Farther Finance Advisors LLC Acquires 147 Shares of Reddit, Inc. (NYSE:RDDT)

Farther Finance Advisors LLC boosted its position in Reddit, Inc. (NYSE:RDDT) by 148.5% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 246 shares of the company’s stock after buying an additional 147 shares during the quarter. Farther Finance Advisors LLC’s holdings in Reddit were worth $40,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of RDDT. Ridgewood Investments LLC grew its position 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. Proficio Capital Partners LLC lifted its stake in shares of Reddit by 2.1% in the 4th quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company’s stock valued at $966,000 after acquiring an additional 120 shares during the last quarter. UMB Bank n.a. lifted its stake 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 during the last quarter. Foundations Investment Advisors LLC increased its holdings in Reddit by 3.0% during the 4th quarter. Foundations Investment Advisors LLC now owns 5,325 shares of the company’s stock valued at $870,000 after purchasing an additional 155 shares during the period. Finally, Plato Investment Management Ltd purchased a new position in Reddit during the 4th quarter valued at about $27,000.

Reddit Stock Performance

Reddit stock opened at $115.46 on Monday. The firm’s 50-day moving average is $171.19 and its 200-day moving average is $135.71. Reddit, Inc. has a 1 year low of $37.35 and a 1 year high of $230.41. The company has a market cap of $20.89 billion and a P/E ratio of -14.94.

Reddit (NYSE:RDDT) last released its 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 net margin of 37.25% and a negative return on equity of 24.71%. As a group, sell-side analysts predict that Reddit, Inc. will post 1.12 earnings per share for the current year.

Insider Buying and Selling

In related news, COO Jennifer L. Wong sold 33,334 shares of the company’s stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $173.93, for a total transaction of $5,797,782.62. Following the completion of the transaction, the chief operating officer now directly owns 1,504,297 shares in the company, valued at $261,642,377.21. This represents a 2.17 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $172.79, for a total transaction of $2,419,060.00. Following the transaction, the chief executive officer now owns 614,394 shares of the company’s stock, valued at approximately $106,161,139.26. The trade was a 2.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 492,794 shares of company stock worth $76,482,524.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on RDDT shares. Redburn Partners set a $75.00 target price on Reddit in a report on Monday, March 17th. Needham & Company LLC reaffirmed a “buy” rating and issued a $220.00 price objective on shares of Reddit in a research report on Friday. Jefferies Financial Group upped their price objective on Reddit from $120.00 to $175.00 and gave the company a “buy” rating in a research report on Monday, November 25th. Piper Sandler increased their price target on Reddit from $210.00 to $220.00 and gave the company an “overweight” rating in a report on Friday, February 21st. Finally, Citigroup reaffirmed a “neutral” rating on shares of Reddit in a report on Thursday, February 13th. Two 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 company’s stock. Based on data from MarketBeat, Reddit currently has an average rating of “Hold” and an average price target of $162.68.

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.