Reddit Inc. $RDDT Shares Bought by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC boosted its holdings in Reddit Inc. (NYSE:RDDT) by 95.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 16,139 shares of the company’s stock after acquiring an additional 7,881 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Reddit were worth $3,712,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Financial Perspectives Inc acquired a new stake in shares of Reddit during the second quarter worth $34,000. Geneos Wealth Management Inc. increased its stake in Reddit by 344.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock worth $39,000 after purchasing an additional 286 shares in the last quarter. GAMMA Investing LLC raised its holdings in Reddit by 8,650.0% during the 3rd quarter. GAMMA Investing LLC now owns 175 shares of the company’s stock worth $40,000 after buying an additional 173 shares during the period. Advisors Asset Management Inc. lifted its stake in Reddit by 68.2% during the second quarter. Advisors Asset Management Inc. now owns 365 shares of the company’s stock valued at $55,000 after buying an additional 148 shares in the last quarter. Finally, E Fund Management Hong Kong Co. Ltd. purchased a new stake in Reddit during the second quarter valued at about $76,000.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. JPMorgan Chase & Co. boosted their price target on shares of Reddit from $190.00 to $227.00 and gave the company a “neutral” rating in a report on Friday, October 31st. Royal Bank Of Canada reissued a “sector perform” rating on shares of Reddit in a research note on Wednesday, October 1st. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $236.00 target price on shares of Reddit in a research report on Tuesday, October 14th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $285.00 price target on shares of Reddit in a research report on Tuesday, January 20th. Finally, Citigroup raised their price objective on Reddit from $250.00 to $265.00 and gave the stock a “buy” rating in a research report on Monday, November 3rd. Two analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $245.18.

Insider Activity

In related news, CTO Christopher Brian Slowe sold 14,000 shares of Reddit stock in a transaction dated Thursday, January 22nd. The shares were sold at an average price of $212.61, for a total transaction of $2,976,540.00. Following the completion of the transaction, the chief technology officer directly owned 167,694 shares of the company’s stock, valued at $35,653,421.34. This trade represents a 7.71% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Andrew Vollero sold 3,674 shares of Reddit stock in a transaction on Tuesday, January 13th. The shares were sold at an average price of $261.21, for a total value of $959,685.54. Following the completion of the transaction, the chief financial officer owned 251,644 shares of the company’s stock, valued at approximately $65,731,929.24. The trade was a 1.44% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 523,511 shares of company stock valued at $114,370,884. 34.25% of the stock is owned by insiders.

Reddit Stock Down 3.3%

NYSE:RDDT opened at $189.88 on Wednesday. Reddit Inc. has a 12 month low of $79.75 and a 12 month high of $282.95. The firm has a market cap of $35.98 billion, a price-to-earnings ratio of 109.43, a P/E/G ratio of 1.48 and a beta of 2.17. The company’s 50 day moving average is $226.21 and its 200-day moving average is $214.33.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Thursday, October 30th. The company reported $0.80 EPS for the quarter, topping the consensus estimate of $0.50 by $0.30. Reddit had a return on equity of 14.94% and a net margin of 18.33%.The company had revenue of $584.91 million for the quarter, compared to the consensus estimate of $546.65 million. During the same period in the previous year, the business posted $0.16 EPS. The company’s revenue for the quarter was up 67.9% on a year-over-year basis. Research analysts predict that Reddit Inc. will post 1.12 EPS for the current fiscal year.

About Reddit

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.