Berkshire Capital Holdings Inc. Takes $8.34 Million Position in Reddit, Inc. (NYSE:RDDT)

Berkshire Capital Holdings Inc. bought a new stake in shares of Reddit, Inc. (NYSE:RDDT) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 51,050 shares of the company’s stock, valued at approximately $8,344,000. Reddit accounts for about 3.0% of Berkshire Capital Holdings Inc.’s portfolio, making the stock its 18th largest position.

A number of other institutional investors have also recently modified their holdings of the business. Plato Investment Management Ltd acquired a new stake in Reddit in the 4th quarter worth about $27,000. EverSource Wealth Advisors LLC acquired a new stake in Reddit in the 4th quarter worth about $28,000. Ridgewood Investments LLC boosted its holdings in Reddit by 100.0% in the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after buying an additional 100 shares during the last quarter. Farmers & Merchants Investments Inc. acquired a new stake in Reddit in the 4th quarter worth about $33,000. Finally, Bogart Wealth LLC acquired a new stake in Reddit in the 4th quarter worth about $33,000.

Analyst Ratings Changes

Several research firms recently issued reports on RDDT. Wells Fargo & Company lifted their price objective on Reddit from $206.00 to $215.00 and gave the stock an “overweight” rating in a report on Thursday, February 13th. Jefferies Financial Group raised their target price on shares of Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. Seaport Res Ptn raised shares of Reddit to a “hold” rating in a research note on Thursday, February 6th. Roth Mkm lowered shares of Reddit from a “buy” rating to a “neutral” rating and raised their target price for the stock from $116.00 to $195.00 in a research note on Wednesday, January 22nd. Finally, Roth Capital lowered shares of Reddit from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 22nd. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $164.50.

Reddit Stock Down 0.4 %

Shares of NYSE RDDT opened at $109.62 on Thursday. The firm has a market cap of $19.83 billion and a price-to-earnings ratio of -14.18. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $230.41. The business’s 50 day moving average is $173.50 and its two-hundred day moving average is $134.41.

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

Insiders Place Their Bets

In other Reddit news, CTO Christopher Brian Slowe sold 11,000 shares of the business’s stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $169.85, for a total value of $1,868,350.00. Following the completion of the transaction, the chief technology officer now owns 324,837 shares in the company, valued at $55,173,564.45. The trade was a 3.28 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, COO Jennifer L. Wong sold 33,333 shares of the business’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $125.22, for a total transaction of $4,173,958.26. Following the completion of the transaction, the chief operating officer now owns 1,466,119 shares of the company’s stock, valued at approximately $183,587,421.18. This trade represents a 2.22 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 503,794 shares of company stock worth $78,350,874 over the last 90 days.

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.