Virtu Financial LLC Invests $5.40 Million in Reddit, Inc. (NYSE:RDDT)

Virtu Financial LLC bought a new stake in Reddit, Inc. (NYSE:RDDT) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 33,011 shares of the company’s stock, valued at approximately $5,395,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Mindset Wealth Management LLC acquired a new position in Reddit in the fourth quarter valued at approximately $327,000. Oxford Financial Group LTD. LLC bought a new stake in shares of Reddit during the fourth quarter worth $2,400,000. TD Private Client Wealth LLC bought a new position in Reddit in the fourth quarter valued at $130,000. Whittier Trust Co. of Nevada Inc. bought a new position in Reddit in the fourth quarter valued at $56,000. Finally, Monetta Financial Services Inc. acquired a new stake in Reddit in the fourth quarter valued at $768,000.

Reddit Stock Up 6.2 %

Shares of NYSE:RDDT opened at $115.46 on Friday. The business has a 50-day moving average price of $171.19 and a 200-day moving average price of $134.62. The stock has a market cap of $20.89 billion and a price-to-earnings ratio of -14.94. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $230.41.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 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%. As a group, equities analysts anticipate that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on RDDT shares. Roth Mkm cut 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. Piper Sandler lifted their price target on shares of Reddit from $210.00 to $220.00 and gave the company an “overweight” rating in a report on Friday, February 21st. Bank of America lifted their target price on shares of Reddit from $180.00 to $190.00 and gave the stock a “neutral” rating in a research report on Thursday, February 13th. Jefferies Financial Group boosted their price target on shares of Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. Finally, JMP Securities boosted their target price on shares of Reddit from $190.00 to $200.00 and gave the company a “market outperform” rating in a research report on Thursday, February 13th. Two investment analysts have 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 currently has an average rating of “Hold” and an average target price of $162.68.

Insiders Place Their Bets

In other Reddit news, Director Mary Porter Gale sold 20,000 shares of the stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $169.71, for a total transaction of $3,394,200.00. Following the completion of the sale, the director now directly owns 26,309 shares of the company’s stock, valued at approximately $4,464,900.39. This trade represents a 43.19 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Benjamin Seong Lee sold 92,299 shares of the stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $157.35, for a total value of $14,523,247.65. Following the transaction, the insider now directly owns 115,001 shares of the company’s stock, valued at approximately $18,095,407.35. This trade represents a 44.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 503,794 shares of company stock valued at $78,350,874.

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.