Blue Trust Inc. Invests $63,000 in Reddit, Inc. (NYSE:RDDT)

Blue Trust Inc. bought a new stake in Reddit, Inc. (NYSE:RDDT) in the 4th quarter, according to its most recent filing with the SEC. The fund bought 386 shares of the company’s stock, valued at approximately $63,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Ridgewood Investments LLC increased its holdings 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 buying an additional 100 shares in the last quarter. Farmers & Merchants Investments Inc. acquired a new stake in shares of Reddit during the 4th quarter valued at about $33,000. Bogart Wealth LLC purchased a new position in shares of Reddit in the 4th quarter valued at about $33,000. Spire Wealth Management acquired a new position in Reddit in the 4th quarter worth about $35,000. Finally, New Wave Wealth Advisors LLC purchased a new position in Reddit during the fourth quarter worth approximately $69,000.

Insider Buying and Selling at Reddit

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $201.96, for a total transaction of $2,827,440.00. Following the completion of the sale, the chief executive officer now directly owns 614,394 shares of the company’s stock, valued at approximately $124,083,012.24. This trade represents a 2.23 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Jennifer L. Wong sold 33,333 shares of the company’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $176.23, for a total transaction of $5,874,274.59. Following the completion of the transaction, the chief operating officer now directly owns 1,504,297 shares in the company, valued at $265,102,260.31. The trade was a 2.17 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 200,000 shares of company stock worth $35,360,328 in the last ninety days.

Reddit Stock Performance

NYSE RDDT opened at $165.43 on Tuesday. The stock’s fifty day moving average is $183.87 and its two-hundred day moving average is $124.94. The firm has a market capitalization of $29.93 billion and a P/E ratio of -21.40. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $230.41.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share 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%. As a group, sell-side analysts forecast that Reddit, Inc. will post 1.12 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on RDDT. Piper Sandler boosted their price objective on Reddit from $210.00 to $220.00 and gave the company an “overweight” rating in a research report on Friday. Jefferies Financial Group lifted their price target on shares of Reddit from $120.00 to $175.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Roth Capital cut shares of Reddit from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 22nd. B. Riley increased their price objective on shares of Reddit from $112.00 to $187.00 and gave the company a “buy” rating in a report on Tuesday, January 14th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Reddit from $142.00 to $185.00 and gave the stock a “neutral” rating in a research note on Thursday, February 13th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $175.95.

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.