Bogart Wealth LLC purchased a new stake in Reddit in the fourth quarter valued at approximately $33,000.

Reddit Stock Up 6.2 %

NYSE:RDDT opened at $115.46 on Friday. The company has a market cap of $20.89 billion and a PE ratio of -14.94. The business’s 50 day moving average is $171.19 and its two-hundred day moving average is $135.16. Reddit, Inc. has a 52 week low of $37.35 and a 52 week high of $230.41.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 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, sell-side analysts expect that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Insider Buying and Selling

In other Reddit news, CEO Steve Ladd Huffman sold 124,408 shares of the company’s stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $127.36, for a total value of $15,844,602.88. Following the completion of the transaction, the chief executive officer now owns 583,515 shares in the company, valued at approximately $74,316,470.40. This represents a 17.57 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Benjamin Seong Lee sold 92,299 shares of Reddit stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $157.35, for a total value of $14,523,247.65. Following the sale, the insider now directly owns 115,001 shares in the company, valued at approximately $18,095,407.35. This trade represents a 44.52 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 503,794 shares of company stock valued at $78,350,874 in the last quarter.

Analyst Ratings Changes

RDDT has been the topic of a number of research analyst reports. Piper Sandler lifted their price target on shares of Reddit from $210.00 to $220.00 and gave the company an “overweight” rating in a report on Friday, February 21st. Needham & Company LLC reiterated a “buy” rating and issued a $220.00 target price on shares of Reddit in a report on Friday. B. Riley upped their price target on Reddit from $112.00 to $187.00 and gave the stock a “buy” rating in a research note on Tuesday, January 14th. Guggenheim reduced their price objective on Reddit from $210.00 to $170.00 and set a “buy” rating on the stock in a research note on Thursday. Finally, JPMorgan Chase & Co. increased their price objective on shares of Reddit from $142.00 to $185.00 and gave the stock a “neutral” rating in a research report on Thursday, February 13th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Reddit has a consensus rating of “Hold” and an average price target of $162.68.

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.