B. Riley Wealth Advisors Inc. Invests $2.72 Million in Reddit, Inc. (NYSE:RDDT)

B. Riley Wealth Advisors Inc. acquired a new stake in Reddit, Inc. (NYSE:RDDT - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 16,620 shares of the company's stock, valued at approximately $2,716,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Proficio Capital Partners LLC boosted its position in shares of Reddit by 2.1% during the fourth quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company's stock worth $966,000 after buying an additional 120 shares during the period. Farther Finance Advisors LLC raised its stake in Reddit by 148.5% during the 4th quarter. Farther Finance Advisors LLC now owns 246 shares of the company's stock valued at $40,000 after purchasing an additional 147 shares during the period. Foundations Investment Advisors LLC raised its stake in Reddit by 3.0% during the 4th quarter. Foundations Investment Advisors LLC now owns 5,325 shares of the company's stock valued at $870,000 after purchasing an additional 155 shares during the period. Plato Investment Management Ltd purchased a new position in shares of Reddit during the 4th quarter valued at $27,000. Finally, Kingsview Wealth Management LLC grew its holdings in shares of Reddit by 4.5% during the 4th quarter. Kingsview Wealth Management LLC now owns 3,986 shares of the company's stock valued at $651,000 after acquiring an additional 171 shares in the last quarter.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. The Goldman Sachs Group upped their price objective on shares of Reddit from $124.00 to $140.00 and gave the stock a "neutral" rating in a report on Friday, May 2nd. Roth Mkm upped their price objective on shares of Reddit from $120.00 to $130.00 and gave the stock a "neutral" rating in a report on Friday, May 2nd. Oppenheimer assumed coverage on shares of Reddit in a report on Wednesday, April 16th. They issued an "outperform" rating and a $125.00 price objective for the company. Bank of America decreased their price objective on shares of Reddit from $190.00 to $110.00 and set a "neutral" rating for the company in a report on Wednesday, April 9th. Finally, Redburn Atlantic assumed coverage on shares of Reddit in a report on Monday, March 17th. They issued a "sell" rating and a $75.00 price objective for the company. One analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $140.45.

Reddit Stock Performance

Shares of RDDT traded up $3.51 during trading hours on Friday, reaching $112.54. 7,538,474 shares of the company traded hands, compared to its average volume of 6,141,683. The stock's fifty day moving average is $106.24 and its 200 day moving average is $144.26. The stock has a market cap of $20.77 billion, a P/E ratio of -14.56, a price-to-earnings-growth ratio of 4.72 and a beta of 2.90. Reddit, Inc. has a 1-year low of $49.13 and a 1-year high of $230.41.

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

Insider Activity

In related news, insider Benjamin Seong Lee sold 6,854 shares of the stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $98.42, for a total value of $674,570.68. Following the completion of the transaction, the insider now owns 99,277 shares of the company's stock, valued at $9,770,842.34. This represents a 6.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Michelle Marie Reynolds sold 11,965 shares of the firm's stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $157.41, for a total transaction of $1,883,410.65. Following the sale, the chief accounting officer now directly owns 48,418 shares of the company's stock, valued at approximately $7,621,477.38. The trade was a 19.82% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 768,139 shares of company stock valued at $91,598,952.

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.