WBI Investments LLC Invests $819,000 in Reddit Inc. $RDDT

WBI Investments LLC purchased a new stake in shares of Reddit Inc. (NYSE:RDDT) during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 3,559 shares of the company’s stock, valued at approximately $819,000.

A number of other hedge funds have also recently made changes to their positions in RDDT. Wilmington Savings Fund Society FSB lifted its stake in shares of Reddit by 22.0% in the 3rd quarter. Wilmington Savings Fund Society FSB now owns 1,850 shares of the company’s stock valued at $425,000 after acquiring an additional 333 shares during the last quarter. Captrust Financial Advisors increased its stake in shares of Reddit by 32.4% in the third quarter. Captrust Financial Advisors now owns 8,075 shares of the company’s stock worth $1,857,000 after buying an additional 1,976 shares during the period. Danske Bank A S bought a new stake in Reddit during the 3rd quarter valued at $10,741,000. Silvant Capital Management LLC boosted its position in Reddit by 1.3% during the 3rd quarter. Silvant Capital Management LLC now owns 35,975 shares of the company’s stock valued at $8,274,000 after buying an additional 464 shares during the period. Finally, Advisory Services Network LLC grew its holdings in Reddit by 192.1% in the 3rd quarter. Advisory Services Network LLC now owns 15,516 shares of the company’s stock worth $3,569,000 after acquiring an additional 10,204 shares during the last quarter.

Reddit Price Performance

NYSE:RDDT opened at $142.51 on Thursday. The firm’s 50-day moving average price is $171.08 and its 200-day moving average price is $203.27. The company has a market capitalization of $27.22 billion, a PE ratio of 54.39, a P/E/G ratio of 1.05 and a beta of 2.40. Reddit Inc. has a 1-year low of $79.75 and a 1-year high of $282.95.

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

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Oppenheimer dropped their target price on shares of Reddit from $300.00 to $250.00 and set an “outperform” rating for the company in a report on Friday, February 6th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $285.00 target price on shares of Reddit in a research note on Tuesday, January 20th. B. Riley Financial raised their price target on Reddit from $245.00 to $250.00 and gave the stock a “buy” rating in a research note on Friday, February 6th. UBS Group set a $265.00 price objective on shares of Reddit in a research report on Tuesday, January 13th. Finally, Truist Financial lifted their target price on shares of Reddit from $270.00 to $275.00 and gave the company a “buy” rating in a research note on Friday, February 6th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and eleven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $242.19.

Insider Activity

In other news, CEO Steve Ladd Huffman sold 18,000 shares of the business’s stock in a transaction that occurred on Thursday, January 15th. The stock was sold at an average price of $232.78, for a total value of $4,190,040.00. Following the sale, the chief executive officer directly owned 448,576 shares of the company’s stock, valued at $104,419,521.28. The trade was a 3.86% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Benjamin Seong Lee sold 27,930 shares of the company’s stock in a transaction that occurred on Wednesday, January 7th. The stock was sold at an average price of $260.08, for a total value of $7,264,034.40. Following the completion of the sale, the insider owned 62,608 shares in the company, valued at $16,283,088.64. The trade was a 30.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders bought 61,000 shares of company stock valued at $8,870,815 and sold 359,580 shares valued at $70,898,143. Company insiders own 34.25% of the company’s stock.

About Reddit

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.