Watts Gwilliam & Co. LLC Invests $337,000 in Reddit, Inc. (NYSE:RDDT)

Watts Gwilliam & Co. LLC bought a new position in Reddit, Inc. (NYSE:RDDT) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,955 shares of the company’s stock, valued at approximately $337,000.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. FMR LLC lifted its holdings in shares of Reddit by 302.8% during the third quarter. FMR LLC now owns 12,157,591 shares of the company’s stock worth $801,428,000 after purchasing an additional 9,139,196 shares during the period. VY Capital Management Co. Ltd. acquired a new stake in Reddit in the third quarter valued at $474,403,000. Point72 Asset Management L.P. increased its holdings in Reddit by 3,172.0% in the third 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 period. Holocene Advisors LP increased its holdings in Reddit by 177.6% in the third 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 period. Finally, Lord Abbett & CO. LLC increased its holdings in Reddit by 1,519.4% in the third 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 period.

Insider Buying and Selling at Reddit

In other news, COO Jennifer L. Wong sold 33,334 shares of Reddit stock in a transaction on Wednesday, October 16th. The shares were sold at an average price of $76.27, for a total transaction of $2,542,384.18. Following the completion of the sale, the chief operating officer now directly owns 1,542,457 shares of the company’s stock, valued at approximately $117,643,195.39. The trade was a 2.12 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $75.43, for a total transaction of $1,056,020.00. Following the sale, the chief executive officer now directly owns 651,775 shares of the company’s stock, valued at $49,163,388.25. This represents a 2.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 264,357 shares of company stock valued at $35,297,700 in the last three months.

Reddit Trading Down 2.6 %

Reddit stock opened at $167.48 on Friday. Reddit, Inc. has a 1-year low of $37.35 and a 1-year high of $187.69. The firm has a 50 day simple moving average of $153.44 and a 200 day simple moving average of $96.74.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, beating the consensus estimate of ($0.07) by $0.23. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The firm had revenue of $348.40 million during the quarter, compared to the consensus estimate of $313.61 million. Reddit’s revenue was up 67.9% on a year-over-year basis. Analysts anticipate that Reddit, Inc. will post -3.46 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on RDDT. The Goldman Sachs Group increased their price objective on Reddit from $60.00 to $68.00 and gave the company a “neutral” rating in a report on Monday, October 14th. Citigroup upped their price target on shares of Reddit from $120.00 to $200.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Roth Mkm increased their price objective on shares of Reddit from $89.00 to $116.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Loop Capital increased their price objective on shares of Reddit from $120.00 to $180.00 and gave the stock a “buy” rating in a research report on Monday, December 2nd. Finally, JPMorgan Chase & Co. raised their price target on shares of Reddit from $59.00 to $77.00 and gave the company a “neutral” rating in a research report on Monday, October 7th. One research analyst has rated the stock with a sell rating, five have given a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Reddit presently has a consensus rating of “Moderate Buy” and a consensus price target of $136.75.

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.