Wedbush Securities Inc. Invests $368,000 in Reddit, Inc. (NYSE:RDDT)

Wedbush Securities Inc. bought a new position in Reddit, Inc. (NYSE:RDDT) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 2,254 shares of the company’s stock, valued at approximately $368,000.

Several other institutional investors have also recently made changes to their positions in RDDT. Vanguard Group Inc. grew its stake in shares of Reddit by 184.2% in the 4th quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company’s stock worth $1,500,606,000 after buying an additional 5,950,909 shares during the last quarter. Jennison Associates LLC purchased a new stake in shares of Reddit in the 4th quarter worth approximately $494,861,000. Alliancebernstein L.P. grew its stake in shares of Reddit by 1,011.1% in the 4th quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company’s stock worth $455,795,000 after buying an additional 2,537,768 shares during the last quarter. Brooklyn FI LLC purchased a new stake in shares of Reddit in the 4th quarter worth approximately $303,082,000. Finally, GQG Partners LLC purchased a new stake in shares of Reddit in the 4th quarter worth approximately $271,539,000.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Morgan Stanley upped their price target on Reddit from $200.00 to $210.00 and gave the stock an “overweight” rating in a research note on Thursday, February 13th. Loop Capital reissued a “buy” rating and set a $210.00 price target on shares of Reddit in a report on Tuesday, March 11th. Guggenheim lowered their price target on Reddit from $210.00 to $170.00 and set a “buy” rating on the stock in a report on Thursday, March 20th. Wells Fargo & Company decreased their target price on Reddit from $215.00 to $158.00 and set an “overweight” rating on the stock in a report on Monday, March 31st. Finally, Robert W. Baird raised their target price on Reddit from $160.00 to $185.00 and gave the stock a “neutral” rating in a report on Thursday, February 13th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $155.36.

Insider Buying and Selling at Reddit

In other news, CFO Andrew Vollero sold 48,122 shares of Reddit 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 sale, the chief financial officer now owns 599,295 shares of the company’s stock, valued at approximately $97,565,226. The trade was a 7.43 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $103.28, for a total transaction of $1,445,920.00. Following the completion of the transaction, the chief executive officer now directly owns 577,013 shares of the company’s stock, valued at $59,593,902.64. This trade represents a 2.37 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 603,794 shares of company stock worth $89,386,704 over the last 90 days.

Reddit Trading Up 24.9 %

RDDT opened at $110.99 on Thursday. The firm has a market cap of $20.08 billion and a P/E ratio of -14.36. Reddit, Inc. has a 12 month low of $37.35 and a 12 month high of $230.41. The stock has a 50-day moving average of $148.19 and a 200 day moving average of $139.38.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, topping the consensus estimate 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, research analysts forecast that Reddit, Inc. will post 1.12 earnings per share for the current fiscal 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.