TD Private Client Wealth LLC Purchases New Stake in Reddit, Inc. (NYSE:RDDT)

TD Private Client Wealth LLC acquired a new position in Reddit, Inc. (NYSE:RDDT) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 796 shares of the company’s stock, valued at approximately $130,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in RDDT. Whittier Trust Co. of Nevada Inc. bought a new position in shares of Reddit in the 4th quarter valued at about $56,000. Monetta Financial Services Inc. bought a new position in Reddit in the fourth quarter valued at approximately $768,000. Northwest & Ethical Investments L.P. bought a new position in Reddit in the fourth quarter valued at approximately $404,000. Berkshire Capital Holdings Inc. bought a new stake in shares of Reddit during the 4th quarter valued at $8,344,000. Finally, Teacher Retirement System of Texas acquired a new position in shares of Reddit in the 4th quarter valued at $2,814,000.

Reddit Price Performance

Shares of RDDT stock opened at $125.76 on Wednesday. The company has a fifty day moving average price of $169.60 and a two-hundred day moving average price of $136.66. Reddit, Inc. has a one year low of $37.35 and a one year high of $230.41. The stock has a market cap of $22.75 billion and a P/E ratio of -16.27.

Reddit (NYSE:RDDT) last released its quarterly earnings data 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 net margin of 37.25% and a negative return on equity of 24.71%. As a group, equities research analysts anticipate that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction on Tuesday, December 31st. The stock was sold at an average price of $165.33, for a total value of $2,314,620.00. Following the transaction, the chief executive officer now owns 614,394 shares in the company, valued at approximately $101,577,760.02. This trade represents a 2.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director David C. Habiger purchased 774 shares of the company’s stock in a transaction that occurred on Wednesday, March 12th. The stock was bought at an average cost of $130.36 per share, with a total value of $100,898.64. Following the purchase, the director now owns 30,808 shares of the company’s stock, valued at $4,016,130.88. This represents a 2.58 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 492,794 shares of company stock worth $76,482,524 over the last three months.

Analyst Ratings Changes

RDDT has been the subject of a number of analyst reports. Seaport Res Ptn raised Reddit to a “hold” rating in a research note on Thursday, February 6th. Raymond James reduced their target price on Reddit from $250.00 to $200.00 and set a “strong-buy” rating on the stock in a report on Wednesday, March 12th. Redburn Partners set a $75.00 price target on Reddit in a research note on Monday, March 17th. Loop Capital reissued a “buy” rating and set a $210.00 price objective on shares of Reddit in a research note on Tuesday, March 11th. Finally, Piper Sandler boosted their price objective on shares of Reddit from $210.00 to $220.00 and gave the company an “overweight” rating in a report on Friday, February 21st. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $162.68.

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.