GK Wealth Management LLC Makes New Investment in Reddit Inc. $RDDT

GK Wealth Management LLC acquired a new position in shares of Reddit Inc. (NYSE:RDDT) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 7,565 shares of the company’s stock, valued at approximately $1,740,000. Reddit makes up about 1.3% of GK Wealth Management LLC’s investment portfolio, making the stock its 19th biggest holding.

Other large investors have also modified their holdings of the company. NewEdge Advisors LLC boosted its stake in Reddit by 143.3% during the first quarter. NewEdge Advisors LLC now owns 7,982 shares of the company’s stock worth $837,000 after buying an additional 4,701 shares in the last quarter. Empowered Funds LLC bought a new position in shares of Reddit during the 1st quarter worth about $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Reddit by 106.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 216,960 shares of the company’s stock valued at $22,759,000 after acquiring an additional 111,780 shares in the last quarter. Focus Partners Wealth boosted its position in shares of Reddit by 40.8% during the 1st quarter. Focus Partners Wealth now owns 10,224 shares of the company’s stock valued at $1,073,000 after acquiring an additional 2,965 shares in the last quarter. Finally, Geneos Wealth Management Inc. increased its stake in Reddit by 344.6% in the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock valued at $39,000 after acquiring an additional 286 shares during the period.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Raymond James Financial restated a “strong-buy” rating and set a $250.00 price target (up previously from $225.00) on shares of Reddit in a research note on Monday, October 20th. B. Riley Securities increased their target price on Reddit from $245.00 to $250.00 and gave the stock a “buy” rating in a report on Friday, February 6th. Citigroup boosted their price target on Reddit from $250.00 to $265.00 and gave the company a “buy” rating in a research note on Monday, November 3rd. Morgan Stanley set a $240.00 price target on Reddit in a research report on Friday. Finally, UBS Group set a $265.00 price objective on Reddit in a report on Tuesday, January 13th. One analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $240.93.

Reddit Price Performance

RDDT stock opened at $150.20 on Wednesday. The business has a fifty day moving average price of $218.14 and a 200 day moving average price of $215.59. Reddit Inc. has a fifty-two week low of $79.75 and a fifty-two week high of $282.95. The stock has a market capitalization of $28.46 billion, a price-to-earnings ratio of 57.33, a P/E/G ratio of 1.08 and a beta of 2.17.

Reddit (NYSE:RDDT) last announced its earnings results on Thursday, February 5th. The company reported $1.24 EPS for the quarter, topping the consensus estimate of $0.96 by $0.28. Reddit had a return on equity of 20.89% and a net margin of 24.05%.The company had revenue of $725.61 million for the quarter, compared to analysts’ expectations of $665.80 million. During the same quarter in the prior year, the business earned $0.36 earnings per share. The business’s revenue for the quarter was up 69.7% on a year-over-year basis. On average, equities analysts expect that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

Insider Activity at Reddit

In other news, CEO Steve Ladd Huffman sold 18,000 shares of the company’s stock in a transaction that occurred on Monday, December 15th. The shares were sold at an average price of $220.28, for a total transaction of $3,965,040.00. Following the transaction, the chief executive officer directly owned 448,576 shares in the company, valued at approximately $98,812,321.28. This represents a 3.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Christopher Brian Slowe sold 24,000 shares of the stock in a transaction that occurred on Monday, November 24th. The shares were sold at an average price of $192.72, for a total transaction of $4,625,280.00. Following the sale, the chief technology officer directly owned 175,694 shares in the company, valued at $33,859,747.68. This trade represents a 12.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 509,511 shares of company stock worth $111,375,265 in the last 90 days. Corporate insiders own 34.25% of the company’s stock.

Reddit Profile

Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called “subreddits,” each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.