HighTower Advisors LLC Grows Position in Reddit, Inc. (NYSE:RDDT)

HighTower Advisors LLC grew its stake in Reddit, Inc. (NYSE:RDDT) by 159.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 30,375 shares of the company’s stock after buying an additional 18,676 shares during the period. HighTower Advisors LLC’s holdings in Reddit were worth $4,964,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Plato Investment Management Ltd acquired a new position in shares of Reddit in the 4th quarter valued at $27,000. Ridgewood Investments LLC grew its stake in Reddit by 100.0% during the 4th 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 last quarter. Farmers & Merchants Investments Inc. acquired a new position in shares of Reddit in the fourth quarter valued at about $33,000. Bogart Wealth LLC acquired a new position in shares of Reddit in the fourth quarter valued at about $33,000. Finally, Spire Wealth Management purchased a new position in shares of Reddit in the fourth quarter worth about $35,000.

Reddit Stock Performance

RDDT opened at $109.62 on Thursday. The stock has a market capitalization of $19.83 billion and a PE ratio of -14.18. Reddit, Inc. has a one year low of $37.35 and a one year high of $230.41. The business’s 50 day moving average price is $173.50 and its 200 day moving average price is $134.41.

Reddit (NYSE:RDDT) last announced its quarterly 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%. As a group, equities research analysts forecast that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on RDDT. Robert W. Baird upped their target price on Reddit from $160.00 to $185.00 and gave the company a “neutral” rating in a research report on Thursday, February 13th. Needham & Company LLC increased their price objective on shares of Reddit from $190.00 to $220.00 and gave the stock a “buy” rating in a research note on Thursday, February 13th. Redburn Partners set a $75.00 target price on shares of Reddit in a report on Monday. Seaport Res Ptn raised shares of Reddit to a “hold” rating in a report on Thursday, February 6th. Finally, Morgan Stanley lifted their price objective on Reddit from $200.00 to $210.00 and gave the company an “overweight” rating in a research note on Thursday, February 13th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $164.50.

Insider Buying and Selling at Reddit

In other news, COO Jennifer L. Wong sold 33,333 shares of Reddit stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $187.72, for a total value of $6,257,270.76. Following the completion of the sale, the chief operating officer now directly owns 1,504,297 shares of the company’s stock, valued at approximately $282,386,632.84. The trade was a 2.17 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction dated 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 transaction, the chief executive officer now directly owns 614,394 shares in the company, valued at approximately $124,083,012.24. The trade was a 2.23 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 503,794 shares of company stock valued at $78,350,874 over the last 90 days.

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.