Whalen Wealth Management Inc. Takes $425,000 Position in Reddit Inc. (NYSE:RDDT)

Whalen Wealth Management Inc. 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 Securities and Exchange Commission. The firm bought 4,052 shares of the company's stock, valued at approximately $425,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Proficio Capital Partners LLC lifted its holdings in Reddit by 2.1% in the fourth quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company's stock valued at $966,000 after acquiring an additional 120 shares during the period. Farther Finance Advisors LLC boosted its stake in shares of Reddit by 148.5% during the fourth quarter. Farther Finance Advisors LLC now owns 246 shares of the company's stock valued at $40,000 after purchasing an additional 147 shares in the last quarter. Plato Investment Management Ltd acquired a new stake in Reddit in the fourth quarter valued at approximately $27,000. EverSource Wealth Advisors LLC purchased a new position in Reddit in the 4th quarter worth $28,000. Finally, Scotia Capital Inc. lifted its stake in shares of Reddit by 5.5% in the 4th quarter. Scotia Capital Inc. now owns 3,500 shares of the company's stock valued at $572,000 after purchasing an additional 182 shares during the period.

Reddit Price Performance

Shares of Reddit stock opened at $139.58 on Monday. Reddit Inc. has a 52-week low of $49.13 and a 52-week high of $230.41. The firm has a market capitalization of $25.76 billion, a PE ratio of 236.59, a price-to-earnings-growth ratio of 3.57 and a beta of 2.02. The company's fifty day moving average price is $112.26 and its two-hundred day moving average price is $142.42.

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, topping analysts' consensus estimates of $0.02 by $0.11. Reddit had a return on equity of 5.69% and a net margin of 8.07%. The firm had revenue of $392.36 million during the quarter, compared to analyst estimates of $370.55 million. During the same period last year, the company earned ($8.19) earnings per share. The company's revenue was up 61.5% on a year-over-year basis. Analysts predict that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

Analysts Set New Price Targets

RDDT has been the topic of several research analyst reports. Needham & Company LLC boosted their price objective on shares of Reddit from $135.00 to $145.00 and gave the company a "buy" rating in a report on Friday, May 2nd. Seaport Res Ptn raised shares of Reddit from a "hold" rating to a "strong-buy" rating in a research report on Monday, May 5th. B. Riley reaffirmed a "buy" rating and issued a $220.00 target price (down from $222.00) on shares of Reddit in a research report on Friday, May 2nd. Roth Capital reissued a "neutral" rating on shares of Reddit in a research note on Friday, May 2nd. Finally, Citigroup boosted 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. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $139.35.

Insider Buying and Selling

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction dated Monday, March 31st. The stock was sold at an average price of $103.28, for a total transaction of $1,445,920.00. Following the completion of the sale, the chief executive officer now owns 577,013 shares of the company's stock, valued at approximately $59,593,902.64. The trade was a 2.37% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Jennifer L. Wong sold 33,334 shares of the stock in a transaction that occurred on Wednesday, April 16th. The stock was sold at an average price of $93.99, for a total value of $3,133,062.66. Following the transaction, the chief operating officer now owns 1,466,119 shares in the company, valued at $137,800,524.81. This represents a 2.22% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 597,785 shares of company stock valued at $66,215,370 in the last three months. Insiders own 34.25% of the company's stock.

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.

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