2,050 Shares in Reddit, Inc. (NYSE:RDDT) Acquired by Conway Capital Management Inc.

Conway Capital Management Inc. acquired a new stake in Reddit, Inc. (NYSE:RDDT) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 2,050 shares of the company’s stock, valued at approximately $335,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in RDDT. Ridgewood Investments LLC increased its holdings in shares of Reddit by 100.0% in the fourth 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. Whittier Trust Co. purchased a new stake in Reddit in the 3rd quarter valued at $42,000. AdvisorNet Financial Inc increased its stake in shares of Reddit by 41.9% in the 4th quarter. AdvisorNet Financial Inc now owns 681 shares of the company’s stock worth $111,000 after acquiring an additional 201 shares during the last quarter. Harbor Investment Advisory LLC acquired a new stake in shares of Reddit in the 4th quarter worth $147,000. Finally, Daiwa Securities Group Inc. purchased a new position in shares of Reddit during the 3rd quarter worth $85,000.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on RDDT. JMP Securities raised their price objective on shares of Reddit from $118.00 to $160.00 and gave the stock a “market outperform” rating in a research report on Monday, November 25th. Bank of America raised their price target on shares of Reddit from $99.00 to $180.00 and gave the stock a “neutral” rating in a report on Wednesday, January 8th. Wells Fargo & Company assumed coverage on Reddit in a report on Wednesday, December 11th. They issued an “overweight” rating and a $206.00 price objective on the stock. Citigroup raised their target price on Reddit from $120.00 to $200.00 and gave the stock a “buy” rating in a research note on Friday, December 20th. Finally, Robert W. Baird upped their price target on Reddit from $100.00 to $160.00 and gave the company a “neutral” rating in a research note on Wednesday, December 11th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $158.20.

Insider Buying and Selling at Reddit

In other news, Director Mary Porter Gale sold 5,000 shares of the stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $114.40, for a total transaction of $572,000.00. Following the completion of the sale, the director now owns 46,459 shares in the company, valued at approximately $5,314,909.60. This represents a 9.72 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Benjamin Seong Lee sold 18,519 shares of the business’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $146.06, for a total value of $2,704,885.14. Following the completion of the transaction, the insider now owns 138,401 shares in the company, valued at $20,214,850.06. This trade represents a 11.80 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 259,357 shares of company stock worth $39,528,738.

Reddit Stock Performance

Shares of NYSE:RDDT opened at $181.55 on Friday. The firm has a 50 day simple moving average of $161.24 and a 200-day simple moving average of $102.91. Reddit, Inc. has a twelve month low of $37.35 and a twelve month high of $191.00.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.23. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The company had revenue of $348.40 million during the quarter, compared to the consensus estimate of $313.61 million. The business’s quarterly revenue was up 67.9% compared to the same quarter last year. As a group, sell-side analysts predict that Reddit, Inc. will post -3.48 earnings per share 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.