Wealthspire Advisors LLC Invests $326,000 in Reddit, Inc. (NYSE:RDDT)

Wealthspire Advisors LLC bought a new position in Reddit, Inc. (NYSE:RDDT) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 1,994 shares of the company’s stock, valued at approximately $326,000.

Other hedge funds also recently made changes to their positions in the company. Raymond James & Associates increased its holdings in shares of Reddit by 60.3% in the 3rd quarter. Raymond James & Associates now owns 68,374 shares of the company’s stock valued at $4,507,000 after purchasing an additional 25,733 shares in the last quarter. DekaBank Deutsche Girozentrale grew its holdings in shares of Reddit by 5.0% during the third quarter. DekaBank Deutsche Girozentrale now owns 141,800 shares of the company’s stock worth $9,347,000 after buying an additional 6,800 shares in the last quarter. Biechele Royce Advisors purchased a new stake in shares of Reddit during the third quarter worth about $1,754,000. Campbell Capital Management Inc. purchased a new stake in shares of Reddit during the third quarter worth about $3,088,000. Finally, Vestor Capital LLC boosted its position in shares of Reddit by 1.1% in the third quarter. Vestor Capital LLC now owns 84,787 shares of the company’s stock worth $5,589,000 after acquiring an additional 922 shares during the last quarter.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Wells Fargo & Company lifted their price target on shares of Reddit from $206.00 to $215.00 and gave the company an “overweight” rating in a research report on Thursday, February 13th. Robert W. Baird lifted their price target on shares of Reddit from $160.00 to $185.00 and gave the company a “neutral” rating in a research report on Thursday, February 13th. Bank of America lifted their price target on shares of Reddit from $180.00 to $190.00 and gave the company a “neutral” rating in a research report on Thursday, February 13th. Roth Capital lowered shares of Reddit from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 22nd. Finally, B. Riley lifted their price objective on shares of Reddit from $112.00 to $187.00 and gave the company a “buy” rating in a research note on Tuesday, January 14th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $175.95.

Insider Transactions at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $176.20, for a total value of $2,466,800.00. Following the completion of the sale, the chief executive officer now owns 620,971 shares of the company’s stock, valued at approximately $109,415,090.20. This trade represents a 2.20 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Mary Porter Gale sold 20,000 shares of Reddit stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $169.71, for a total value of $3,394,200.00. Following the transaction, the director now directly owns 26,309 shares in the company, valued at approximately $4,464,900.39. The trade was a 43.19 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 275,122 shares of company stock worth $48,022,530 over the last ninety days.

Reddit Stock Performance

RDDT opened at $159.45 on Friday. The firm has a market cap of $28.84 billion and a P/E ratio of -20.63. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $230.41. The business’s fifty day moving average is $183.75 and its 200-day moving average is $126.22.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, topping 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%. On average, research analysts predict that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

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.