Circle Wealth Management LLC Purchases Shares of 6,961 Reddit Inc. $RDDT

Circle Wealth Management LLC acquired a new position in shares of Reddit Inc. (NYSE:RDDT) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 6,961 shares of the company’s stock, valued at approximately $1,601,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Huntington National Bank grew its holdings in shares of Reddit by 25.6% in the 3rd quarter. Huntington National Bank now owns 270 shares of the company’s stock worth $62,000 after purchasing an additional 55 shares during the last quarter. AdvisorNet Financial Inc lifted its holdings in Reddit by 2.8% during the 3rd quarter. AdvisorNet Financial Inc now owns 2,464 shares of the company’s stock valued at $567,000 after purchasing an additional 66 shares during the last quarter. Kingswood Wealth Advisors LLC boosted its position in Reddit by 5.0% in the third quarter. Kingswood Wealth Advisors LLC now owns 1,439 shares of the company’s stock valued at $331,000 after buying an additional 69 shares in the last quarter. Bienville Capital Management LLC boosted its position in Reddit by 0.5% in the second quarter. Bienville Capital Management LLC now owns 16,153 shares of the company’s stock valued at $2,432,000 after buying an additional 76 shares in the last quarter. Finally, Raiffeisen Bank International AG bought a new stake in Reddit during the third quarter worth about $25,000.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Wall Street Zen raised shares of Reddit from a “hold” rating to a “buy” rating in a report on Sunday. Jefferies Financial Group reduced their target price on Reddit from $285.00 to $250.00 and set a “buy” rating on the stock in a report on Tuesday, March 10th. Wells Fargo & Company set a $196.00 price target on Reddit in a report on Monday, February 9th. China Renaissance assumed coverage on Reddit in a report on Tuesday, December 9th. They set a “buy” rating and a $300.00 price target for the company. Finally, Oppenheimer cut their price objective on Reddit from $300.00 to $250.00 and set an “outperform” rating for the company in a research report on Friday, February 6th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $236.00.

Insider Activity

In other news, CTO Christopher Brian Slowe sold 19,036 shares of the business’s stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $144.05, for a total transaction of $2,742,135.80. Following the completion of the sale, the chief technology officer owned 185,057 shares in the company, valued at $26,657,460.85. The trade was a 9.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Jennifer L. Wong sold 39,167 shares of the business’s stock in a transaction 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 approximately $277,617,827.36. The trade was a 3.20% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 433,335 shares of company stock worth $89,139,359. 34.25% of the stock is owned by company insiders.

Reddit Trading Down 0.0%

Shares of NYSE RDDT opened at $132.21 on Friday. Reddit Inc. has a 1-year low of $79.75 and a 1-year high of $282.95. The company has a 50-day moving average of $177.60 and a two-hundred day moving average of $204.92. The company has a market cap of $25.26 billion, a PE ratio of 50.46, a P/E/G ratio of 0.96 and a beta of 2.40.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Thursday, February 5th. The company reported $1.24 EPS for the quarter, beating the consensus estimate of $0.96 by $0.28. The business had revenue of $725.61 million for 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%. Reddit’s revenue was up 69.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.36 earnings per share. As a group, equities research analysts forecast that Reddit Inc. will post 1.12 earnings per share for the current year.

About Reddit

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.