IFP Advisors Inc Purchases New Shares in Reddit, Inc. (NYSE:RDDT)

IFP Advisors Inc purchased a new stake in Reddit, Inc. (NYSE:RDDT) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 459 shares of the company’s stock, valued at approximately $75,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of RDDT. FMR LLC raised its position in Reddit by 302.8% in the 3rd quarter. FMR LLC now owns 12,157,591 shares of the company’s stock valued at $801,428,000 after purchasing an additional 9,139,196 shares during the last quarter. Jennison Associates LLC purchased a new stake in Reddit in the 4th quarter valued at $494,861,000. Point72 Asset Management L.P. raised its position in Reddit by 3,172.0% in the 3rd quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock valued at $151,357,000 after purchasing an additional 2,225,895 shares during the last quarter. Holocene Advisors LP raised its position in Reddit by 177.6% in the 3rd quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock valued at $198,154,000 after purchasing an additional 1,923,109 shares during the last quarter. Finally, Lord Abbett & CO. LLC raised its position in Reddit by 1,519.4% in the 3rd quarter. Lord Abbett & CO. LLC now owns 1,650,362 shares of the company’s stock valued at $108,792,000 after purchasing an additional 1,548,450 shares during the last quarter.

Reddit Trading Up 5.8 %

Shares of NYSE RDDT opened at $168.39 on Thursday. The stock has a market cap of $30.46 billion and a price-to-earnings ratio of -21.78. Reddit, Inc. has a 52 week low of $37.35 and a 52 week high of $230.41. The company’s 50-day moving average price is $182.91 and its 200 day moving average price is $129.76.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, topping 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%. As a group, research analysts expect that Reddit, Inc. will post 1.12 earnings per share for the current year.

Insider Transactions at Reddit

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $160.30, for a total value of $2,244,200.00. Following the sale, the chief executive officer now directly owns 597,515 shares of the company’s stock, valued at approximately $95,781,654.50. This trade represents a 2.29 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Andrew Vollero sold 48,122 shares of the firm’s stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $162.80, for a total transaction of $7,834,261.60. Following the completion of the sale, the chief financial officer now directly owns 599,295 shares in the company, valued at $97,565,226. This represents a 7.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 289,122 shares of company stock worth $50,266,730 over the last ninety days.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. Needham & Company LLC upped their price objective on shares of Reddit from $190.00 to $220.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. Robert W. Baird upped their price objective on shares of Reddit from $160.00 to $185.00 and gave the stock a “neutral” rating in a research report on Thursday, February 13th. Roth Capital downgraded shares of Reddit from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 22nd. Raymond James upped their price objective on shares of Reddit from $200.00 to $250.00 and gave the stock a “strong-buy” rating in a research report on Monday, February 10th. Finally, Loop Capital upped their price objective on shares of Reddit from $180.00 to $210.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Reddit presently has a consensus rating of “Moderate Buy” and an average target price of $175.95.

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.