Summit Trail Advisors LLC Buys New Stake in Reddit, Inc. (NYSE:RDDT)

Summit Trail Advisors LLC purchased a new position in shares of Reddit, Inc. (NYSE:RDDT) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 1,376 shares of the company’s stock, valued at approximately $225,000.

A number of other institutional investors have also modified their holdings of RDDT. Ridgewood Investments LLC grew its holdings in Reddit by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after acquiring an additional 100 shares during the period. Farmers & Merchants Investments Inc. purchased a new stake in Reddit in the 4th quarter worth approximately $33,000. Spire Wealth Management acquired a new stake in shares of Reddit during the 4th quarter worth approximately $35,000. Whittier Trust Co. purchased a new position in shares of Reddit during the 3rd quarter valued at approximately $42,000. Finally, Blue Trust Inc. acquired a new position in shares of Reddit in the 4th quarter valued at $59,000.

Analyst Upgrades and Downgrades

Several research firms recently commented on RDDT. Raymond James raised their price target on shares of Reddit from $200.00 to $250.00 and gave the company a “strong-buy” rating in a research report on Monday. Bank of America raised their target price on Reddit from $99.00 to $180.00 and gave the company a “neutral” rating in a research report on Wednesday, January 8th. Jefferies Financial Group lifted their price target on Reddit from $120.00 to $175.00 and gave the company a “buy” rating in a research note on Monday, November 25th. JMP Securities increased their price target on Reddit from $160.00 to $190.00 and gave the stock a “market outperform” rating in a research report on Monday, January 27th. Finally, Loop Capital boosted their price objective on Reddit from $120.00 to $180.00 and gave the company a “buy” rating in a research report on Monday, December 2nd. One analyst has rated the stock with a sell rating, eight have given a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $162.20.

Insider Buying and Selling at Reddit

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $125.98, for a total value of $1,763,720.00. Following the completion of the sale, the chief executive officer now owns 651,775 shares of the company’s stock, valued at $82,110,614.50. This represents a 2.10 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, COO Jennifer L. Wong sold 33,333 shares of the 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. The trade was a 2.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 259,357 shares of company stock worth $41,121,108 in the last three months.

Reddit Stock Performance

RDDT opened at $216.96 on Thursday. Reddit, Inc. has a twelve month low of $37.35 and a twelve month high of $230.41. The firm’s 50-day moving average price is $179.35 and its 200 day moving average price is $116.59.

Reddit (NYSE:RDDT) last issued its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.12. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. As a group, sell-side analysts predict that Reddit, Inc. will post -3.45 earnings per share for the current year.

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.