LVW Advisors LLC Makes New $327,000 Investment in Reddit, Inc. (NYSE:RDDT)

LVW Advisors LLC purchased a new stake in Reddit, Inc. (NYSE:RDDT) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 2,000 shares of the company’s stock, valued at approximately $327,000.

A number of other hedge funds have also recently made changes to their positions in RDDT. Ridgewood Investments LLC boosted its stake in Reddit by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock valued at $33,000 after buying an additional 100 shares during the period. StoneCrest Wealth Management Inc. raised its holdings in shares of Reddit by 2.6% in the 3rd quarter. StoneCrest Wealth Management Inc. now owns 6,846 shares of the company’s stock valued at $451,000 after acquiring an additional 176 shares in the last quarter. AdvisorNet Financial Inc raised its holdings in shares of Reddit by 41.9% in the 4th quarter. AdvisorNet Financial Inc now owns 681 shares of the company’s stock valued at $111,000 after acquiring an additional 201 shares in the last quarter. Whittier Trust Co. bought a new stake in shares of Reddit during the 3rd quarter valued at about $42,000. Finally, SOA Wealth Advisors LLC. grew its holdings in shares of Reddit by 56.3% during the third quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company’s stock worth $126,000 after purchasing an additional 691 shares in the last quarter.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Wells Fargo & Company started coverage on shares of Reddit in a research note on Wednesday, December 11th. They issued an “overweight” rating and a $206.00 target price on the stock. Loop Capital lifted their price objective on shares of Reddit from $120.00 to $180.00 and gave the stock a “buy” rating in a report on Monday, December 2nd. Needham & Company LLC increased their target price on Reddit from $120.00 to $190.00 and gave the company a “buy” rating in a research note on Wednesday, December 11th. Piper Sandler raised their price target on Reddit from $150.00 to $197.00 and gave the company an “overweight” rating in a research report on Tuesday, January 14th. Finally, Citigroup upped their price objective on Reddit from $120.00 to $200.00 and gave the stock a “buy” rating in a report on Friday, December 20th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $148.25.

Insider Activity

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $172.79, for a total value of $2,419,060.00. Following the transaction, the chief executive officer now owns 614,394 shares in the company, valued at approximately $106,161,139.26. This represents a 2.23 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Mary Porter Gale sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $114.40, for a total transaction of $572,000.00. Following the sale, the director now directly owns 46,459 shares of the company’s stock, valued at $5,314,909.60. This trade represents a 9.72 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 226,023 shares of company stock worth $33,730,955.

Reddit Price Performance

RDDT stock opened at $175.57 on Tuesday. The firm has a 50-day moving average of $158.06 and a 200 day moving average of $100.81. Reddit, Inc. has a 1 year low of $37.35 and a 1 year high of $187.69.

Reddit (NYSE:RDDT) last released its earnings results on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.23. The company had revenue of $348.40 million during the quarter, compared to analysts’ expectations of $313.61 million. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The company’s revenue was up 67.9% on a year-over-year basis. On average, sell-side analysts expect that Reddit, Inc. will post -3.46 EPS for the current fiscal year.

About Reddit

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.