Envestnet Portfolio Solutions Inc. Purchases Shares of 3,724 Reddit, Inc. (NYSE:RDDT)

Envestnet Portfolio Solutions Inc. acquired a new position in shares of Reddit, Inc. (NYSE:RDDT) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 3,724 shares of the company’s stock, valued at approximately $609,000.

Several other institutional investors and hedge funds have also recently modified their holdings of RDDT. Plato Investment Management Ltd bought a new stake in shares of Reddit during the 4th quarter worth about $27,000. EverSource Wealth Advisors LLC acquired a new stake in Reddit during the fourth quarter worth approximately $28,000. Ridgewood Investments LLC lifted its position in Reddit by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after acquiring an additional 100 shares during the last quarter. Farmers & Merchants Investments Inc. bought a new stake in shares of Reddit during the fourth quarter worth approximately $33,000. Finally, Bogart Wealth LLC acquired a new position in shares of Reddit in the fourth quarter valued at approximately $33,000.

Reddit Stock Performance

Shares of NYSE:RDDT opened at $124.96 on Tuesday. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $230.41. The company has a market capitalization of $22.61 billion and a PE ratio of -16.17. The company has a fifty day moving average of $170.39 and a 200-day moving average of $136.18.

Reddit (NYSE:RDDT) last posted its earnings results on Wednesday, February 12th. The company reported $0.36 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%. On average, equities analysts forecast that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Insider Buying and Selling

In related news, COO Jennifer L. Wong sold 33,333 shares of the stock in a transaction on Monday, March 17th. The stock was sold at an average price of $125.22, for a total value of $4,173,958.26. Following the completion of the sale, the chief operating officer now directly owns 1,466,119 shares in the company, valued at $183,587,421.18. This represents a 2.22 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Steve Ladd Huffman sold 124,408 shares of Reddit stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $127.36, for a total value of $15,844,602.88. Following the transaction, the chief executive officer now directly owns 583,515 shares in the company, valued at $74,316,470.40. The trade was a 17.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 492,794 shares of company stock worth $76,482,524 in the last ninety days.

Analyst Ratings Changes

Several analysts recently weighed in on RDDT shares. Jefferies Financial Group lifted their price target on Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Robert W. Baird boosted their target price on shares of Reddit from $160.00 to $185.00 and gave the company a “neutral” rating in a research report on Thursday, February 13th. 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 research report on Thursday, February 13th. Loop Capital reissued a “buy” rating and issued a $210.00 price objective on shares of Reddit in a report on Tuesday, March 11th. Finally, Guggenheim decreased their target price on shares of Reddit from $210.00 to $170.00 and set a “buy” rating on the stock in a research report on Thursday, March 20th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Reddit currently has an average rating of “Hold” and an average price target of $162.68.

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.