Newbridge Financial Services Group Inc. Boosts Position in Reddit Inc. $RDDT

Newbridge Financial Services Group Inc. raised its holdings in shares of Reddit Inc. (NYSE:RDDT) by 863.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,769 shares of the company’s stock after buying an additional 4,274 shares during the period. Newbridge Financial Services Group Inc.’s holdings in Reddit were worth $1,097,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Raiffeisen Bank International AG purchased a new position in shares of Reddit in the 3rd quarter valued at $25,000. GW&K Investment Management LLC purchased a new stake in Reddit during the 3rd quarter worth $30,000. Cornerstone Planning Group LLC boosted its position in Reddit by 13,500.0% during the 3rd quarter. Cornerstone Planning Group LLC now owns 136 shares of the company’s stock worth $31,000 after purchasing an additional 135 shares during the period. Geneos Wealth Management Inc. increased its holdings in Reddit by 344.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock valued at $39,000 after purchasing an additional 286 shares in the last quarter. Finally, GAMMA Investing LLC raised its position in Reddit by 8,650.0% in the third quarter. GAMMA Investing LLC now owns 175 shares of the company’s stock valued at $40,000 after purchasing an additional 173 shares during the period.

Wall Street Analyst Weigh In

A number of brokerages have commented on RDDT. Piper Sandler restated an “overweight” rating and set a $205.00 price objective (down from $290.00) on shares of Reddit in a research note on Friday, February 6th. Evercore reiterated an “outperform” rating and set a $290.00 target price on shares of Reddit in a report on Friday, February 6th. China Renaissance assumed coverage on Reddit in a research report on Tuesday, December 9th. They set a “buy” rating and a $300.00 price target on the stock. UBS Group set a $265.00 price target on Reddit in a report on Tuesday, January 13th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $300.00 price objective on shares of Reddit in a research report on Friday, February 6th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $236.00.

Reddit Stock Performance

Shares of NYSE RDDT opened at $132.21 on Friday. Reddit Inc. has a 1 year low of $79.75 and a 1 year high of $282.95. The firm has a market cap of $25.26 billion, a price-to-earnings ratio of 50.46, a PEG ratio of 0.96 and a beta of 2.40. The stock’s 50-day simple moving average is $177.60 and its 200-day simple moving average is $205.03.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Thursday, February 5th. The company reported $1.24 EPS for the quarter, beating analysts’ consensus estimates of $0.96 by $0.28. The firm had revenue of $725.61 million during the quarter, compared to the consensus estimate of $665.80 million. Reddit had a return on equity of 20.89% and a net margin of 24.05%.Reddit’s revenue for the quarter was up 69.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.36 earnings per share. As a group, research analysts predict that Reddit Inc. will post 1.12 EPS for the current year.

Insider Activity at Reddit

In other news, insider Benjamin Seong Lee sold 5,575 shares of the firm’s stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $143.35, for a total transaction of $799,176.25. Following the completion of the sale, the insider owned 79,309 shares of the company’s stock, valued at approximately $11,368,945.15. This trade represents a 6.57% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Steve Ladd Huffman sold 18,000 shares of Reddit stock in a transaction on Friday, February 27th. The stock was sold at an average price of $145.12, for a total transaction of $2,612,160.00. Following the completion of the sale, the chief executive officer owned 411,195 shares of the company’s stock, valued at approximately $59,672,618.40. This trade represents a 4.19% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 433,335 shares of company stock worth $89,139,359 over the last ninety days. Company 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.