MGO One Seven LLC acquired a new stake in shares of Reddit, Inc. (NYSE:RDDT - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 4,568 shares of the company's stock, valued at approximately $747,000.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Plato Investment Management Ltd acquired a new stake in Reddit during the fourth quarter worth about $27,000. EverSource Wealth Advisors LLC purchased a new stake in Reddit in the 4th quarter worth approximately $28,000. Ridgewood Investments LLC boosted its position in Reddit by 100.0% in the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company's stock worth $33,000 after purchasing an additional 100 shares in the last quarter. Farmers & Merchants Investments Inc. acquired a new stake in shares of Reddit during the 4th quarter worth approximately $33,000. Finally, Bogart Wealth LLC purchased a new position in shares of Reddit during the 4th quarter valued at approximately $33,000.
Insider Transactions at Reddit
In related news, insider Benjamin Seong Lee sold 92,299 shares of the company's stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $157.35, for a total value of $14,523,247.65. Following the completion of the transaction, the insider now directly owns 115,001 shares of the company's stock, valued at $18,095,407.35. This represents a 44.52 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Andrew Vollero sold 48,122 shares of the firm's stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $162.80, for a total transaction of $7,834,261.60. Following the sale, the chief financial officer now directly owns 599,295 shares in the company, valued at approximately $97,565,226. The trade was a 7.43 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 725,270 shares of company stock valued at $97,067,425.
Reddit Stock Down 4.4 %
NYSE RDDT traded down $5.42 on Wednesday, reaching $116.72. The stock had a trading volume of 7,938,137 shares, compared to its average volume of 5,631,610. The stock has a fifty day moving average price of $119.68 and a two-hundred day moving average price of $142.84. Reddit, Inc. has a 12-month low of $44.15 and a 12-month high of $230.41. The firm has a market capitalization of $21.12 billion and a price-to-earnings ratio of -15.10.
Reddit (NYSE:RDDT - Get Free Report) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, beating 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 forecast that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.
Wall Street Analyst Weigh In
A number of research firms have weighed in on RDDT. Loop Capital reaffirmed a "buy" rating and issued a $210.00 price objective on shares of Reddit in a report on Tuesday, March 11th. Citigroup reduced their price target on Reddit from $220.00 to $150.00 and set a "buy" rating for the company in a report on Monday, April 14th. Oppenheimer began coverage on Reddit in a research report on Wednesday, April 16th. They issued an "outperform" rating and a $125.00 price objective for the company. Robert W. Baird increased their target price on Reddit from $160.00 to $185.00 and gave the company a "neutral" rating in a research report on Thursday, February 13th. Finally, JPMorgan Chase & Co. cut their price target on shares of Reddit from $185.00 to $110.00 and set a "neutral" rating for the company in a report on Tuesday, April 8th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $142.22.
Read Our Latest Report on Reddit
Reddit Profile
(
Free Report)
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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