CIBC Private Wealth Group LLC Has $5.45 Million Holdings in Reddit, Inc. (NYSE:RDDT)

CIBC Private Wealth Group LLC cut its position in shares of Reddit, Inc. (NYSE:RDDT) by 63.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 31,656 shares of the company’s stock after selling 55,220 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in Reddit were worth $5,445,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Plato Investment Management Ltd purchased a new stake in shares of Reddit in the 4th quarter valued at approximately $27,000. EverSource Wealth Advisors LLC purchased a new stake in shares of Reddit in the fourth quarter valued at $28,000. Ridgewood Investments LLC boosted its position in shares of Reddit by 100.0% in the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after buying an additional 100 shares during the period. Farmers & Merchants Investments Inc. purchased a new position in shares of Reddit during the fourth quarter valued at $33,000. Finally, Bogart Wealth LLC acquired a new position in Reddit during the fourth quarter valued at $33,000.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Morgan Stanley raised their price objective on Reddit from $200.00 to $210.00 and gave the stock an “overweight” rating in a research report on Thursday, February 13th. Redburn Atlantic initiated coverage on shares of Reddit in a research report on Monday, March 17th. They set a “sell” rating and a $75.00 price objective on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $220.00 target price on shares of Reddit in a research report on Friday, March 21st. Redburn Partners set a $75.00 price target on shares of Reddit in a report on Monday, March 17th. Finally, Roth Capital downgraded shares of Reddit from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 22nd. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Reddit presently has a consensus rating of “Moderate Buy” and an average target price of $163.00.

Insider Activity

In related news, CFO Andrew Vollero sold 48,122 shares of the business’s stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $162.80, for a total transaction of $7,834,261.60. Following the completion of the transaction, the chief financial officer now owns 599,295 shares in the company, valued at approximately $97,565,226. The trade was a 7.43 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $172.79, for a total transaction of $2,419,060.00. Following the completion of the transaction, the chief executive officer now directly owns 614,394 shares of the company’s stock, valued at $106,161,139.26. This trade represents a 2.23 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 589,794 shares of company stock valued at $87,940,784 over the last 90 days.

Reddit Trading Up 5.0 %

Shares of NYSE RDDT opened at $110.17 on Wednesday. Reddit, Inc. has a 1-year low of $37.35 and a 1-year high of $230.41. The company has a market cap of $19.93 billion and a PE ratio of -14.25. The company has a 50-day moving average of $162.96 and a two-hundred day moving average of $138.49.

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

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.