Ridgewood Investments LLC Buys 100 Shares of Reddit, Inc. (NYSE:RDDT)

Ridgewood Investments LLC boosted its holdings in shares of Reddit, Inc. (NYSE:RDDT) by 100.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 200 shares of the company’s stock after buying an additional 100 shares during the period. Ridgewood Investments LLC’s holdings in Reddit were worth $33,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of RDDT. FMR LLC raised its holdings in Reddit by 302.8% during the third quarter. FMR LLC now owns 12,157,591 shares of the company’s stock worth $801,428,000 after buying an additional 9,139,196 shares during the last quarter. VY Capital Management Co. Ltd. purchased a new stake in shares of Reddit in the third quarter valued at about $474,403,000. Point72 Asset Management L.P. raised its holdings in shares of Reddit by 3,172.0% in the third quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock valued at $151,357,000 after purchasing an additional 2,225,895 shares during the last quarter. Holocene Advisors LP raised its holdings in shares of Reddit by 177.6% in the third quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock valued at $198,154,000 after purchasing an additional 1,923,109 shares during the last quarter. Finally, Lord Abbett & CO. LLC raised its holdings in shares of Reddit by 1,519.4% in the third quarter. Lord Abbett & CO. LLC now owns 1,650,362 shares of the company’s stock valued at $108,792,000 after purchasing an additional 1,548,450 shares during the last quarter.

Analyst Ratings Changes

Several brokerages have recently commented on RDDT. Morgan Stanley upgraded shares of Reddit from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $70.00 to $200.00 in a report on Monday, December 9th. Sanford C. Bernstein increased their target price on shares of Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a report on Wednesday, October 30th. The Goldman Sachs Group increased their price target on shares of Reddit from $60.00 to $68.00 and gave the company a “neutral” rating in a research report on Monday, October 14th. Jefferies Financial Group increased their price target 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, Robert W. Baird increased their price target on shares of Reddit from $100.00 to $160.00 and gave the company a “neutral” rating in a research report on Wednesday, December 11th. 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 company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $136.75.

Reddit Stock Performance

RDDT stock opened at $167.48 on Friday. The firm has a 50 day moving average of $153.44 and a 200-day moving average of $96.74. Reddit, Inc. has a 12 month low of $37.35 and a 12 month high of $187.69.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, beating 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 analyst estimates of $313.61 million. The firm’s revenue for the quarter was up 67.9% compared to the same quarter last year. On average, analysts anticipate that Reddit, Inc. will post -3.46 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 31st. The shares were sold at an average price of $165.33, for a total value of $2,314,620.00. Following the sale, the chief executive officer now directly owns 614,394 shares of the company’s stock, valued at $101,577,760.02. This trade represents a 2.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Benjamin Seong Lee sold 18,519 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $146.06, for a total transaction of $2,704,885.14. Following the completion of the sale, the insider now directly owns 138,401 shares in the company, valued at $20,214,850.06. This represents a 11.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 264,357 shares of company stock worth $35,297,700.

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.