Trek Financial LLC Acquires Shares of 5,570 Reddit, Inc. (NYSE:RDDT)

Trek Financial LLC bought a new position in Reddit, Inc. (NYSE:RDDT) in the fourth quarter, HoldingsChannel.com reports. The fund bought 5,570 shares of the company’s stock, valued at approximately $910,000.

A number of other hedge funds have also modified their holdings of the stock. FMR LLC boosted its stake in Reddit by 7.5% in the 4th quarter. FMR LLC now owns 13,070,780 shares of the company’s stock valued at $2,136,288,000 after buying an additional 913,189 shares in the last quarter. Russell Investments Group Ltd. lifted its holdings in shares of Reddit by 1,419.3% during the fourth quarter. Russell Investments Group Ltd. now owns 167,925 shares of the company’s stock valued at $27,573,000 after acquiring an additional 156,872 shares during the period. Envestnet Asset Management Inc. boosted its stake in shares of Reddit by 2,292.0% in the 4th quarter. Envestnet Asset Management Inc. now owns 81,736 shares of the company’s stock valued at $13,359,000 after purchasing an additional 78,319 shares in the last quarter. Wedbush Securities Inc. bought a new stake in shares of Reddit in the 4th quarter worth about $368,000. Finally, Katamaran Capital LLP acquired a new stake in shares of Reddit during the 4th quarter worth about $424,000.

Analysts Set New Price Targets

A number of equities analysts have commented on RDDT shares. Needham & Company LLC restated a “buy” rating and issued a $220.00 price target on shares of Reddit in a research report on Friday, March 21st. Wells Fargo & Company decreased their price target on Reddit from $215.00 to $158.00 and set an “overweight” rating on the stock in a research report on Monday, March 31st. Roth Mkm cut Reddit from a “buy” rating to a “neutral” rating and raised their price target for the company from $116.00 to $195.00 in a report on Wednesday, January 22nd. Bank of America boosted their price objective on Reddit from $180.00 to $190.00 and gave the stock a “neutral” rating in a research note on Thursday, February 13th. Finally, The Goldman Sachs Group lifted their price target on Reddit from $105.00 to $176.00 and gave the company a “neutral” rating in a report on Tuesday, January 14th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $163.00.

Insider Activity at Reddit

In other Reddit news, CTO Christopher Brian Slowe sold 11,000 shares of the firm’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $124.08, for a total transaction of $1,364,880.00. Following the sale, the chief technology officer now directly owns 281,213 shares in the company, valued at approximately $34,892,909.04. This trade represents a 3.76 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Steve Ladd Huffman sold 124,408 shares of the company’s stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $127.36, for a total transaction of $15,844,602.88. Following the completion of the transaction, the chief executive officer now owns 583,515 shares of the company’s stock, valued at $74,316,470.40. This trade represents a 17.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 603,794 shares of company stock worth $89,386,704 in the last quarter.

Reddit Trading Down 10.5 %

NYSE:RDDT opened at $86.72 on Monday. The firm has a market capitalization of $15.69 billion and a price-to-earnings ratio of -11.22. Reddit, Inc. has a 1-year low of $37.35 and a 1-year high of $230.41. The business’s 50-day moving average price is $157.86 and its two-hundred day moving average price is $139.25.

Reddit (NYSE:RDDT) last released 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%. Sell-side analysts predict that Reddit, Inc. will post 1.12 earnings per share for the current year.

Reddit 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.