StoneCrest Wealth Management Inc. Has $1.37 Million Holdings in Reddit, Inc. (NYSE:RDDT)

StoneCrest Wealth Management Inc. raised its holdings in Reddit, Inc. (NYSE:RDDT) by 22.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 8,406 shares of the company’s stock after acquiring an additional 1,560 shares during the period. StoneCrest Wealth Management Inc.’s holdings in Reddit were worth $1,374,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of the business. Renaissance Technologies LLC acquired a new position in Reddit in the 2nd quarter worth $13,411,000. Hsbc Holdings PLC bought a new position in shares of Reddit during the second quarter worth about $203,000. Marshall Wace LLP raised its position in Reddit by 117.2% in the 2nd quarter. Marshall Wace LLP now owns 847,929 shares of the company’s stock valued at $54,174,000 after buying an additional 457,588 shares during the last quarter. Alight Capital Management LP bought a new stake in Reddit in the 2nd quarter valued at approximately $3,194,000. Finally, Maverick Capital Ltd. boosted its position in Reddit by 147.4% during the 2nd quarter. Maverick Capital Ltd. now owns 742,145 shares of the company’s stock worth $47,416,000 after acquiring an additional 442,145 shares during the last quarter.

Reddit Trading Up 2.4 %

NYSE RDDT opened at $174.81 on Friday. Reddit, Inc. has a 1-year low of $37.35 and a 1-year high of $187.69. The company has a 50 day moving average of $156.38 and a 200-day moving average of $99.15.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates 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 company had revenue of $348.40 million during the quarter, compared to the consensus estimate of $313.61 million. The business’s revenue for the quarter was up 67.9% on a year-over-year basis. Sell-side analysts expect that Reddit, Inc. will post -3.46 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently weighed in on RDDT. Needham & Company LLC raised their price objective on Reddit from $120.00 to $190.00 and gave the company a “buy” rating in a report on Wednesday, December 11th. Wells Fargo & Company assumed coverage on Reddit in a research note on Wednesday, December 11th. They set an “overweight” rating and a $206.00 price objective on the stock. Raymond James raised their target price on shares of Reddit from $70.00 to $80.00 and gave the company a “strong-buy” rating in a research note on Thursday, October 10th. Jefferies Financial Group lifted their price objective on shares of Reddit from $120.00 to $175.00 and gave the company a “buy” rating in a research report on Monday, November 25th. Finally, Piper Sandler upped their target price on shares of Reddit from $150.00 to $197.00 and gave the company an “overweight” rating in a report on Tuesday. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Reddit presently has a consensus rating of “Moderate Buy” and an average target price of $148.25.

Insider Activity at Reddit

In other news, COO Jennifer L. Wong sold 33,333 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The stock was sold at an average price of $128.13, for a total value of $4,270,957.29. Following the completion of the transaction, the chief operating officer now owns 1,542,457 shares of the company’s stock, valued at $197,635,015.41. This represents a 2.12 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction on Friday, November 1st. The stock was sold at an average price of $113.13, for a total transaction of $1,583,820.00. Following the transaction, the chief executive officer now owns 651,775 shares in the company, valued at approximately $73,735,305.75. This trade represents a 2.10 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 217,023 shares of company stock valued at $31,699,295 over the last ninety days.

Reddit Company Profile

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.