Atria Wealth Solutions Inc. Invests $370,000 in Reddit, Inc. (NYSE:RDDT)

Atria Wealth Solutions Inc. bought a new position in Reddit, Inc. (NYSE:RDDT) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 2,261 shares of the company’s stock, valued at approximately $370,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Kornitzer Capital Management Inc. KS acquired a new stake in Reddit during the 4th quarter worth about $490,000. Pinnbrook Capital Management LP purchased a new position in shares of Reddit in the fourth quarter worth approximately $4,901,000. Truist Financial Corp raised its holdings in shares of Reddit by 86.6% during the fourth quarter. Truist Financial Corp now owns 7,476 shares of the company’s stock valued at $1,222,000 after acquiring an additional 3,469 shares during the period. CIBC Asset Management Inc acquired a new stake in shares of Reddit during the fourth quarter valued at approximately $472,000. Finally, Sanctuary Advisors LLC lifted its position in shares of Reddit by 188.4% in the 4th quarter. Sanctuary Advisors LLC now owns 6,315 shares of the company’s stock valued at $1,032,000 after acquiring an additional 4,125 shares in the last quarter.

Insiders Place Their Bets

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction on Friday, January 31st. The shares were sold at an average price of $201.96, for a total transaction of $2,827,440.00. Following the completion of the transaction, the chief executive officer now directly owns 614,394 shares in the company, valued at $124,083,012.24. This represents a 2.23 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Mary Porter Gale sold 20,000 shares of the stock in a transaction on Friday, February 21st. The shares were 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 275,122 shares of company stock valued at $48,022,530 in the last quarter.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the stock. Citigroup reiterated a “neutral” rating on shares of Reddit in a research report on Thursday, February 13th. Roth Mkm lowered Reddit from a “buy” rating to a “neutral” rating and upped their price target for the company from $116.00 to $195.00 in a research report on Wednesday, January 22nd. Piper Sandler raised their price objective on Reddit from $210.00 to $220.00 and gave the stock an “overweight” rating in a research report on Friday, February 21st. Robert W. Baird lifted their target price on Reddit from $160.00 to $185.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th. Finally, Seaport Res Ptn raised shares of Reddit to a “hold” rating in a research report on Thursday, February 6th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Reddit has a consensus rating of “Moderate Buy” and an average target price of $175.95.

Reddit Stock Performance

RDDT opened at $159.45 on Friday. The stock has a 50-day moving average of $183.75 and a 200-day moving average of $126.22. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $230.41. The company has a market cap of $28.84 billion and a PE ratio of -20.63.

Reddit (NYSE:RDDT) last released its quarterly earnings results 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 net margin of 37.25% and a negative return on equity of 24.71%. On average, research analysts predict that Reddit, Inc. will post 1.12 earnings per share for the current year.

About Reddit

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.