Boltwood Capital Management Makes New Investment in Reddit, Inc. (NYSE:RDDT)

Boltwood Capital Management bought a new stake in shares of Reddit, Inc. (NYSE:RDDT - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund bought 11,972 shares of the company's stock, valued at approximately $1,256,000.

Several other institutional investors and hedge funds also recently bought and sold shares of RDDT. Charles Schwab Investment Management Inc. grew its stake in shares of Reddit by 27.6% in 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 in the last quarter. Assetmark Inc. grew its position in Reddit by 1,537,566.7% in the fourth quarter. Assetmark Inc. now owns 46,130 shares of the company's stock worth $7,539,000 after acquiring an additional 46,127 shares in the last quarter. Chung Wu Investment Group LLC bought a new stake in Reddit in the fourth quarter worth approximately $327,000. Newbridge Financial Services Group Inc. grew its position in Reddit by 666.7% in the fourth quarter. Newbridge Financial Services Group Inc. now owns 2,300 shares of the company's stock worth $376,000 after acquiring an additional 2,000 shares in the last quarter. Finally, Truxt Investmentos Ltda. bought a new stake in Reddit in the fourth quarter worth approximately $1,321,000.

Insider Buying and Selling

In related news, CEO Steve Ladd Huffman sold 124,408 shares of the company's stock in a transaction dated Friday, March 14th. The stock was sold at an average price of $127.36, for a total value of $15,844,602.88. Following the completion of the sale, the chief executive officer now owns 583,515 shares in the company, valued at approximately $74,316,470.40. This represents a 17.57% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Andrew Vollero sold 100,000 shares of the company's stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $124.08, for a total value of $12,408,000.00. Following the completion of the sale, the chief financial officer now directly owns 499,295 shares of the company's stock, valued at approximately $61,952,523.60. This trade represents a 16.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 677,875 shares of company stock valued at $76,732,994 over the last ninety days. Insiders own 34.25% of the company's stock.

Reddit Price Performance

Shares of RDDT stock traded up $8.95 on Friday, reaching $121.19. 6,742,922 shares of the stock were exchanged, compared to its average volume of 6,230,487. The stock has a market cap of $22.36 billion, a PE ratio of -15.68, a P/E/G ratio of 4.72 and a beta of 1.99. Reddit, Inc. has a one year low of $49.13 and a one year high of $230.41. The stock has a 50 day moving average price of $106.67 and a 200 day moving average price of $143.75.

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

Analyst Upgrades and Downgrades

RDDT has been the subject of a number of recent research reports. JMP Securities reiterated a "market outperform" rating and issued a $180.00 price objective on shares of Reddit in a report on Friday, May 2nd. Seaport Res Ptn upgraded Reddit from a "hold" rating to a "strong-buy" rating in a research note on Monday, May 5th. Royal Bank of Canada assumed coverage on Reddit in a research note on Tuesday. They set a "sector perform" rating and a $125.00 price target 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, Wall Street Zen downgraded shares of Reddit from a "buy" rating to a "hold" rating in a report on Friday, May 30th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, Reddit currently has a consensus rating of "Moderate Buy" and an average target price of $139.78.

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.