Glenview Trust co Takes $490,000 Position in Reddit, Inc. (NYSE:RDDT)

Glenview Trust co acquired a new stake in Reddit, Inc. (NYSE:RDDT) during the fourth quarter, Holdings Channel.com reports. The firm acquired 3,000 shares of the company’s stock, valued at approximately $490,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Prospera Financial Services Inc acquired a new stake in Reddit during the 3rd quarter worth $248,000. AlpInvest Partners B.V. acquired a new stake in Reddit during the 3rd quarter worth $4,688,000. Charles Schwab Investment Management Inc. raised its stake in Reddit by 194.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 503,321 shares of the company’s stock worth $33,179,000 after acquiring an additional 332,604 shares in the last quarter. GM Advisory Group LLC acquired a new stake in Reddit during the 3rd quarter worth $255,000. Finally, Meridian Wealth Management LLC raised its stake in Reddit by 29.7% during the 3rd quarter. Meridian Wealth Management LLC now owns 45,650 shares of the company’s stock worth $3,009,000 after acquiring an additional 10,466 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Seaport Res Ptn upgraded shares of Reddit to a “hold” rating in a research note on Thursday, February 6th. Piper Sandler lifted their price target on shares of Reddit from $210.00 to $220.00 and gave the stock an “overweight” rating in a research note on Friday, February 21st. Bank of America lifted their price target on shares of Reddit from $180.00 to $190.00 and gave the stock a “neutral” rating in a research note on Thursday, February 13th. Citigroup reissued a “neutral” rating on shares of Reddit in a research report on Thursday, February 13th. Finally, Roth Capital downgraded shares of Reddit from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 22nd. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $168.76.

Insider Buying and Selling

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $201.96, for a total transaction of $2,827,440.00. Following the sale, the chief executive officer now owns 614,394 shares of the company’s stock, valued at approximately $124,083,012.24. The trade was a 2.23 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Benjamin Seong Lee sold 92,299 shares of the business’s stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $157.35, for a total transaction of $14,523,247.65. Following the sale, the insider now directly owns 115,001 shares in the company, valued at approximately $18,095,407.35. This represents a 44.52 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 346,053 shares of company stock valued at $58,332,313.

Reddit Stock Down 2.0 %

Shares of NYSE:RDDT opened at $125.68 on Tuesday. The company has a market cap of $22.74 billion and a price-to-earnings ratio of -16.26. The firm’s 50-day simple moving average is $175.99 and its 200-day simple moving average is $134.24. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $230.41.

Reddit (NYSE:RDDT) last issued its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, beating the consensus estimate 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, research analysts forecast that Reddit, Inc. will post 1.12 EPS for the current year.

Reddit Company 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.