Integrated Financial Solutions Inc. Takes $1.56 Million Position in Reddit Inc. $RDDT

Integrated Financial Solutions Inc. bought a new stake in shares of Reddit Inc. (NYSE:RDDT) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 6,800 shares of the company’s stock, valued at approximately $1,564,000. Reddit makes up about 1.2% of Integrated Financial Solutions Inc.’s portfolio, making the stock its 12th biggest position.

Other hedge funds have also recently made changes to their positions in the company. Raiffeisen Bank International AG bought a new stake in shares of Reddit in the 3rd quarter valued at about $25,000. Cornerstone Planning Group LLC boosted its position in Reddit by 13,500.0% in the third quarter. Cornerstone Planning Group LLC now owns 136 shares of the company’s stock valued at $31,000 after buying an additional 135 shares during the last quarter. Geneos Wealth Management Inc. increased its holdings in Reddit by 344.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock worth $39,000 after buying an additional 286 shares during the period. GAMMA Investing LLC raised its position in Reddit by 8,650.0% during the 3rd quarter. GAMMA Investing LLC now owns 175 shares of the company’s stock worth $40,000 after buying an additional 173 shares during the last quarter. Finally, Cloud Capital Management LLC purchased a new position in Reddit during the third quarter valued at approximately $47,000.

Insiders Place Their Bets

In other Reddit news, insider Benjamin Seong Lee sold 55,005 shares of Reddit stock in a transaction that occurred on Tuesday, December 16th. The stock was sold at an average price of $221.21, for a total value of $12,167,656.05. Following the transaction, the insider directly owned 62,608 shares in the company, valued at approximately $13,849,515.68. This trade represents a 46.77% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Jennifer L. Wong sold 39,167 shares of the company’s stock in a transaction that occurred on Friday, December 19th. The stock was sold at an average price of $234.37, for a total value of $9,179,569.79. Following the sale, the chief operating officer owned 1,184,528 shares of the company’s stock, valued at $277,617,827.36. This trade represents a 3.20% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 431,084 shares of company stock worth $91,126,289. 34.25% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. The Goldman Sachs Group lowered their price objective on Reddit from $236.00 to $206.00 and set a “neutral” rating on the stock in a report on Friday, February 6th. Weiss Ratings reissued a “hold (c-)” rating on shares of Reddit in a research note on Monday, December 29th. Truist Financial lifted their target price on shares of Reddit from $270.00 to $275.00 and gave the stock a “buy” rating in a research note on Friday, February 6th. Evercore reiterated an “outperform” rating and issued a $290.00 target price on shares of Reddit in a research report on Friday, February 6th. Finally, UBS Group set a $265.00 price objective on shares of Reddit in a research note on Tuesday, January 13th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Reddit has a consensus rating of “Moderate Buy” and a consensus target price of $238.78.

Reddit Price Performance

NYSE RDDT opened at $145.31 on Friday. The firm’s 50-day moving average is $195.79 and its two-hundred day moving average is $211.24. Reddit Inc. has a 12 month low of $79.75 and a 12 month high of $282.95. The stock has a market capitalization of $27.76 billion, a P/E ratio of 55.46, a PEG ratio of 1.10 and a beta of 2.17.

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

Reddit Company Profile

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.