Lido Advisors LLC Acquires 3,063 Shares of Reddit, Inc. (NYSE:RDDT)

Lido Advisors LLC grew its position in shares of Reddit, Inc. (NYSE:RDDT - Free Report) by 62.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,971 shares of the company's stock after purchasing an additional 3,063 shares during the quarter. Lido Advisors LLC's holdings in Reddit were worth $1,303,000 as of its most recent SEC filing.

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

Wall Street Analysts Forecast Growth

RDDT has been the topic of several recent analyst reports. Redburn Atlantic initiated coverage on Reddit in a research note on Monday, March 17th. They issued a "sell" rating and a $75.00 target price on the stock. Morgan Stanley cut their price objective on Reddit from $210.00 to $140.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Needham & Company LLC upped their target price on Reddit from $135.00 to $145.00 and gave the company a "buy" rating in a report on Friday. Roth Capital lowered Reddit from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, January 22nd. Finally, Oppenheimer assumed coverage on shares of Reddit in a research report on Wednesday, April 16th. They set an "outperform" rating and a $125.00 price objective on the stock. One analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Reddit has a consensus rating of "Moderate Buy" and an average target price of $142.30.

Reddit Stock Performance

Shares of NYSE:RDDT traded up $2.60 during midday trading on Monday, reaching $116.43. 11,507,123 shares of the company's stock traded hands, compared to its average volume of 5,848,417. Reddit, Inc. has a one year low of $46.75 and a one year high of $230.41. The company has a market cap of $21.06 billion, a price-to-earnings ratio of -15.06, a P/E/G ratio of 4.72 and a beta of 2.89. The stock has a 50 day moving average of $115.78 and a 200 day moving average of $144.39.

Reddit (NYSE:RDDT - Get Free Report) last posted its earnings results on Thursday, May 1st. The company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $392.36 million for the quarter, compared to analysts' expectations of $370.55 million. During the same quarter in the prior year, the business earned ($8.19) EPS. The business's revenue for the quarter was up 61.5% compared to the same quarter last year. Sell-side analysts predict that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $187.78, for a total transaction of $2,628,920.00. Following the transaction, the chief executive officer now directly owns 614,394 shares of the company's stock, valued at $115,370,905.32. The trade was a 2.23 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Jennifer L. Wong sold 33,333 shares of the stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $187.72, for a total transaction of $6,257,270.76. Following the completion of the sale, the chief operating officer now directly owns 1,504,297 shares of the company's stock, valued at $282,386,632.84. This represents a 2.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 711,270 shares of company stock worth $94,239,985.

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.