Revisor Wealth Management LLC Has $3.22 Million Position in Reddit Inc. $RDDT

Key Points

• Revisor Wealth Management boosted its Reddit stake 93.7% in Q4 to 14,500 shares worth $3.223 million, making RDDT about 0.9% of the firm's portfolio and its 21st-largest position.
• Insiders have been net sellers: CTO Christopher Slowe sold 19,036 shares (~$2.74M) and COO Jennifer Wong sold 33,507 shares (~$4.81M); insiders sold 312,441 shares versus 61,000 bought in the last 90 days, though they still own 34.25% of the stock.
• Analyst view and results: Reddit beat Q4 estimates (EPS $1.24 vs $0.96; revenue $725.6M, +69.7% YoY) and carries a consensus "Moderate Buy" rating with an average price target of $237.46 amid varied firm targets.

Revisor Wealth Management LLC lifted its holdings in shares of Reddit Inc. (NYSE:RDDT - Free Report) by 93.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,500 shares of the company's stock after purchasing an additional 7,015 shares during the quarter. Reddit accounts for about 0.9% of Revisor Wealth Management LLC's portfolio, making the stock its 21st biggest position. Revisor Wealth Management LLC's holdings in Reddit were worth $3,223,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of RDDT. Raiffeisen Bank International AG bought a new position in shares of Reddit during the third quarter worth about $25,000. GW&K Investment Management LLC bought a new position in shares of Reddit during the third quarter worth about $30,000. Cornerstone Planning Group LLC grew its holdings in shares of Reddit by 13,500.0% during the third quarter. Cornerstone Planning Group LLC now owns 136 shares of the company's stock worth $31,000 after buying an additional 135 shares in the last quarter. LOM Asset Management Ltd bought a new position in shares of Reddit during the fourth quarter worth about $33,000. Finally, Noble Wealth Management PBC bought a new position in shares of Reddit during the fourth quarter worth about $34,000.

Insider Buying and Selling

In other news, CTO Christopher Brian Slowe sold 19,036 shares of the firm's stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $144.05, for a total value of $2,742,135.80. Following the completion of the sale, the chief technology officer directly owned 185,057 shares of the company's stock, valued at $26,657,460.85. This trade represents a 9.33% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, COO Jennifer L. Wong sold 33,507 shares of the firm's stock in a transaction that occurred on Wednesday, March 18th. The shares were sold at an average price of $143.41, for a total value of $4,805,238.87. Following the completion of the sale, the chief operating officer directly owned 1,088,451 shares of the company's stock, valued at approximately $156,094,757.91. The trade was a 2.99% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have bought 61,000 shares of company stock valued at $8,870,815 and have sold 312,441 shares valued at $49,664,410. 34.25% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on RDDT. Jefferies Financial Group decreased their price objective on Reddit from $285.00 to $250.00 and set a "buy" rating for the company in a report on Tuesday, March 10th. Weiss Ratings reiterated a "hold (c-)" rating on shares of Reddit in a report on Monday, December 29th. JPMorgan Chase & Co. decreased their price objective on Reddit from $227.00 to $200.00 and set a "neutral" rating for the company in a report on Friday, February 6th. Robert W. Baird set a $200.00 price objective on Reddit in a report on Friday, February 6th. Finally, Evercore reiterated an "outperform" rating and set a $290.00 price objective on shares of Reddit in a report on Friday, February 6th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and eleven have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $237.46.

Reddit Stock Down 0.2%

RDDT stock opened at $163.41 on Monday. The business has a 50 day moving average price of $141.63 and a two-hundred day moving average price of $187.14. The company has a market cap of $31.22 billion, a price-to-earnings ratio of 62.37, a P/E/G ratio of 1.19 and a beta of 2.40. Reddit Inc. has a twelve month low of $90.78 and a twelve month high of $282.95.

Reddit (NYSE:RDDT - Get Free Report) last posted its quarterly earnings results on Thursday, February 5th. The company reported $1.24 earnings per share for the quarter, beating analysts' consensus estimates of $0.96 by $0.28. The firm had revenue of $725.61 million during the quarter, compared to the consensus estimate of $665.80 million. Reddit had a return on equity of 20.89% and a net margin of 24.05%.The business's revenue was up 69.7% compared to the same quarter last year. During the same period last year, the company earned $0.36 earnings per share. On average, equities research analysts anticipate that Reddit Inc. will post 1.12 EPS for the current fiscal year.

About Reddit

Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called "subreddits," each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.

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