Optimize Financial Inc Makes New Investment in Reddit Inc. $RDDT

Optimize Financial Inc bought a new stake in shares of Reddit Inc. (NYSE:RDDT) during the 3rd quarter, Holdings Channel.com reports. The institutional investor bought 6,176 shares of the company’s stock, valued at approximately $1,420,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. NewEdge Advisors LLC increased its stake in Reddit by 143.3% during the first quarter. NewEdge Advisors LLC now owns 7,982 shares of the company’s stock worth $837,000 after acquiring an additional 4,701 shares during the last quarter. Empowered Funds LLC bought a new position in shares of Reddit during the 1st quarter valued at approximately $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Reddit by 106.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 216,960 shares of the company’s stock valued at $22,759,000 after buying an additional 111,780 shares during the period. Focus Partners Wealth raised its holdings in Reddit by 40.8% during the 1st quarter. Focus Partners Wealth now owns 10,224 shares of the company’s stock valued at $1,073,000 after buying an additional 2,965 shares during the period. Finally, Geneos Wealth Management Inc. lifted its position in Reddit by 344.6% in the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock worth $39,000 after buying an additional 286 shares during the last quarter.

Reddit Price Performance

Shares of RDDT opened at $165.22 on Wednesday. The firm has a market capitalization of $31.31 billion, a price-to-earnings ratio of 94.95, a PEG ratio of 1.23 and a beta of 2.17. Reddit Inc. has a 1-year low of $79.75 and a 1-year high of $282.95. The company has a 50-day moving average of $224.97 and a 200 day moving average of $215.59.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Piper Sandler reiterated an “overweight” rating on shares of Reddit in a research report on Monday, December 1st. Wall Street Zen cut shares of Reddit from a “buy” rating to a “hold” rating in a research note on Saturday, January 10th. Roth Mkm increased their price objective on shares of Reddit from $210.00 to $215.00 and gave the stock a “neutral” rating in a research report on Friday. Zacks Research downgraded shares of Reddit from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 26th. Finally, Sanford C. Bernstein boosted their target price on Reddit from $190.00 to $210.00 and gave the company a “market perform” rating in a research report on Friday, October 31st. Two analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Reddit presently has an average rating of “Moderate Buy” and an average target price of $245.36.

Insider Activity

In related news, insider Benjamin Seong Lee sold 3,320 shares of the business’s stock in a transaction that occurred on Friday, January 9th. The stock was sold at an average price of $260.22, for a total value of $863,930.40. Following the completion of the sale, the insider owned 62,608 shares in the company, valued at approximately $16,291,853.76. The trade was a 5.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Jennifer L. Wong sold 27,159 shares of the stock in a transaction that occurred on Tuesday, January 20th. The stock was sold at an average price of $225.73, for a total value of $6,130,601.07. Following the completion of the transaction, the chief operating officer directly owned 1,157,369 shares in the company, valued at approximately $261,252,904.37. This trade represents a 2.29% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 523,511 shares of company stock valued at $114,237,285. Insiders own 34.25% of the company’s stock.

Reddit Company 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.