Trivest Advisors Ltd Grows Stock Holdings in Reddit, Inc. (NYSE:RDDT)

Trivest Advisors Ltd raised its position in Reddit, Inc. (NYSE:RDDT) by 976.7% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 430,680 shares of the company’s stock after acquiring an additional 390,680 shares during the period. Reddit makes up 3.2% of Trivest Advisors Ltd’s investment portfolio, making the stock its 11th largest holding. Trivest Advisors Ltd owned 0.25% of Reddit worth $70,390,000 at the end of the most recent quarter.

A number of other large investors have also modified their holdings of RDDT. Plato Investment Management Ltd acquired a new stake in Reddit in the 4th quarter worth about $27,000. EverSource Wealth Advisors LLC acquired a new position in shares of Reddit in the fourth quarter worth about $28,000. Ridgewood Investments LLC grew its position 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 in the last quarter. Farmers & Merchants Investments Inc. bought a new position in Reddit during the 4th quarter worth approximately $33,000. Finally, Bogart Wealth LLC acquired a new position in Reddit in the fourth quarter worth $33,000.

Insider Activity at Reddit

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction on Tuesday, December 31st. The stock was sold at an average price of $165.33, for a total transaction of $2,314,620.00. Following the transaction, the chief executive officer now owns 614,394 shares in the company, valued at approximately $101,577,760.02. This trade represents a 2.23 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Michelle Marie Reynolds sold 11,965 shares of the business’s stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $157.41, for a total transaction of $1,883,410.65. Following the completion of the transaction, the chief accounting officer now directly owns 48,418 shares of the company’s stock, valued at $7,621,477.38. This trade represents a 19.82 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 470,461 shares of company stock worth $74,176,916.

Wall Street Analyst Weigh In

RDDT has been the subject of several recent research reports. Needham & Company LLC upped their price target on shares of Reddit from $190.00 to $220.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. Roth Mkm cut Reddit from a “buy” rating to a “neutral” rating and raised their target price for the company from $116.00 to $195.00 in a research note on Wednesday, January 22nd. B. Riley boosted their price objective on Reddit from $112.00 to $187.00 and gave the stock a “buy” rating in a report on Tuesday, January 14th. Guggenheim initiated coverage on Reddit in a report on Friday, December 20th. They issued a “buy” rating and a $210.00 target price on the stock. Finally, Jefferies Financial Group lifted their price objective on Reddit from $120.00 to $175.00 and gave the company a “buy” rating in a research report on Monday, November 25th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $164.50.

Reddit Stock Down 12.4 %

Shares of RDDT stock opened at $110.02 on Wednesday. Reddit, Inc. has a 52 week low of $37.35 and a 52 week high of $230.41. The firm has a market capitalization of $19.90 billion and a price-to-earnings ratio of -14.23. The stock has a fifty day moving average of $174.74 and a 200 day moving average of $134.59.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.12. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. Equities research analysts anticipate that Reddit, Inc. will post 1.12 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.