Harbour Investments Inc. Invests $540,000 in Reddit, Inc. (NYSE:RDDT)

Harbour Investments Inc. bought a new stake in Reddit, Inc. (NYSE:RDDT) during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 3,306 shares of the company’s stock, valued at approximately $540,000.

A number of other institutional investors have also bought and sold shares of RDDT. Envestnet Portfolio Solutions Inc. bought a new position in shares of Reddit in the 4th quarter worth about $609,000. Natixis Advisors LLC bought a new stake in Reddit in the fourth quarter worth approximately $2,549,000. Picton Mahoney Asset Management acquired a new position in Reddit in the fourth quarter valued at approximately $19,673,000. Commonwealth Equity Services LLC boosted its holdings in shares of Reddit by 18.5% during the 4th quarter. Commonwealth Equity Services LLC now owns 31,325 shares of the company’s stock worth $5,120,000 after buying an additional 4,898 shares in the last quarter. Finally, Tredje AP fonden acquired a new stake in shares of Reddit during the 4th quarter worth approximately $13,132,000.

Reddit Stock Down 1.1 %

Reddit stock opened at $108.68 on Friday. Reddit, Inc. has a 52 week low of $37.35 and a 52 week high of $230.41. The company’s 50 day moving average price is $172.23 and its two-hundred day moving average price is $134.23. The stock has a market cap of $19.66 billion and a P/E ratio of -14.06.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, topping analysts’ consensus estimates 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 1.12 EPS for the current year.

Insider Transactions at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 124,408 shares of the business’s stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $127.36, for a total value of $15,844,602.88. Following the transaction, the chief executive officer now directly owns 583,515 shares in the company, valued at $74,316,470.40. The trade was a 17.57 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Jennifer L. Wong sold 33,333 shares of the firm’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $125.22, for a total transaction of $4,173,958.26. Following the sale, the chief operating officer now owns 1,466,119 shares of the company’s stock, valued at approximately $183,587,421.18. The trade was a 2.22 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 503,794 shares of company stock worth $78,350,874 in the last ninety days.

Analyst Ratings Changes

RDDT has been the topic of a number of research reports. Raymond James dropped their target price on shares of Reddit from $250.00 to $200.00 and set a “strong-buy” rating on the stock in a research report on Wednesday, March 12th. Needham & Company LLC increased their price objective on shares of Reddit from $190.00 to $220.00 and gave the stock a “buy” rating in a research report on Thursday, February 13th. Citigroup reaffirmed a “neutral” rating on shares of Reddit in a research report on Thursday, February 13th. Robert W. Baird increased their price target on Reddit from $160.00 to $185.00 and gave the stock a “neutral” rating in a report on Thursday, February 13th. Finally, Wells Fargo & Company boosted 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. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $162.68.

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.