WT Wealth Management Purchases 7,552 Shares of Reddit Inc. $RDDT

Key Points

• WT Wealth Management increased its position in Reddit by 813.8% in Q4, buying an additional 7,552 shares to hold 8,480 shares valued at $1.949 million.
• Insiders were active: Director Sarah E. Farrell bought 10,500 shares at about $132.26 while CTO Christopher Slowe sold 15,500 shares at about $150.67; over the past 90 days insiders bought 61,000 shares and sold 280,441 shares, and now own 34.25% of the company.
• Reddit beat its most recent quarterly estimates with $1.01 EPS versus $0.62 expected and $663.4M revenue (up 69.1% YoY), and analysts maintain a "Moderate Buy" consensus with an average price target of $228.61.

WT Wealth Management lifted its position in Reddit Inc. (NYSE:RDDT - Free Report) by 813.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,480 shares of the company's stock after purchasing an additional 7,552 shares during the quarter. WT Wealth Management's holdings in Reddit were worth $1,949,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of RDDT. Raiffeisen Bank International AG bought a new position in shares of Reddit during the 3rd quarter worth about $25,000. GW&K Investment Management LLC acquired a new stake in shares of Reddit during the 3rd quarter valued at about $30,000. Cornerstone Planning Group LLC increased its stake in Reddit by 13,500.0% in the third quarter. Cornerstone Planning Group LLC now owns 136 shares of the company's stock valued at $31,000 after acquiring an additional 135 shares during the period. LOM Asset Management Ltd acquired a new position in Reddit in the fourth quarter worth about $33,000. Finally, Noble Wealth Management PBC acquired a new position in Reddit in the fourth quarter worth about $34,000.

Insiders Place Their Bets

In other Reddit news, Director Sarah E. Farrell bought 10,500 shares of the stock in a transaction dated Friday, March 13th. The stock was bought at an average cost of $132.26 per share, for a total transaction of $1,388,730.00. Following the completion of the purchase, the director owned 61,000 shares in the company, valued at $8,067,860. This represents a 20.79% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Christopher Brian Slowe sold 15,500 shares of Reddit stock in a transaction dated Wednesday, April 8th. The shares were sold at an average price of $150.67, for a total value of $2,335,385.00. Following the completion of the transaction, the chief technology officer directly owned 38,413 shares of the company's stock, valued at $5,787,686.71. This represents a 28.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have purchased 61,000 shares of company stock worth $8,870,815 and have sold 280,441 shares worth $40,873,759. Insiders own 34.25% of the company's stock.

Reddit Trading Up 1.7%

NYSE:RDDT opened at $169.24 on Tuesday. The stock has a market capitalization of $32.33 billion, a P/E ratio of 48.35, a price-to-earnings-growth ratio of 1.21 and a beta of 1.85. Reddit Inc. has a 1 year low of $94.89 and a 1 year high of $282.95. The firm has a 50 day moving average of $144.12 and a 200-day moving average of $184.09.

Reddit (NYSE:RDDT - Get Free Report) last released its quarterly earnings results on Thursday, April 30th. The company reported $1.01 EPS for the quarter, topping analysts' consensus estimates of $0.62 by $0.39. Reddit had a return on equity of 26.78% and a net margin of 28.60%.The business had revenue of $663.41 million for the quarter, compared to analyst estimates of $607.74 million. During the same period in the prior year, the company earned $0.13 EPS. Reddit's revenue for the quarter was up 69.1% on a year-over-year basis. As a group, analysts forecast that Reddit Inc. will post 4.02 EPS for the current fiscal year.

Analyst Ratings Changes

RDDT has been the topic of a number of recent research reports. Argus set a $300.00 price objective on Reddit in a report on Friday, January 9th. Truist Financial set a $265.00 target price on Reddit in a report on Friday. Roth Mkm boosted their price target on Reddit from $210.00 to $215.00 and gave the company a "neutral" rating in a research note on Friday, January 30th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and issued a $285.00 price target on shares of Reddit in a research report on Tuesday, January 20th. Finally, Bank of America dropped their price objective on Reddit from $205.00 to $175.00 and set a "neutral" rating for the company in a research note on Thursday, April 2nd. Eighteen research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company's stock. According to data from MarketBeat, Reddit presently has an average rating of "Moderate Buy" and an average price target of $228.61.

Reddit Profile

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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