Axxcess Wealth Management LLC Invests $455,000 in Reddit, Inc. (NYSE:RDDT)

Axxcess Wealth Management LLC purchased a new position in Reddit, Inc. (NYSE:RDDT) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,786 shares of the company’s stock, valued at approximately $455,000.

Several other institutional investors also recently added to or reduced their stakes in the stock. Ridgewood Investments LLC raised its position in 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 in the last quarter. Proficio Capital Partners LLC increased its stake in shares of Reddit by 2.1% during the fourth quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company’s stock valued at $966,000 after buying an additional 120 shares during the period. Farther Finance Advisors LLC raised its holdings in shares of Reddit by 148.5% in the fourth quarter. Farther Finance Advisors LLC now owns 246 shares of the company’s stock valued at $40,000 after acquiring an additional 147 shares in the last quarter. UMB Bank n.a. lifted its stake in Reddit by 10.8% in the fourth quarter. UMB Bank n.a. now owns 1,533 shares of the company’s stock worth $251,000 after acquiring an additional 150 shares during the period. Finally, Foundations Investment Advisors LLC grew its holdings in Reddit by 3.0% during the 4th quarter. Foundations Investment Advisors LLC now owns 5,325 shares of the company’s stock worth $870,000 after acquiring an additional 155 shares in the last quarter.

Analysts Set New Price Targets

Several equities research analysts have recently commented on RDDT shares. Morgan Stanley boosted their price target on shares of Reddit from $200.00 to $210.00 and gave the company an “overweight” rating in a report on Thursday, February 13th. Loop Capital reissued a “buy” rating and issued a $210.00 price target on shares of Reddit in a research report on Tuesday, March 11th. Guggenheim dropped their price objective on Reddit from $210.00 to $170.00 and set a “buy” rating on the stock in a research report on Thursday. Needham & Company LLC reiterated a “buy” rating and issued a $220.00 target price on shares of Reddit in a report on Friday. Finally, Robert W. Baird raised their price target on shares of Reddit from $160.00 to $185.00 and gave the company a “neutral” rating in a report on Thursday, February 13th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $162.68.

Insider Buying and Selling at Reddit

In other news, COO Jennifer L. Wong sold 33,333 shares of Reddit stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $125.22, for a total transaction of $4,173,958.26. Following the completion of the transaction, the chief operating officer now directly owns 1,466,119 shares of the company’s stock, valued at $183,587,421.18. The trade was a 2.22 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction on Tuesday, December 31st. The shares were sold at an average price of $165.33, for a total transaction of $2,314,620.00. Following the completion of the transaction, the chief executive officer now owns 614,394 shares of the company’s stock, valued at approximately $101,577,760.02. This represents a 2.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 503,794 shares of company stock valued at $78,350,874.

Reddit Stock Up 6.2 %

Shares of NYSE RDDT opened at $115.46 on Friday. Reddit, Inc. has a 52 week low of $37.35 and a 52 week high of $230.41. The business’s 50 day moving average price is $171.19 and its 200 day moving average price is $134.62. The firm has a market cap of $20.89 billion and a P/E ratio of -14.94.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, beating the consensus estimate of $0.24 by $0.12. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. As a group, research analysts expect that Reddit, Inc. will post 1.12 earnings per share 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.