Integrated Wealth Concepts LLC Takes $2.78 Million Position in Reddit, Inc. (NYSE:RDDT)

Integrated Wealth Concepts LLC bought a new position in shares of Reddit, Inc. (NYSE:RDDT - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 17,006 shares of the company's stock, valued at approximately $2,779,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Jennison Associates LLC purchased a new stake in Reddit in the fourth quarter valued at approximately $494,861,000. Renaissance Capital LLC boosted its position in shares of Reddit by 14.2% in the fourth quarter. Renaissance Capital LLC now owns 31,236 shares of the company's stock worth $5,105,000 after buying an additional 3,892 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of Reddit by 27.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 642,456 shares of the company's stock valued at $105,003,000 after buying an additional 139,135 shares during the period. Assetmark Inc. raised its stake in shares of Reddit by 1,537,566.7% during the fourth quarter. Assetmark Inc. now owns 46,130 shares of the company's stock valued at $7,539,000 after purchasing an additional 46,127 shares during the period. Finally, Chung Wu Investment Group LLC purchased a new stake in Reddit during the 4th quarter worth $327,000.

Analyst Ratings Changes

RDDT has been the topic of several research reports. Redburn Partners set a $75.00 price target on Reddit in a research report on Monday, March 17th. JMP Securities set a $155.00 price objective on Reddit in a report on Friday, March 28th. B. Riley lifted their target price on Reddit from $112.00 to $187.00 and gave the company a "buy" rating in a research note on Tuesday, January 14th. The Goldman Sachs Group reduced their price target on Reddit from $185.00 to $124.00 and set a "neutral" rating for the company in a research report on Monday, April 14th. Finally, Loop Capital reaffirmed a "buy" rating and set a $210.00 target price on shares of Reddit in a research report on Tuesday, March 11th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $142.22.

Reddit Stock Down 4.4 %

Shares of RDDT stock traded down $5.42 on Wednesday, reaching $116.72. The stock had a trading volume of 7,938,137 shares, compared to its average volume of 5,631,637. Reddit, Inc. has a 12 month low of $44.15 and a 12 month high of $230.41. The firm has a market capitalization of $21.12 billion and a price-to-earnings ratio of -15.10. The firm's 50-day moving average is $119.68 and its two-hundred day moving average is $142.84.

Reddit (NYSE:RDDT - Get Free Report) 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 return on equity of 24.71% and a negative net margin of 37.25%. On average, sell-side analysts forecast that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

Insider Activity at Reddit

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the firm's stock in a transaction on 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 completion of the transaction, the chief executive officer now directly owns 614,394 shares of the company's stock, valued at $124,083,012.24. This trade represents a 2.23 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Christopher Brian Slowe sold 5,068 shares of the business's stock in a transaction dated Thursday, April 24th. The shares were sold at an average price of $111.28, for a total value of $563,967.04. Following the completion of the transaction, the chief technology officer now directly owns 20,184 shares in the company, valued at $2,246,075.52. This represents a 20.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 725,270 shares of company stock worth $97,067,425.

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.