Palumbo Wealth Management LLC Acquires New Position in Reddit, Inc. (NYSE:RDDT)

Palumbo Wealth Management LLC bought a new position in shares of Reddit, Inc. (NYSE:RDDT) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 1,651 shares of the company’s stock, valued at approximately $270,000.

Other large investors have also recently made changes to their positions in the company. Ridgewood Investments LLC raised its stake in shares of Reddit by 100.0% during the 4th 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 period. Farmers & Merchants Investments Inc. purchased a new position in Reddit during the 4th quarter valued at about $33,000. Bogart Wealth LLC bought a new stake in shares of Reddit during the fourth quarter valued at about $33,000. Spire Wealth Management purchased a new stake in shares of Reddit in the fourth quarter worth about $35,000. Finally, Whittier Trust Co. bought a new position in shares of Reddit in the third quarter valued at approximately $42,000.

Reddit Price Performance

Reddit stock opened at $196.37 on Friday. The firm has a fifty day simple moving average of $182.33 and a two-hundred day simple moving average of $119.28. Reddit, Inc. has a twelve month low of $37.35 and a twelve month high of $230.41.

Reddit (NYSE:RDDT) last released its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share 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, research analysts anticipate that Reddit, Inc. will post -3.45 EPS for the current year.

Insider Buying and Selling at Reddit

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $141.79, for a total transaction of $1,985,060.00. Following the transaction, the chief executive officer now owns 634,971 shares in the company, valued at $90,032,538.09. The trade was a 2.16 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO Christopher Brian Slowe sold 5,000 shares of the company’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 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 position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 245,357 shares of company stock worth $39,357,388.

Analyst Ratings Changes

A number of research firms recently weighed in on RDDT. Needham & Company LLC upped their target price on shares of Reddit from $190.00 to $220.00 and gave the stock a “buy” rating in a report on Thursday. Bank of America upped their price target on shares of Reddit from $180.00 to $190.00 and gave the stock a “neutral” rating in a report on Thursday. Guggenheim assumed coverage on Reddit in a research note on Friday, December 20th. They set a “buy” rating and a $210.00 price objective for the company. The Goldman Sachs Group upped their target price on Reddit from $105.00 to $176.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 14th. Finally, JPMorgan Chase & Co. raised their price target on Reddit from $142.00 to $185.00 and gave the company a “neutral” 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 given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Reddit currently has an average rating of “Moderate Buy” and an average price target of $175.45.

Reddit Company 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.