Masso Torrence Wealth Management Inc. Invests $400,000 in Reddit, Inc. (NYSE:RDDT)

Masso Torrence Wealth Management Inc. purchased a new stake in shares of Reddit, Inc. (NYSE:RDDT) in the fourth quarter, Holdings Channel.com reports. The firm purchased 2,448 shares of the company’s stock, valued at approximately $400,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in RDDT. FMR LLC grew its holdings in shares of Reddit by 302.8% in the third quarter. FMR LLC now owns 12,157,591 shares of the company’s stock valued at $801,428,000 after acquiring an additional 9,139,196 shares in the last quarter. VY Capital Management Co. Ltd. bought a new stake in Reddit during the third quarter worth $474,403,000. Point72 Asset Management L.P. boosted its position in Reddit by 3,172.0% in the third quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock worth $151,357,000 after purchasing an additional 2,225,895 shares during the last quarter. Holocene Advisors LP grew its stake in Reddit by 177.6% in the 3rd quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock valued at $198,154,000 after purchasing an additional 1,923,109 shares during the period. Finally, Lord Abbett & CO. LLC increased its position in shares of Reddit by 1,519.4% during the 3rd quarter. Lord Abbett & CO. LLC now owns 1,650,362 shares of the company’s stock valued at $108,792,000 after purchasing an additional 1,548,450 shares during the last quarter.

Insider Transactions at Reddit

In related news, Director Mary Porter Gale sold 5,000 shares of the company’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $114.40, for a total transaction of $572,000.00. Following the completion of the sale, the director now directly owns 46,459 shares in the company, valued at $5,314,909.60. This represents a 9.72 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, COO Jennifer L. Wong sold 33,334 shares of the stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $173.93, for a total transaction of $5,797,782.62. Following the sale, the chief operating officer now directly owns 1,504,297 shares of the company’s stock, valued at $261,642,377.21. The trade was a 2.17 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 264,357 shares of company stock worth $40,449,488.

Reddit Stock Up 1.6 %

Shares of RDDT opened at $197.96 on Wednesday. Reddit, Inc. has a 1-year low of $37.35 and a 1-year high of $201.00. The firm’s 50 day simple moving average is $165.55 and its 200 day simple moving average is $106.33.

Reddit (NYSE:RDDT) last released its earnings results on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.23. The business had revenue of $348.40 million for the quarter, compared to analysts’ expectations of $313.61 million. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The business’s quarterly revenue was up 67.9% on a year-over-year basis. On average, sell-side analysts anticipate that Reddit, Inc. will post -3.48 EPS for the current year.

Wall Street Analyst Weigh In

RDDT has been the subject of a number of research analyst reports. Sanford C. Bernstein raised their price objective on shares of Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a report on Wednesday, October 30th. Robert W. Baird upped their price objective on Reddit from $100.00 to $160.00 and gave the company a “neutral” rating in a research note on Wednesday, December 11th. Citigroup raised their target price on Reddit from $120.00 to $200.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Needham & Company LLC upped their price target on Reddit from $120.00 to $190.00 and gave the company a “buy” rating in a research report on Wednesday, December 11th. Finally, Bank of America lifted their price objective on Reddit from $99.00 to $180.00 and gave the stock a “neutral” rating in a report on Wednesday, January 8th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Reddit presently has an average rating of “Moderate Buy” and a consensus price target of $159.70.

About Reddit

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.