Guggenheim Capital LLC Takes Position in Reddit, Inc. (NYSE:RDDT)

Guggenheim Capital LLC acquired a new position in shares of Reddit, Inc. (NYSE:RDDT - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 3,706 shares of the company's stock, valued at approximately $606,000.

A number of other institutional investors and hedge funds have also made changes to their positions in RDDT. Ridgewood Investments LLC grew its position in shares of Reddit by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company's stock worth $33,000 after buying an additional 100 shares in the last quarter. Proficio Capital Partners LLC grew its stake in Reddit by 2.1% during the 4th quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company's stock worth $966,000 after buying an additional 120 shares during the last quarter. Farther Finance Advisors LLC increased its holdings in shares of Reddit by 148.5% in the 4th quarter. Farther Finance Advisors LLC now owns 246 shares of the company's stock valued at $40,000 after acquiring an additional 147 shares during the period. UMB Bank n.a. raised its holdings in shares of Reddit by 10.8% in the fourth quarter. UMB Bank n.a. now owns 1,533 shares of the company's stock valued at $251,000 after buying an additional 150 shares during the last quarter. Finally, Foundations Investment Advisors LLC grew its stake in shares of Reddit by 3.0% in the 4th quarter. Foundations Investment Advisors LLC now owns 5,325 shares of the company's stock valued at $870,000 after purchasing an additional 155 shares during the last quarter.

Insider Transactions at Reddit

In other news, CEO Steve Ladd Huffman sold 124,408 shares of the stock in a transaction on Friday, March 14th. The stock was sold at an average price of $127.36, for a total value of $15,844,602.88. Following the completion of the sale, the chief executive officer now owns 583,515 shares in the company, valued at $74,316,470.40. This represents a 17.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director David C. Habiger bought 774 shares of the company's stock in a transaction dated Wednesday, March 12th. The stock was acquired at an average price of $130.36 per share, for a total transaction of $100,898.64. Following the acquisition, the director now directly owns 30,808 shares in the company, valued at $4,016,130.88. This trade represents a 2.58 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 725,270 shares of company stock valued at $97,067,425 in the last three months.

Reddit Stock Performance

Shares of Reddit stock traded down $7.65 during trading on Wednesday, hitting $114.49. 5,424,660 shares of the stock were exchanged, compared to its average volume of 5,621,776. The stock's fifty day moving average is $119.68 and its 200 day moving average is $142.84. The stock has a market cap of $20.71 billion and a PE ratio of -14.81. Reddit, Inc. has a 12 month low of $44.15 and a 12 month high of $230.41.

Reddit (NYSE:RDDT - Get Free Report) last announced its earnings results on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, topping the consensus estimate of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. Sell-side analysts anticipate that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Redburn Atlantic assumed coverage on shares of Reddit in a report on Monday, March 17th. They issued a "sell" rating and a $75.00 target price on the stock. JPMorgan Chase & Co. decreased their target price on shares of Reddit from $185.00 to $110.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 8th. Guggenheim cut their price target on shares of Reddit from $210.00 to $170.00 and set a "buy" rating for the company in a report on Thursday, March 20th. Loop Capital reissued a "buy" rating and set a $210.00 price objective on shares of Reddit in a report on Tuesday, March 11th. Finally, Roth Capital lowered Reddit from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, January 22nd. Two analysts have rated the stock with a sell rating, seven have given a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $142.22.

About Reddit

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.