StoneCrest Wealth Management Inc. Raises Stock Holdings in Reddit, Inc. (NYSE:RDDT)

StoneCrest Wealth Management Inc. grew its stake in shares of Reddit, Inc. (NYSE:RDDT) by 2.6% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,846 shares of the company’s stock after buying an additional 176 shares during the period. StoneCrest Wealth Management Inc.’s holdings in Reddit were worth $451,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. DekaBank Deutsche Girozentrale purchased a new stake in Reddit in the 1st quarter worth $7,363,000. Commonwealth Equity Services LLC bought a new position in shares of Reddit in the first quarter worth about $1,111,000. BNP Paribas Financial Markets purchased a new stake in shares of Reddit during the first quarter worth about $37,000. Vanguard Group Inc. bought a new stake in Reddit during the 1st quarter valued at approximately $82,167,000. Finally, Maverick Capital Ltd. raised its stake in Reddit by 147.4% during the 2nd quarter. Maverick Capital Ltd. now owns 742,145 shares of the company’s stock valued at $47,416,000 after purchasing an additional 442,145 shares during the period.

Insider Activity at Reddit

In other Reddit news, Director Mary Porter Gale sold 15,000 shares of the firm’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $52.73, for a total value of $790,950.00. Following the completion of the sale, the director now owns 101,459 shares of the company’s stock, valued at $5,349,933.07. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $53.98, for a total value of $755,720.00. Following the transaction, the chief executive officer now directly owns 672,352 shares in the company, valued at $36,293,560.96. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Mary Porter Gale sold 15,000 shares of the firm’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $52.73, for a total transaction of $790,950.00. Following the transaction, the director now directly owns 101,459 shares in the company, valued at approximately $5,349,933.07. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 337,993 shares of company stock worth $19,517,419.

Analyst Ratings Changes

A number of equities research analysts have issued reports on RDDT shares. Roth Mkm cut their price objective on shares of Reddit from $67.00 to $66.00 and set a “buy” rating for the company in a report on Wednesday, August 7th. Bank of America upped their target price on shares of Reddit from $57.00 to $60.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Jefferies Financial Group began coverage on shares of Reddit in a report on Wednesday. They issued a “buy” rating and a $90.00 price target on the stock. Cannonball Research assumed coverage on shares of Reddit in a report on Tuesday, August 6th. They set a “buy” rating and a $67.00 price objective for the company. Finally, B. Riley initiated coverage on Reddit in a research report on Friday, September 20th. They set a “buy” rating and a $75.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, ten have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $69.00.

Reddit Price Performance

NYSE RDDT opened at $70.78 on Wednesday. The business’s 50 day moving average price is $60.13 and its 200-day moving average price is $57.90. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $78.08.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.25. The firm had revenue of $281.20 million for the quarter, compared to the consensus estimate of $253.86 million. The company’s revenue was up 53.6% on a year-over-year basis. During the same quarter last year, the firm earned ($0.70) EPS. On average, equities research analysts expect that Reddit, Inc. will post -4.13 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.