Newbridge Financial Services Group Inc. Raises Stake in Reddit, Inc. (NYSE:RDDT)

Newbridge Financial Services Group Inc. raised its holdings in shares of Reddit, Inc. (NYSE:RDDT - Free Report) by 666.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,300 shares of the company's stock after purchasing an additional 2,000 shares during the quarter. Newbridge Financial Services Group Inc.'s holdings in Reddit were worth $376,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in RDDT. Stephens Investment Management Group LLC bought a new stake in shares of Reddit in the fourth quarter valued at about $21,722,000. Farmers & Merchants Investments Inc. bought a new stake in shares of Reddit in the fourth quarter valued at about $33,000. Kingsview Wealth Management LLC raised its holdings in shares of Reddit by 4.5% in the fourth quarter. Kingsview Wealth Management LLC now owns 3,986 shares of the company's stock valued at $651,000 after acquiring an additional 171 shares in the last quarter. Apollon Wealth Management LLC bought a new stake in shares of Reddit in the fourth quarter valued at about $566,000. Finally, Geneva Partners LLC bought a new stake in shares of Reddit in the fourth quarter valued at about $908,000.

Reddit Price Performance

Shares of RDDT stock traded down $10.97 during trading hours on Thursday, reaching $205.50. 21,053,064 shares of the company's stock were exchanged, compared to its average volume of 5,606,817. The stock's fifty day moving average price is $180.60 and its two-hundred day moving average price is $117.29. Reddit, Inc. has a 1 year low of $37.35 and a 1 year high of $230.41.

Reddit (NYSE:RDDT - Get Free Report) last issued its earnings results on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, beating analysts' consensus estimates of $0.24 by $0.12. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. As a group, equities analysts forecast that Reddit, Inc. will post -3.45 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently weighed in on RDDT shares. Raymond James lifted their price objective on Reddit from $200.00 to $250.00 and gave the company a "strong-buy" rating in a report on Monday. Piper Sandler reiterated an "overweight" rating and issued a $210.00 target price (up from $197.00) on shares of Reddit in a report on Thursday. B. Riley boosted their target price on shares of Reddit from $112.00 to $187.00 and gave the stock a "buy" rating in a report on Tuesday, January 14th. Wells Fargo & Company boosted their target price on shares of Reddit from $206.00 to $215.00 and gave the stock an "overweight" rating in a report on Thursday. Finally, Loop Capital boosted their target price on shares of Reddit from $180.00 to $210.00 and gave the stock a "buy" rating in a report on Thursday. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $175.45.

Insider Activity at Reddit

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the company's stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $125.98, for a total value of $1,763,720.00. Following the sale, the chief executive officer now owns 651,775 shares in the company, valued at $82,110,614.50. This represents a 2.10 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Christopher Brian Slowe sold 5,000 shares of the business's stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $184.15, for a total value of $920,750.00. Following the completion of the transaction, the chief technology officer now directly owns 35,252 shares of the company's stock, valued at $6,491,655.80. The trade was a 12.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 259,357 shares of company stock worth $41,121,108 over the last quarter.

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.