Park Avenue Securities LLC Invests $993,000 in Reddit, Inc. (NYSE:RDDT)

Park Avenue Securities LLC acquired a new position in shares of Reddit, Inc. (NYSE:RDDT) in the 4th quarter, according to its most recent disclosure with the SEC. The fund acquired 6,073 shares of the company’s stock, valued at approximately $993,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Ridgewood Investments LLC raised its holdings in shares of Reddit by 100.0% in the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock valued at $33,000 after buying an additional 100 shares during the last quarter. Whittier Trust Co. purchased a new position in Reddit during the third quarter worth about $42,000. AdvisorNet Financial Inc raised its holdings in Reddit by 41.9% during the fourth quarter. AdvisorNet Financial Inc now owns 681 shares of the company’s stock worth $111,000 after purchasing an additional 201 shares in the last quarter. Daiwa Securities Group Inc. purchased a new position in Reddit in the third quarter valued at about $85,000. Finally, SOA Wealth Advisors LLC. increased its holdings in Reddit by 56.3% in the third quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company’s stock valued at $126,000 after buying an additional 691 shares in the last quarter.

Wall Street Analyst Weigh In

Several research firms have recently commented on RDDT. Piper Sandler increased their price target on shares of Reddit from $150.00 to $197.00 and gave the company an “overweight” rating in a research report on Tuesday, January 14th. Bank of America increased their price target on shares of Reddit from $99.00 to $180.00 and gave the stock a “neutral” rating in a research note on Wednesday, January 8th. Wells Fargo & Company started coverage on shares of Reddit in a research note on Wednesday, December 11th. They issued an “overweight” rating and a $206.00 target price on the stock. Guggenheim started coverage on shares of Reddit in a research note on Friday, December 20th. They issued a “buy” rating and a $210.00 target price on the stock. Finally, JMP Securities lifted their price target on shares of Reddit from $118.00 to $160.00 and gave the stock a “market outperform” rating in a research note on Monday, November 25th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, fourteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Reddit presently has a consensus rating of “Moderate Buy” and a consensus price target of $148.25.

Reddit Trading Up 0.4 %

Shares of NYSE:RDDT opened at $175.57 on Tuesday. The firm’s 50 day simple moving average is $158.06 and its 200 day simple moving average is $100.81. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $187.69.

Reddit (NYSE:RDDT) last announced its earnings results on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, topping the consensus estimate of ($0.07) by $0.23. The firm had revenue of $348.40 million for the quarter, compared to the consensus estimate of $313.61 million. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. Reddit’s revenue for the quarter was up 67.9% compared to the same quarter last year. Sell-side analysts predict that Reddit, Inc. will post -3.46 EPS for the current year.

Insider Activity at Reddit

In related news, Director Mary Porter Gale sold 5,000 shares of the business’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $114.40, for a total value of $572,000.00. Following the completion of the transaction, the director now owns 46,459 shares of the company’s stock, valued at $5,314,909.60. The trade was a 9.72 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Jennifer L. Wong sold 33,333 shares of Reddit stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $176.23, for a total value of $5,874,274.59. Following the completion of the transaction, the chief operating officer now owns 1,504,297 shares in the company, valued at approximately $265,102,260.31. This represents a 2.17 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 226,023 shares of company stock valued at $33,730,955.

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.