Brooklyn FI LLC Makes New $303.08 Million Investment in Reddit, Inc. (NYSE:RDDT)

Brooklyn FI LLC bought a new stake in Reddit, Inc. (NYSE:RDDT) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 1,854,394 shares of the company’s stock, valued at approximately $303,082,000. Reddit comprises 1.6% of Brooklyn FI LLC’s investment portfolio, making the stock its 21st largest position. Brooklyn FI LLC owned 1.06% of Reddit at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in RDDT. Plato Investment Management Ltd purchased a new position in Reddit during the 4th quarter worth $27,000. EverSource Wealth Advisors LLC acquired a new stake in shares of Reddit during the fourth quarter worth about $28,000. Ridgewood Investments LLC grew its holdings in shares of Reddit by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after buying an additional 100 shares during the last quarter. Farmers & Merchants Investments Inc. acquired a new position in Reddit in the 4th quarter valued at about $33,000. Finally, Bogart Wealth LLC purchased a new stake in Reddit during the 4th quarter valued at approximately $33,000.

Insider Buying and Selling at Reddit

In other Reddit news, CTO Christopher Brian Slowe sold 11,000 shares of the company’s stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $169.85, for a total value of $1,868,350.00. Following the transaction, the chief technology officer now directly owns 324,837 shares in the company, valued at approximately $55,173,564.45. This represents a 3.28 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction dated Friday, January 31st. The stock was sold at an average price of $201.96, for a total transaction of $2,827,440.00. Following the sale, the chief executive officer now owns 614,394 shares of the company’s stock, valued at approximately $124,083,012.24. This trade represents a 2.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 470,461 shares of company stock worth $74,176,916.

Wall Street Analyst Weigh In

Several brokerages have weighed in on RDDT. The Goldman Sachs Group lifted their target price on Reddit from $105.00 to $176.00 and gave the company a “neutral” rating in a research note on Tuesday, January 14th. B. Riley lifted their price objective on shares of Reddit from $112.00 to $187.00 and gave the company a “buy” rating in a research report on Tuesday, January 14th. Jefferies Financial Group upped their price objective on shares of Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. Wells Fargo & Company lifted their target price on shares of Reddit from $206.00 to $215.00 and gave the company an “overweight” rating in a report on Thursday, February 13th. Finally, Raymond James cut their price target on shares of Reddit from $250.00 to $200.00 and set a “strong-buy” rating for the company in a report on Wednesday, March 12th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Reddit has an average rating of “Hold” and an average target price of $164.50.

Reddit Stock Down 12.4 %

Reddit stock opened at $110.02 on Wednesday. The firm has a market capitalization of $19.90 billion and a PE ratio of -14.23. Reddit, Inc. has a 52 week low of $37.35 and a 52 week high of $230.41. The firm’s 50-day simple moving average is $174.74 and its 200 day simple moving average is $134.59.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.12. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. On average, research analysts expect that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

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.