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

Castle Rock Wealth Management LLC acquired a new position in shares of Reddit, Inc. (NYSE:RDDT - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 4,826 shares of the company's stock, valued at approximately $789,000.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Plato Investment Management Ltd purchased a new stake in shares of Reddit during the 4th quarter valued at approximately $27,000. EverSource Wealth Advisors LLC purchased a new stake in Reddit in the fourth quarter valued at $28,000. Farmers & Merchants Investments Inc. purchased a new stake in Reddit in the fourth quarter valued at $33,000. Bogart Wealth LLC purchased a new stake in Reddit in the fourth quarter valued at $33,000. Finally, Spire Wealth Management purchased a new stake in Reddit in the fourth quarter valued at $35,000.

Reddit Stock Up 0.9%

NYSE RDDT traded up $0.89 during trading hours on Wednesday, hitting $105.51. 5,225,719 shares of the company were exchanged, compared to its average volume of 6,081,378. The company has a 50 day moving average of $106.82 and a two-hundred day moving average of $144.50. Reddit, Inc. has a 52-week low of $49.13 and a 52-week high of $230.41. The firm has a market cap of $19.47 billion, a price-to-earnings ratio of -13.65, a PEG ratio of 4.72 and a beta of 2.90.

Reddit (NYSE:RDDT - Get Free Report) last released its earnings results on Thursday, May 1st. The company reported $0.13 earnings per share for the quarter, topping analysts' consensus estimates 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 firm had revenue of $392.36 million for the quarter, compared to analyst estimates of $370.55 million. During the same period in the prior year, the firm earned ($8.19) earnings per share. The business's quarterly revenue was up 61.5% compared to the same quarter last year. On average, equities research analysts predict that Reddit, Inc. will post 1.12 EPS for the current year.

Analysts Set New Price Targets

Several brokerages recently issued reports on RDDT. Seaport Res Ptn upgraded shares of Reddit from a "hold" rating to a "strong-buy" rating in a report on Monday, May 5th. Oppenheimer started coverage on shares of Reddit in a research note on Wednesday, April 16th. They issued an "outperform" rating and a $125.00 price target on the stock. Guggenheim reduced their price target on shares of Reddit from $170.00 to $165.00 and set a "buy" rating on the stock in a research note on Friday, May 2nd. Loop Capital reissued a "buy" rating and issued a $210.00 target price on shares of Reddit in a research report on Tuesday, March 11th. Finally, Wells Fargo & Company set a $115.00 target price on Reddit and gave the company an "equal weight" rating in a research report on Monday, May 19th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Reddit currently has a consensus rating of "Moderate Buy" and an average price target of $140.45.

Insider Buying and Selling at Reddit

In other Reddit news, CAO Michelle Marie Reynolds sold 2,729 shares of the stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $98.85, for a total value of $269,761.65. Following the transaction, the chief accounting officer now directly owns 42,277 shares in the company, valued at $4,179,081.45. This represents a 6.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director David C. Habiger purchased 774 shares of the company's stock in a transaction on Wednesday, March 12th. The stock was bought at an average price of $130.36 per share, for a total transaction of $100,898.64. Following the completion of the purchase, the director now directly owns 30,808 shares of the company's stock, valued at $4,016,130.88. The trade was a 2.58% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have sold 782,139 shares of company stock valued at $93,843,152.

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.