Circle Wealth Management LLC Takes Position in Reddit, Inc. (NYSE:RDDT)

Circle Wealth Management LLC purchased a new stake in shares of Reddit, Inc. (NYSE:RDDT - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 3,169 shares of the company's stock, valued at approximately $518,000.

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

Analyst Ratings Changes

RDDT has been the subject of a number of research reports. B. Riley reaffirmed a "buy" rating and set a $220.00 target price (down from $222.00) on shares of Reddit in a report on Friday, May 2nd. Robert W. Baird set a $140.00 price target on shares of Reddit in a research report on Monday, May 5th. Seaport Res Ptn upgraded shares of Reddit from a "hold" rating to a "strong-buy" rating in a research report on Monday, May 5th. Roth Mkm upped their price target on shares of Reddit from $120.00 to $130.00 and gave the stock a "neutral" rating in a research report on Friday, May 2nd. Finally, Redburn Atlantic assumed coverage on shares of Reddit in a research report on Monday, March 17th. They issued a "sell" rating and a $75.00 price target for the company. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, fourteen have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Reddit has an average rating of "Moderate Buy" and a consensus price target of $140.35.

Reddit Trading Up 0.5%

Shares of NYSE:RDDT traded up $0.52 during midday trading on Friday, reaching $108.35. 4,828,120 shares of the company were exchanged, compared to its average volume of 5,866,048. The business's fifty day moving average is $111.54 and its two-hundred day moving average is $145.23. Reddit, Inc. has a one year low of $49.13 and a one year high of $230.41. The stock has a market cap of $19.60 billion, a PE ratio of -14.02, a price-to-earnings-growth ratio of 4.72 and a beta of 2.90.

Reddit (NYSE:RDDT - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The company reported $0.13 EPS for the quarter, beating the consensus estimate of $0.02 by $0.11. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. The business had revenue of $392.36 million during the quarter, compared to analyst estimates of $370.55 million. During the same quarter last year, the business earned ($8.19) earnings per share. Reddit's quarterly revenue was up 61.5% compared to the same quarter last year. As a group, sell-side analysts expect that Reddit, Inc. will post 1.12 EPS for the current year.

Insider Buying and Selling at Reddit

In other Reddit news, insider Benjamin Seong Lee sold 92,299 shares of the stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $157.35, for a total transaction of $14,523,247.65. Following the completion of the transaction, the insider now owns 115,001 shares in the company, valued at $18,095,407.35. This trade represents a 44.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Jennifer L. Wong sold 33,334 shares of the firm's stock in a transaction dated Wednesday, April 16th. The stock was sold at an average price of $93.99, for a total transaction of $3,133,062.66. Following the completion of the sale, the chief operating officer now owns 1,466,119 shares of the company's stock, valued at $137,800,524.81. This trade represents a 2.22% decrease in their position. The disclosure for this sale can be found here. Insiders sold 725,270 shares of company stock worth $95,789,365 over the last 90 days.

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.