New Wave Wealth Advisors LLC Makes New Investment in Reddit, Inc. (NYSE:RDDT)

New Wave Wealth Advisors LLC purchased a new position in shares of Reddit, Inc. (NYSE:RDDT) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 420 shares of the company’s stock, valued at approximately $69,000.

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

Insider Activity

In other news, CFO Andrew Vollero sold 19,838 shares of Reddit stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $143.22, for a total value of $2,841,198.36. Following the completion of the transaction, the chief financial officer now directly owns 703,615 shares of the company’s stock, valued at approximately $100,771,740.30. The trade was a 2.74 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, COO Jennifer L. Wong sold 33,334 shares of the stock in a transaction dated Thursday, January 16th. The stock was 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 owns 1,504,297 shares in the company, valued at approximately $261,642,377.21. This trade represents a 2.17 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 245,357 shares of company stock worth $38,293,668.

Analysts Set New Price Targets

RDDT has been the topic of a number of research reports. Citigroup raised their price objective on Reddit from $120.00 to $200.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Piper Sandler raised their price target on shares of Reddit from $150.00 to $197.00 and gave the company an “overweight” rating in a report on Tuesday, January 14th. B. Riley boosted their price objective on shares of Reddit from $112.00 to $187.00 and gave the stock a “buy” rating in a research note on Tuesday, January 14th. Bank of America raised their target price on shares of Reddit from $99.00 to $180.00 and gave the company a “neutral” rating in a research note on Wednesday, January 8th. Finally, JPMorgan Chase & Co. upped their price target on shares of Reddit from $59.00 to $77.00 and gave the stock a “neutral” rating in a research report on Monday, October 7th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Reddit currently has a consensus rating of “Moderate Buy” and an average price target of $159.70.

Reddit Price Performance

RDDT opened at $199.91 on Friday. The company has a 50-day moving average of $167.69 and a 200-day moving average of $107.63. Reddit, Inc. has a 1-year low of $37.35 and a 1-year high of $208.62.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.23. The firm 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 company’s revenue was up 67.9% compared to the same quarter last year. On average, sell-side analysts anticipate that Reddit, Inc. will post -3.45 earnings per share for the current fiscal year.

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.