Kestra Investment Management LLC Purchases Shares of 233 Reddit, Inc. (NYSE:RDDT)

Kestra Investment Management LLC purchased a new stake in Reddit, Inc. (NYSE:RDDT) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 233 shares of the company’s stock, valued at approximately $38,000.

Several other large investors have also recently bought and sold shares of RDDT. Raymond James & Associates raised its holdings in Reddit by 60.3% in the 3rd quarter. Raymond James & Associates now owns 68,374 shares of the company’s stock valued at $4,507,000 after acquiring an additional 25,733 shares during the period. Foundations Investment Advisors LLC bought a new position in Reddit in the 3rd quarter valued at about $341,000. Lyell Wealth Management LP bought a new position in Reddit in the 3rd quarter valued at about $516,000. DekaBank Deutsche Girozentrale raised its holdings in Reddit by 5.0% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 141,800 shares of the company’s stock valued at $9,347,000 after acquiring an additional 6,800 shares during the period. Finally, Frank Rimerman Advisors LLC bought a new position in Reddit in the 3rd quarter valued at about $1,479,000.

Analyst Upgrades and Downgrades

Several research firms have weighed in on RDDT. JMP Securities increased their price target on shares of Reddit from $190.00 to $200.00 and gave the company a “market outperform” rating in a report on Thursday, February 13th. Wells Fargo & Company increased their target price on shares of Reddit from $206.00 to $215.00 and gave the stock an “overweight” rating in a research report on Thursday, February 13th. Raymond James increased their target price on shares of Reddit from $200.00 to $250.00 and gave the stock a “strong-buy” rating in a research report on Monday, February 10th. Robert W. Baird increased their target price on shares of Reddit from $160.00 to $185.00 and gave the stock a “neutral” rating in a research report on Thursday, February 13th. Finally, Jefferies Financial Group increased their target price on shares of Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. One analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $175.95.

Insider Buying and Selling at Reddit

In other news, CTO Christopher Brian Slowe sold 11,000 shares of the firm’s stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $169.85, for a total transaction of $1,868,350.00. Following the completion of the transaction, the chief technology officer now owns 324,837 shares of the company’s stock, valued at approximately $55,173,564.45. This trade represents a 3.28 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Andrew Vollero sold 19,838 shares of the firm’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $143.22, for a total transaction of $2,841,198.36. Following the transaction, the chief financial officer now directly owns 703,615 shares of the company’s stock, valued at $100,771,740.30. The trade was a 2.74 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 219,838 shares of company stock worth $38,201,526 over the last quarter.

Reddit Price Performance

Shares of Reddit stock opened at $166.27 on Friday. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $230.41. The firm has a market capitalization of $30.08 billion and a P/E ratio of -21.51. The company’s 50 day moving average price is $184.13 and its two-hundred day moving average price is $123.65.

Reddit (NYSE:RDDT) last issued its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.12. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. On average, analysts expect that Reddit, Inc. will post 1.12 earnings per share for the current year.

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.