Castle Rock Wealth Management LLC Makes New $789,000 Investment in Reddit, Inc. (NYSE:RDDT)

Castle Rock Wealth Management LLC bought a new position in Reddit, Inc. (NYSE:RDDT - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 4,826 shares of the company's stock, valued at approximately $789,000.

Several other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in shares of Reddit by 184.2% during the 4th quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company's stock valued at $1,500,606,000 after purchasing an additional 5,950,909 shares during the last quarter. Jennison Associates LLC bought a new position in shares of Reddit during the 4th quarter valued at about $494,861,000. Alliancebernstein L.P. raised its position in shares of Reddit by 1,011.1% during the 4th quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company's stock valued at $455,795,000 after buying an additional 2,537,768 shares in the last quarter. Brooklyn FI LLC bought a new position in shares of Reddit in the 4th quarter valued at about $303,082,000. Finally, GQG Partners LLC bought a new position in shares of Reddit in the 4th quarter valued at about $271,539,000.

Analysts Set New Price Targets

A number of research analysts recently commented on RDDT shares. Roth Mkm increased their price target on shares of Reddit from $120.00 to $130.00 and gave the company a "neutral" rating in a report on Friday, May 2nd. Oppenheimer started coverage on shares of Reddit in a report on Wednesday, April 16th. They issued an "outperform" rating and a $125.00 price target for the company. Seaport Res Ptn raised shares of Reddit from a "hold" rating to a "strong-buy" rating in a report on Monday, May 5th. Citigroup increased their price target on shares of Reddit from $150.00 to $158.00 and gave the company a "buy" rating in a report on Friday, May 2nd. Finally, The Goldman Sachs Group increased their price objective on shares of Reddit from $124.00 to $140.00 and gave the stock a "neutral" rating in a research report on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $140.45.

Insiders Place Their Bets

In related news, insider Benjamin Seong Lee sold 92,299 shares of the business's 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 directly owns 115,001 shares in the company, valued at $18,095,407.35. The trade was a 44.52% 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, CTO Christopher Brian Slowe sold 26,000 shares of the business's stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $98.43, for a total transaction of $2,559,180.00. Following the transaction, the chief technology officer now owns 251,373 shares of the company's stock, valued at $24,742,644.39. This represents a 9.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 768,139 shares of company stock valued at $91,598,952.

Reddit Stock Up 3.2%

RDDT stock traded up $3.51 during trading on Friday, hitting $112.54. 7,538,474 shares of the company's stock traded hands, compared to its average volume of 6,141,683. The firm has a market capitalization of $20.77 billion, a P/E ratio of -14.56, a PEG ratio of 4.72 and a beta of 2.90. The business has a fifty day simple moving average of $106.24 and a two-hundred day simple moving average of $144.26. 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 issued its quarterly earnings data on Thursday, May 1st. The company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.11. The company had revenue of $392.36 million for 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%. Reddit's revenue was up 61.5% compared to the same quarter last year. During the same period last year, the company posted ($8.19) earnings per share. On average, equities research analysts predict that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

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.