Lyell Wealth Management LP Purchases 2,902 Shares of Reddit, Inc. (NYSE:RDDT)

Lyell Wealth Management LP lifted its position in Reddit, Inc. (NYSE:RDDT) by 37.0% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 10,737 shares of the company’s stock after buying an additional 2,902 shares during the quarter. Lyell Wealth Management LP’s holdings in Reddit were worth $1,755,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in RDDT. Global Retirement Partners LLC acquired a new position in shares of Reddit during the fourth quarter worth approximately $651,000. Kestra Investment Management LLC bought a new stake in Reddit in the fourth quarter valued at $38,000. Atria Wealth Solutions Inc. bought a new stake in shares of Reddit during the fourth quarter worth $370,000. Kornitzer Capital Management Inc. KS bought a new stake in shares of Reddit during the fourth quarter worth $490,000. Finally, Pinnbrook Capital Management LP acquired a new position in shares of Reddit during the fourth quarter valued at $4,901,000.

Reddit Stock Performance

Shares of NYSE:RDDT opened at $187.35 on Wednesday. The firm has a market cap of $32.89 billion and a PE ratio of -24.24. The firm’s 50 day simple moving average is $183.54 and its 200-day simple moving average is $121.57. Reddit, Inc. has a one year low of $37.35 and a one year high of $230.41.

Reddit (NYSE:RDDT) last posted its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.12. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. Equities research analysts predict that Reddit, Inc. will post 0.96 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, COO Jennifer L. Wong sold 33,334 shares of the company’s stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $173.93, for a total transaction of $5,797,782.62. Following the sale, the chief operating officer now owns 1,504,297 shares of the company’s stock, valued at approximately $261,642,377.21. This represents a 2.17 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction on Friday, November 29th. The shares were sold at an average price of $141.79, for a total value of $1,985,060.00. Following the completion of the transaction, the chief executive officer now directly owns 634,971 shares in the company, valued at $90,032,538.09. This trade represents a 2.16 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 212,024 shares of company stock worth $35,086,431.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the company. JMP Securities raised their price target on Reddit from $190.00 to $200.00 and gave the stock a “market outperform” rating in a research report on Thursday, February 13th. Morgan Stanley boosted their price target on Reddit from $200.00 to $210.00 and gave the company an “overweight” rating in a research note on Thursday, February 13th. Guggenheim started coverage on Reddit in a research report on Friday, December 20th. They set a “buy” rating and a $210.00 target price for the company. Roth Capital downgraded Reddit from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 22nd. Finally, Roth Mkm cut Reddit from a “buy” rating to a “neutral” rating and upped their target price for the stock from $116.00 to $195.00 in a report on Wednesday, January 22nd. One research analyst has rated the stock with a sell rating, eight have given a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $175.45.

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.