West Tower Group LLC Sells 3,000 Shares of Reddit, Inc. (NYSE:RDDT)

West Tower Group LLC lowered its stake in Reddit, Inc. (NYSE:RDDT) by 60.0% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,000 shares of the company’s stock after selling 3,000 shares during the quarter. West Tower Group LLC’s holdings in Reddit were worth $327,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the stock. Plato Investment Management Ltd bought a new stake in Reddit during the 4th quarter valued at $27,000. EverSource Wealth Advisors LLC bought a new stake in Reddit during the 4th quarter valued at $28,000. Ridgewood Investments LLC increased its stake in Reddit by 100.0% during the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock valued at $33,000 after purchasing an additional 100 shares in the last quarter. Farmers & Merchants Investments Inc. bought a new stake in Reddit during the 4th quarter valued at $33,000. Finally, Bogart Wealth LLC bought a new stake in Reddit during the 4th quarter valued at $33,000.

Insider Buying and Selling at Reddit

In other news, Director David C. Habiger purchased 774 shares of the stock in a transaction dated Wednesday, March 12th. The shares were purchased at an average cost of $130.36 per share, with a total value of $100,898.64. Following the completion of the acquisition, the director now owns 30,808 shares in the company, valued at $4,016,130.88. This represents a 2.58 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Steve Ladd Huffman sold 124,408 shares of the firm’s stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $127.36, for a total transaction of $15,844,602.88. Following the completion of the sale, the chief executive officer now directly owns 583,515 shares in the company, valued at $74,316,470.40. This represents a 17.57 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 470,461 shares of company stock valued at $74,176,916 over the last three months.

Reddit Stock Down 12.4 %

NYSE RDDT opened at $110.02 on Wednesday. The company has a market cap of $19.90 billion and a PE ratio of -14.23. Reddit, Inc. has a 52 week low of $37.35 and a 52 week high of $230.41. The firm’s 50-day simple moving average is $174.74 and its two-hundred day simple moving average is $134.59.

Reddit (NYSE:RDDT) last released its quarterly earnings data 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, equities research analysts anticipate that Reddit, Inc. will post 1.12 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on RDDT. Bank of America boosted their price target on shares of Reddit from $180.00 to $190.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th. Piper Sandler boosted their price target on shares of Reddit from $210.00 to $220.00 and gave the company an “overweight” rating in a research note on Friday, February 21st. Roth Capital lowered shares of Reddit from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 22nd. Seaport Res Ptn upgraded shares of Reddit to a “hold” rating in a research note on Thursday, February 6th. Finally, JMP Securities upped their target price on shares of Reddit from $190.00 to $200.00 and gave the stock a “market outperform” rating in a research note on Thursday, February 13th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $164.50.

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.