Kingsview Wealth Management LLC Acquires 171 Shares of Reddit, Inc. (NYSE:RDDT)

Kingsview Wealth Management LLC raised its stake in shares of Reddit, Inc. (NYSE:RDDT) by 4.5% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 3,986 shares of the company’s stock after purchasing an additional 171 shares during the period. Kingsview Wealth Management LLC’s holdings in Reddit were worth $651,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in RDDT. Ridgewood Investments LLC increased its holdings 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 buying an additional 100 shares during the last quarter. UMB Bank n.a. raised its holdings in shares of Reddit by 10.8% in the 4th quarter. UMB Bank n.a. now owns 1,533 shares of the company’s stock valued at $251,000 after acquiring an additional 150 shares in the last quarter. Foundations Investment Advisors LLC increased its holdings in shares of Reddit by 3.0% in the 4th quarter. Foundations Investment Advisors LLC now owns 5,325 shares of the company’s stock worth $870,000 after buying an additional 155 shares during the last quarter. AdvisorNet Financial Inc increased its stake in Reddit by 41.9% in the fourth quarter. AdvisorNet Financial Inc now owns 681 shares of the company’s stock valued at $111,000 after acquiring an additional 201 shares during the last quarter. Finally, Spire Wealth Management purchased a new position in shares of Reddit during the 4th quarter valued at about $35,000.

Wall Street Analysts Forecast Growth

RDDT has been the subject of several recent research reports. The Goldman Sachs Group boosted their price target on shares of Reddit from $105.00 to $176.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 14th. Morgan Stanley upgraded shares of Reddit from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $70.00 to $200.00 in a report on Monday, December 9th. Roth Capital lowered Reddit from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 22nd. Piper Sandler upped their price objective on shares of Reddit from $150.00 to $197.00 and gave the stock an “overweight” rating in a report on Tuesday, January 14th. Finally, Guggenheim assumed coverage on Reddit in a report on Friday, December 20th. They set a “buy” rating and a $210.00 price target for the company. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Reddit presently has a consensus rating of “Moderate Buy” and an average price target of $162.20.

Reddit Trading Up 1.5 %

Shares of NYSE:RDDT opened at $216.96 on Thursday. The firm’s 50 day moving average price is $179.35 and its 200-day moving average price is $116.59. Reddit, Inc. has a twelve month low of $37.35 and a twelve month high of $230.41.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.12. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. As a group, analysts predict that Reddit, Inc. will post -3.45 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Andrew Vollero sold 19,838 shares of the firm’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $143.22, for a total transaction of $2,841,198.36. Following the completion of the transaction, the chief financial officer now owns 703,615 shares in the company, valued at $100,771,740.30. This trade represents a 2.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $201.96, for a total value of $2,827,440.00. Following the sale, the chief executive officer now directly owns 614,394 shares in the company, valued at $124,083,012.24. This trade represents a 2.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 259,357 shares of company stock worth $41,121,108.

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.