Steward Partners Investment Advisory LLC Has $177,000 Stock Holdings in Reddit, Inc. (NYSE:RDDT)

Steward Partners Investment Advisory LLC lifted its stake in shares of Reddit, Inc. (NYSE:RDDT) by 29.0% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,086 shares of the company’s stock after purchasing an additional 244 shares during the period. Steward Partners Investment Advisory LLC’s holdings in Reddit were worth $177,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of RDDT. Plato Investment Management Ltd acquired a new stake in shares of Reddit during the fourth quarter worth $27,000. Ridgewood Investments LLC raised its position in shares of Reddit by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after purchasing an additional 100 shares during the period. Farmers & Merchants Investments Inc. acquired a new stake in shares of Reddit during the fourth quarter worth $33,000. Bogart Wealth LLC acquired a new stake in shares of Reddit during the fourth quarter worth $33,000. Finally, Spire Wealth Management acquired a new stake in shares of Reddit during the fourth quarter worth $35,000.

Reddit Stock Performance

RDDT opened at $127.71 on Friday. The company has a market cap of $23.10 billion and a PE ratio of -16.52. The stock has a 50-day moving average of $177.06 and a 200-day moving average of $133.22. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $230.41.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. On average, research analysts predict that Reddit, Inc. will post 1.12 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on RDDT shares. Roth Capital lowered Reddit from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 22nd. JPMorgan Chase & Co. upped their price target on Reddit from $142.00 to $185.00 and gave the company a “neutral” rating in a research report on Thursday, February 13th. Wells Fargo & Company upped their price target on Reddit from $206.00 to $215.00 and gave the company an “overweight” rating in a research report on Thursday, February 13th. Jefferies Financial Group upped their price target on Reddit from $120.00 to $175.00 and gave the company a “buy” rating in a research report on Monday, November 25th. Finally, Morgan Stanley upped their price target on Reddit from $200.00 to $210.00 and gave the company an “overweight” rating in a research report on Thursday, February 13th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Reddit has a consensus rating of “Moderate Buy” and an average price target of $173.45.

Insider Activity at Reddit

In other Reddit news, CAO Michelle Marie Reynolds sold 11,965 shares of the company’s stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $157.41, for a total value of $1,883,410.65. Following the completion of the transaction, the chief accounting officer now owns 48,418 shares of the company’s stock, valued at $7,621,477.38. This represents a 19.82 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $176.20, for a total value of $2,466,800.00. Following the completion of the transaction, the chief executive officer now directly owns 620,971 shares of the company’s stock, valued at approximately $109,415,090.20. This trade represents a 2.20 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 393,386 shares of company stock worth $66,673,388 in the last 90 days.

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.