Waypoint Wealth Partners Inc. Decreases Position in Reddit, Inc. (NYSE:RDDT)

Waypoint Wealth Partners Inc. decreased its position in Reddit, Inc. (NYSE:RDDT - Free Report) by 87.9% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,225 shares of the company's stock after selling 23,442 shares during the period. Waypoint Wealth Partners Inc.'s holdings in Reddit were worth $527,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the company. Nkcfo LLC purchased a new stake in Reddit during the fourth quarter worth $572,000. Allworth Financial LP lifted its holdings in Reddit by 970.0% during the fourth quarter. Allworth Financial LP now owns 214 shares of the company's stock worth $35,000 after buying an additional 194 shares during the period. Principal Securities Inc. lifted its holdings in Reddit by 5,314.3% during the fourth quarter. Principal Securities Inc. now owns 758 shares of the company's stock worth $124,000 after buying an additional 744 shares during the period. Palumbo Wealth Management LLC purchased a new stake in Reddit during the fourth quarter worth $270,000. Finally, Peregrine Investment Management Inc. purchased a new stake in Reddit during the fourth quarter worth $9,480,000.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on RDDT shares. B. Riley upped their target price on Reddit from $112.00 to $187.00 and gave the stock a "buy" rating in a report on Tuesday, January 14th. Roth Capital lowered Reddit from a "strong-buy" rating to a "hold" rating in a report on Wednesday, January 22nd. Wells Fargo & Company increased their price objective on Reddit from $206.00 to $215.00 and gave the company an "overweight" rating in a report on Thursday, February 13th. Piper Sandler reiterated an "overweight" rating and set a $210.00 price objective (up previously from $197.00) on shares of Reddit in a report on Thursday, February 13th. Finally, Guggenheim began coverage on Reddit in a report on Friday, December 20th. They set a "buy" rating and a $210.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Reddit currently has a consensus rating of "Moderate Buy" and a consensus target price of $175.45.

Insider Activity

In related news, CTO Christopher Brian Slowe sold 5,000 shares of the firm's stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $184.15, for a total value of $920,750.00. Following the transaction, the chief technology officer now directly owns 35,252 shares of the company's stock, valued at approximately $6,491,655.80. This trade represents a 12.42 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the firm's stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $201.96, for a total transaction of $2,827,440.00. Following the completion of the transaction, the chief executive officer now directly owns 614,394 shares in the company, valued at $124,083,012.24. This represents a 2.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 212,024 shares of company stock worth $35,086,431 in the last ninety days.

Reddit Trading Up 1.4 %

RDDT traded up $2.63 during midday trading on Wednesday, hitting $189.76. 4,424,622 shares of the company were exchanged, compared to its average volume of 5,765,134. The company's 50 day simple moving average is $184.02 and its 200 day simple moving average is $122.04. The firm has a market capitalization of $33.32 billion and a price-to-earnings ratio of -24.55. 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 announced its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share 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%. On average, equities analysts anticipate that Reddit, Inc. will post 0.96 EPS for the current year.

Reddit Profile

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.