Corient Private Wealth LLC Lowers Stock Position in Reddit, Inc. (NYSE:RDDT)

Corient Private Wealth LLC trimmed its holdings in shares of Reddit, Inc. (NYSE:RDDT) by 36.1% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 2,126 shares of the company’s stock after selling 1,200 shares during the period. Corient Private Wealth LLC’s holdings in Reddit were worth $347,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of the business. Plato Investment Management Ltd purchased a new position in Reddit in the fourth quarter worth $27,000. EverSource Wealth Advisors LLC purchased a new position in shares of Reddit in the 4th quarter valued at about $28,000. Ridgewood Investments LLC lifted its stake in shares of 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. purchased a new stake in Reddit during the fourth quarter worth about $33,000. Finally, Bogart Wealth LLC purchased a new stake in shares of Reddit during the 4th quarter worth approximately $33,000.

Wall Street Analysts Forecast Growth

RDDT has been the topic of a number of research analyst reports. The Goldman Sachs Group boosted their target price on Reddit from $105.00 to $176.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 14th. Robert W. Baird lifted their target price on shares of Reddit from $160.00 to $185.00 and gave the stock a “neutral” rating in a research report on Thursday, February 13th. Redburn Atlantic started coverage on shares of Reddit in a research report on Monday, March 17th. They issued a “sell” rating and a $75.00 price target on the stock. Wells Fargo & Company raised their price objective on shares of Reddit from $206.00 to $215.00 and gave the stock an “overweight” rating in a research note on Thursday, February 13th. Finally, JPMorgan Chase & Co. increased their target price on Reddit from $142.00 to $185.00 and gave the company a “neutral” rating in a report on Thursday, February 13th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $165.71.

Insider Transactions at Reddit

In other Reddit news, CFO Andrew Vollero sold 100,000 shares of Reddit stock in a transaction on Monday, March 24th. The shares were sold at an average price of $124.08, for a total value of $12,408,000.00. Following the completion of the transaction, the chief financial officer now owns 499,295 shares of the company’s stock, valued at $61,952,523.60. The trade was a 16.69 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $172.79, for a total transaction of $2,419,060.00. Following the sale, the chief executive officer now directly owns 614,394 shares in the company, valued at $106,161,139.26. This trade represents a 2.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 603,794 shares of company stock valued at $90,255,404.

Reddit Price Performance

Reddit stock opened at $107.57 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 $19.46 billion and a price-to-earnings ratio of -13.92. The firm’s fifty day moving average price is $165.95 and its 200 day moving average price is $137.81.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, topping 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%. Analysts forecast that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

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.