SLT Holdings LLC Takes $870,000 Position in Reddit, Inc. (NYSE:RDDT)

SLT Holdings LLC purchased a new stake in Reddit, Inc. (NYSE:RDDT) during the 4th quarter, Holdings Channel reports. The firm purchased 5,320 shares of the company’s stock, valued at approximately $870,000.

Several other large investors have also modified their holdings of RDDT. Concurrent Investment Advisors LLC acquired a new stake in Reddit during the third quarter worth approximately $372,000. SpiderRock Advisors LLC acquired a new stake in Reddit during the third quarter worth approximately $3,485,000. Objective Capital Management LLC acquired a new stake in Reddit during the third quarter worth approximately $391,000. Proficio Capital Partners LLC acquired a new stake in Reddit during the third quarter worth approximately $382,000. Finally, Long Walk Management LP boosted its position in Reddit by 28.3% during the third quarter. Long Walk Management LP now owns 715,000 shares of the company’s stock worth $47,133,000 after acquiring an additional 157,500 shares during the last quarter.

Insiders Place Their Bets

In other news, CAO Michelle Marie Reynolds sold 11,965 shares of Reddit stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $157.41, for a total value of $1,883,410.65. Following the completion of the transaction, the chief accounting officer now directly owns 48,418 shares of the company’s stock, valued at approximately $7,621,477.38. The trade was a 19.82 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $176.20, for a total transaction of $2,466,800.00. Following the completion of the transaction, the chief executive officer now directly owns 620,971 shares of the company’s stock, valued at $109,415,090.20. This trade represents a 2.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 393,386 shares of company stock valued at $66,673,388 in the last ninety days.

Reddit Price Performance

Reddit stock opened at $134.14 on Friday. Reddit, Inc. has a 12-month low of $37.35 and a 12-month high of $230.41. The company has a market capitalization of $24.27 billion and a price-to-earnings ratio of -17.35. The firm’s fifty day moving average price is $181.61 and its 200 day moving average price is $130.99.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, topping 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%. Analysts forecast that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on RDDT shares. JMP Securities raised their target price on shares of Reddit from $190.00 to $200.00 and gave the stock a “market outperform” rating in a research report on Thursday, February 13th. Morgan Stanley raised their target price on shares of Reddit from $200.00 to $210.00 and gave the stock an “overweight” rating in a research report on Thursday, February 13th. JPMorgan Chase & Co. raised their target price on shares of Reddit from $142.00 to $185.00 and gave the stock a “neutral” rating in a research report on Thursday, February 13th. Wells Fargo & Company increased their price target on shares of Reddit from $206.00 to $215.00 and gave the stock an “overweight” rating in a research note on Thursday, February 13th. Finally, Raymond James increased their price target on shares of Reddit from $200.00 to $250.00 and gave the stock a “strong-buy” rating in a research note on Monday, February 10th. One analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $175.95.

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.