Reddit, Inc. (NYSE:RDDT) Shares Purchased by Resolute Wealth Strategies LLC

Resolute Wealth Strategies LLC boosted its stake in Reddit, Inc. (NYSE:RDDT) by 106.7% during the 4th quarter, HoldingsChannel reports. The fund owned 15,790 shares of the company’s stock after buying an additional 8,150 shares during the period. Reddit comprises 1.3% of Resolute Wealth Strategies LLC’s portfolio, making the stock its 25th largest position. Resolute Wealth Strategies LLC’s holdings in Reddit were worth $2,581,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Meridian Wealth Management LLC raised its holdings in shares of Reddit by 47.1% during the fourth quarter. Meridian Wealth Management LLC now owns 67,137 shares of the company’s stock worth $10,973,000 after purchasing an additional 21,487 shares during the period. LGT Group Foundation acquired a new stake in shares of Reddit during the fourth quarter worth $222,000. Plato Investment Management Ltd acquired a new stake in shares of Reddit during the fourth quarter worth $27,000. SBI Securities Co. Ltd. acquired a new stake in shares of Reddit during the fourth quarter worth $3,665,000. Finally, Jones Financial Companies Lllp raised its holdings in shares of Reddit by 81.8% during the fourth quarter. Jones Financial Companies Lllp now owns 3,142 shares of the company’s stock worth $514,000 after purchasing an additional 1,414 shares during the period.

Insider Activity

In other Reddit news, CTO Christopher Brian Slowe sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $184.15, for a total value of $920,750.00. Following the completion of the transaction, the chief technology officer now directly owns 35,252 shares in the company, valued at $6,491,655.80. This trade represents a 12.42 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Mary Porter Gale sold 20,000 shares of the firm’s stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $169.71, for a total transaction of $3,394,200.00. Following the completion of the transaction, the director now owns 26,309 shares of the company’s stock, valued at approximately $4,464,900.39. The trade was a 43.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 275,122 shares of company stock worth $48,022,530.

Wall Street Analysts Forecast Growth

RDDT has been the topic of a number of analyst reports. Morgan Stanley increased their price objective on shares of Reddit from $200.00 to $210.00 and gave the stock an “overweight” rating in a report on Thursday, February 13th. Jefferies Financial Group increased their price objective on shares of Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Wells Fargo & Company increased their price objective on shares of Reddit from $206.00 to $215.00 and gave the stock an “overweight” rating in a report on Thursday, February 13th. Seaport Res Ptn raised shares of Reddit to a “hold” rating in a report on Thursday, February 6th. Finally, The Goldman Sachs Group increased their price objective on shares of Reddit from $105.00 to $176.00 and gave the stock a “neutral” rating in a report on Tuesday, January 14th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $175.95.

Reddit Trading Up 0.4 %

NYSE:RDDT opened at $162.37 on Tuesday. Reddit, Inc. has a twelve month low of $37.35 and a twelve month high of $230.41. The company has a 50-day moving average of $183.45 and a 200-day moving average of $128.76. The firm has a market cap of $29.37 billion and a price-to-earnings ratio of -21.01.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share 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 forecast that Reddit, Inc. will post 1.12 earnings per share for the current year.

Reddit 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.