Farther Finance Advisors LLC Has $40,000 Stock Holdings in Reddit, Inc. (NYSE:RDDT)

Farther Finance Advisors LLC grew its stake in shares of Reddit, Inc. (NYSE:RDDT) by 148.5% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 246 shares of the company’s stock after acquiring an additional 147 shares during the quarter. Farther Finance Advisors LLC’s holdings in Reddit were worth $40,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Jennison Associates LLC bought a new stake in shares of Reddit during the 4th quarter valued at $494,861,000. Renaissance Capital LLC lifted its position in shares of Reddit by 14.2% during the 4th quarter. Renaissance Capital LLC now owns 31,236 shares of the company’s stock valued at $5,105,000 after acquiring an additional 3,892 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of Reddit by 27.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 642,456 shares of the company’s stock valued at $105,003,000 after acquiring an additional 139,135 shares during the period. Assetmark Inc. lifted its position in shares of Reddit by 1,537,566.7% during the 4th quarter. Assetmark Inc. now owns 46,130 shares of the company’s stock valued at $7,539,000 after acquiring an additional 46,127 shares during the period. Finally, Wellington Management Group LLP lifted its position in shares of Reddit by 3,640.5% during the 3rd quarter. Wellington Management Group LLP now owns 255,325 shares of the company’s stock valued at $16,831,000 after acquiring an additional 248,499 shares during the period.

Analyst Ratings Changes

RDDT has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. upped their target price on Reddit from $142.00 to $185.00 and gave the company a “neutral” rating in a research report on Thursday, February 13th. Morgan Stanley upped their price objective on Reddit from $200.00 to $210.00 and gave the stock an “overweight” rating in a research report on Thursday, February 13th. Bank of America upped their price objective on Reddit from $180.00 to $190.00 and gave the stock a “neutral” rating in a research report on Thursday, February 13th. Raymond James dropped their price objective on Reddit from $250.00 to $200.00 and set a “strong-buy” rating for the company in a research report on Wednesday, March 12th. Finally, Roth Capital downgraded Reddit from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 22nd. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $162.68.

Reddit Price Performance

NYSE RDDT opened at $115.46 on Monday. The business has a 50 day simple moving average of $171.19 and a 200 day simple moving average of $135.71. Reddit, Inc. has a one year low of $37.35 and a one year high of $230.41. The stock has a market capitalization of $20.89 billion and a P/E ratio of -14.94.

Reddit (NYSE:RDDT) last released its earnings results on Wednesday, February 12th. The company reported $0.36 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%. Equities analysts expect that Reddit, Inc. will post 1.12 earnings per share for the current year.

Insiders Place Their Bets

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction that occurred on Tuesday, December 31st. The stock was sold at an average price of $165.33, for a total value of $2,314,620.00. Following the transaction, the chief executive officer now owns 614,394 shares in the company, valued at approximately $101,577,760.02. This represents a 2.23 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Jennifer L. Wong sold 33,334 shares of the stock in a transaction that occurred on Thursday, January 16th. The stock was sold at an average price of $173.93, for a total value of $5,797,782.62. Following the completion of the transaction, the chief operating officer now owns 1,504,297 shares in the company, valued at approximately $261,642,377.21. The trade was a 2.17 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 492,794 shares of company stock worth $76,482,524.

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.