Watts Gwilliam & Co. LLC Invests $337,000 in Reddit, Inc. (NYSE:RDDT)

Watts Gwilliam & Co. LLC 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. The fund acquired 1,955 shares of the company’s stock, valued at approximately $337,000.

A number of other hedge funds also recently made changes to their positions in RDDT. FMR LLC lifted its holdings in shares of Reddit by 302.8% during the 3rd quarter. FMR LLC now owns 12,157,591 shares of the company’s stock worth $801,428,000 after acquiring an additional 9,139,196 shares during the last quarter. VY Capital Management Co. Ltd. purchased a new position in Reddit in the 3rd quarter worth $474,403,000. Point72 Asset Management L.P. raised its position in Reddit by 3,172.0% in the 3rd quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock worth $151,357,000 after purchasing an additional 2,225,895 shares during the period. Holocene Advisors LP raised its position in Reddit by 177.6% in the 3rd quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock worth $198,154,000 after purchasing an additional 1,923,109 shares during the period. Finally, Lord Abbett & CO. LLC raised its position in Reddit by 1,519.4% in the 3rd quarter. Lord Abbett & CO. LLC now owns 1,650,362 shares of the company’s stock worth $108,792,000 after purchasing an additional 1,548,450 shares during the period.

Insider Buying and Selling

In related news, COO Jennifer L. Wong sold 33,334 shares of the business’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $76.27, for a total transaction of $2,542,384.18. Following the sale, the chief operating officer now owns 1,542,457 shares of the company’s stock, valued at $117,643,195.39. The trade was a 2.12 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $75.43, for a total transaction of $1,056,020.00. Following the sale, the chief executive officer now directly owns 651,775 shares in the company, valued at $49,163,388.25. The trade was a 2.10 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 264,357 shares of company stock valued at $35,297,700 over the last quarter.

Reddit Trading Down 2.6 %

Shares of NYSE RDDT opened at $167.48 on Friday. Reddit, Inc. has a 1 year low of $37.35 and a 1 year high of $187.69. The company’s 50-day moving average is $153.44 and its 200 day moving average is $96.74.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.23. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The company had revenue of $348.40 million for the quarter, compared to analysts’ expectations of $313.61 million. The business’s quarterly revenue was up 67.9% compared to the same quarter last year. On average, research analysts anticipate that Reddit, Inc. will post -3.46 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages recently commented on RDDT. Needham & Company LLC lifted their target price on shares of Reddit from $120.00 to $190.00 and gave the stock a “buy” rating in a research report on Wednesday, December 11th. Guggenheim began coverage on shares of Reddit in a research report on Friday, December 20th. They issued a “buy” rating and a $210.00 target price on the stock. Bank of America lifted their target price on shares of Reddit from $99.00 to $180.00 and gave the stock a “neutral” rating in a research report on Wednesday. Sanford C. Bernstein boosted their price objective on shares of Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a research report on Wednesday, October 30th. Finally, Citigroup boosted their price objective on shares of Reddit from $120.00 to $200.00 and gave the company a “buy” rating in a research report on Friday, December 20th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, fourteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $136.75.

Reddit Company 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.