40,000 Shares in Reddit, Inc. (NYSE:RDDT) Bought by Archon Partners LLC

Archon Partners LLC bought a new stake in Reddit, Inc. (NYSE:RDDT - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 40,000 shares of the company's stock, valued at approximately $6,538,000.

A number of other large investors have also recently bought and sold shares of RDDT. Plato Investment Management Ltd bought a new position in shares of Reddit in the fourth quarter valued at $27,000. EverSource Wealth Advisors LLC acquired a new position in shares of Reddit during the 4th quarter worth about $28,000. Ridgewood Investments LLC raised its holdings in shares of Reddit by 100.0% in the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company's stock valued at $33,000 after purchasing an additional 100 shares during the period. Farmers & Merchants Investments Inc. acquired a new stake in Reddit in the 4th quarter valued at about $33,000. Finally, Bogart Wealth LLC bought a new position in Reddit during the fourth quarter worth about $33,000.

Reddit Stock Up 5.4 %

Shares of RDDT stock traded up $6.10 on Friday, reaching $118.35. The company had a trading volume of 8,681,578 shares, compared to its average volume of 5,604,698. The business's 50-day moving average is $122.11 and its 200 day moving average is $142.14. Reddit, Inc. has a one year low of $44.15 and a one year high of $230.41. The stock has a market capitalization of $21.41 billion and a PE ratio of -15.31.

Reddit (NYSE:RDDT - Get Free Report) last issued its earnings results 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%. On average, sell-side analysts forecast that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. Raymond James cut their price objective on Reddit from $250.00 to $200.00 and set a "strong-buy" rating for the company in a research report on Wednesday, March 12th. Piper Sandler reduced their price objective on shares of Reddit from $220.00 to $140.00 and set an "overweight" rating for the company in a research report on Thursday, April 10th. Roth Mkm lowered shares of Reddit from a "buy" rating to a "neutral" rating and increased their price objective for the company from $116.00 to $195.00 in a research report on Wednesday, January 22nd. Citigroup decreased their price target on shares of Reddit from $220.00 to $150.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Finally, Roth Capital downgraded shares of Reddit from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, January 22nd. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, fourteen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Reddit currently has an average rating of "Moderate Buy" and an average price target of $142.22.

Insider Buying and Selling

In other Reddit news, Director David C. Habiger purchased 774 shares of the company's stock in a transaction dated Wednesday, March 12th. The stock was purchased at an average price of $130.36 per share, with a total value of $100,898.64. Following the completion of the purchase, the director now owns 30,808 shares of the company's stock, valued at approximately $4,016,130.88. The trade was a 2.58 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Benjamin Seong Lee sold 92,299 shares of Reddit stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $157.35, for a total transaction of $14,523,247.65. Following the transaction, the insider now owns 115,001 shares in the company, valued at approximately $18,095,407.35. This trade represents a 44.52 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 725,270 shares of company stock worth $97,067,425 in the last 90 days.

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.