Reddit, Inc. (NYSE:RDDT) Stake Lifted by Commonwealth Equity Services LLC

Commonwealth Equity Services LLC increased its position in shares of Reddit, Inc. (NYSE:RDDT) by 18.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,325 shares of the company’s stock after purchasing an additional 4,898 shares during the period. Commonwealth Equity Services LLC’s holdings in Reddit were worth $5,120,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Plato Investment Management Ltd bought a new position in shares of Reddit during the 4th quarter valued at about $27,000. EverSource Wealth Advisors LLC bought a new stake in Reddit during the fourth quarter worth approximately $28,000. Ridgewood Investments LLC boosted 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 in the last quarter. Farmers & Merchants Investments Inc. bought a new position in shares of Reddit in the fourth quarter valued at $33,000. Finally, Bogart Wealth LLC acquired a new stake in shares of Reddit during the 4th quarter valued at $33,000.

Insider Buying and Selling at Reddit

In other news, COO Jennifer L. Wong sold 33,333 shares of the business’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $125.22, for a total transaction of $4,173,958.26. Following the transaction, the chief operating officer now owns 1,466,119 shares in the company, valued at approximately $183,587,421.18. The trade was a 2.22 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Steve Ladd Huffman sold 124,408 shares of the company’s stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $127.36, for a total transaction of $15,844,602.88. Following the transaction, the chief executive officer now directly owns 583,515 shares of the company’s stock, valued at $74,316,470.40. This represents a 17.57 % 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 in the last 90 days.

Analyst Ratings Changes

A number of equities analysts recently issued reports on RDDT shares. Robert W. Baird lifted their target price on Reddit from $160.00 to $185.00 and gave the stock a “neutral” rating in a report on Thursday, February 13th. Loop Capital restated a “buy” rating and set a $210.00 price objective on shares of Reddit in a report on Tuesday, March 11th. Wells Fargo & Company raised their target price on shares of Reddit from $206.00 to $215.00 and gave the stock an “overweight” rating in a report on Thursday, February 13th. Raymond James cut their price target on shares of Reddit from $250.00 to $200.00 and set a “strong-buy” rating on the stock in a report on Wednesday, March 12th. Finally, Seaport Res Ptn raised shares of Reddit to a “hold” rating in a research note on Thursday, February 6th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $162.68.

Reddit Trading Up 6.2 %

NYSE RDDT opened at $115.46 on Friday. Reddit, Inc. has a 1 year low of $37.35 and a 1 year high of $230.41. The company has a fifty day simple moving average of $171.19 and a 200 day simple moving average of $135.16. The company has a market cap of $20.89 billion and a P/E ratio of -14.94.

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

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.