Private Trust Co. NA Makes New $245,000 Investment in Reddit, Inc. (NYSE:RDDT)

Private Trust Co. NA purchased a new position in Reddit, Inc. (NYSE:RDDT) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 1,500 shares of the company’s stock, valued at approximately $245,000.

A number of other large investors also recently modified their holdings of RDDT. Vestor Capital LLC boosted its holdings in shares of Reddit by 1.1% in the third quarter. Vestor Capital LLC now owns 84,787 shares of the company’s stock valued at $5,589,000 after acquiring an additional 922 shares in the last quarter. Concurrent Investment Advisors LLC acquired a new stake in Reddit in the third quarter worth approximately $372,000. ARK Investment Management LLC boosted its stake in Reddit by 120.5% during the 3rd quarter. ARK Investment Management LLC now owns 352,721 shares of the company’s stock valued at $23,251,000 after purchasing an additional 192,785 shares in the last quarter. SpiderRock Advisors LLC acquired a new position in shares of Reddit during the 3rd quarter valued at $3,485,000. Finally, Objective Capital Management LLC bought a new stake in shares of Reddit in the 3rd quarter worth $391,000.

Reddit Price Performance

Shares of RDDT opened at $162.37 on Tuesday. The company has a market capitalization of $29.37 billion and a price-to-earnings ratio of -21.01. The business’s 50-day moving average is $183.45 and its 200-day moving average is $128.76. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $230.41.

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

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on RDDT. Guggenheim began coverage on Reddit in a research note on Friday, December 20th. They set a “buy” rating and a $210.00 target price for the company. Raymond James raised their price objective on shares of Reddit from $200.00 to $250.00 and gave the company a “strong-buy” rating in a research report on Monday, February 10th. Morgan Stanley lifted their price objective on shares of Reddit from $200.00 to $210.00 and gave the stock an “overweight” rating in a research note on Thursday, February 13th. Needham & Company LLC increased their target price on shares of Reddit from $190.00 to $220.00 and gave the company a “buy” rating in a research note on Thursday, February 13th. Finally, Roth Capital lowered shares of Reddit from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 22nd. One analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Reddit presently has a consensus rating of “Moderate Buy” and a consensus target price of $175.95.

Insider Transactions at Reddit

In other news, CFO Andrew Vollero sold 48,122 shares of Reddit stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $162.80, for a total transaction of $7,834,261.60. Following the completion of the sale, the chief financial officer now directly owns 599,295 shares in the company, valued at $97,565,226. The trade was a 7.43 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Christopher Brian Slowe sold 21,000 shares of the stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $162.80, for a total value of $3,418,800.00. Following the completion of the transaction, the chief technology officer now owns 281,213 shares in the company, valued at $45,781,476.40. This represents a 6.95 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 275,122 shares of company stock valued at $48,022,530.

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.