Lido Advisors LLC Takes Position in Reddit Inc. $RDDT

Lido Advisors LLC bought a new stake in shares of Reddit Inc. (NYSE:RDDT) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 5,804 shares of the company’s stock, valued at approximately $1,334,000.

Several other large investors also recently added to or reduced their stakes in the business. CIBC Asset Management Inc grew its position in Reddit by 52.2% during the fourth quarter. CIBC Asset Management Inc now owns 5,675 shares of the company’s stock valued at $1,305,000 after buying an additional 1,947 shares during the period. Mccarter Private Wealth Services LLC bought a new stake in Reddit during the fourth quarter valued at approximately $545,000. Bridges Investment Management Inc. bought a new stake in Reddit during the fourth quarter valued at approximately $347,000. Natixis Advisors LLC bought a new stake in Reddit during the fourth quarter valued at approximately $2,465,000. Finally, Florida Financial Advisors LLC grew its position in Reddit by 6.7% during the fourth quarter. Florida Financial Advisors LLC now owns 1,087 shares of the company’s stock valued at $250,000 after buying an additional 68 shares during the period.

Insider Buying and Selling at Reddit

In other Reddit news, COO Jennifer L. Wong sold 39,167 shares of Reddit stock in a transaction that occurred on Thursday, April 16th. The shares were sold at an average price of $161.47, for a total transaction of $6,324,295.49. Following the transaction, the chief operating officer owned 1,088,451 shares of the company’s stock, valued at $175,752,182.97. The trade was a 3.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Steve Ladd Huffman sold 18,000 shares of the business’s stock in a transaction on Tuesday, March 31st. The stock was sold at an average price of $132.77, for a total transaction of $2,389,860.00. Following the completion of the transaction, the chief executive officer directly owned 411,195 shares in the company, valued at $54,594,360.15. This trade represents a 4.19% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 250,499 shares of company stock valued at $38,515,283 over the last 90 days. 28.48% of the stock is currently owned by corporate insiders.

Reddit Price Performance

Shares of NYSE:RDDT opened at $178.62 on Wednesday. Reddit Inc. has a 1-year low of $110.85 and a 1-year high of $282.95. The company has a market capitalization of $34.39 billion, a P/E ratio of 51.03 and a beta of 1.91. The firm’s 50 day simple moving average is $155.13 and its two-hundred day simple moving average is $177.12.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Thursday, April 30th. The company reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.39. Reddit had a net margin of 28.60% and a return on equity of 25.48%. The business had revenue of $663.41 million for the quarter, compared to the consensus estimate of $607.74 million. During the same quarter in the previous year, the firm earned $0.13 earnings per share. The company’s revenue for the quarter was up 69.1% on a year-over-year basis. On average, sell-side analysts anticipate that Reddit Inc. will post 4.83 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Loop Capital restated a “buy” rating and set a $260.00 target price on shares of Reddit in a research report on Thursday, June 4th. Rothschild & Co Redburn set a $110.00 target price on shares of Reddit in a research report on Monday, April 27th. Wells Fargo & Company boosted their target price on shares of Reddit from $149.00 to $176.00 and gave the company an “equal weight” rating in a research report on Friday, May 1st. Wall Street Zen lowered shares of Reddit from a “buy” rating to a “hold” rating in a research report on Sunday, May 10th. Finally, Citizens Jmp cut their target price on shares of Reddit from $250.00 to $240.00 and set a “market outperform” rating for the company in a research report on Friday, May 1st. Eighteen equities research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $230.75.

Reddit Profile

Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called “subreddits,” each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.