Oak Ridge Investments LLC Takes $4.09 Million Position in Reddit, Inc. (NYSE:RDDT)

Oak Ridge Investments LLC purchased a new position in shares of Reddit, Inc. (NYSE:RDDT) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 25,003 shares of the company’s stock, valued at approximately $4,086,000.

Several other institutional investors have also added to or reduced their stakes in the company. Ridgewood Investments LLC lifted its holdings in shares of Reddit by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after buying an additional 100 shares in the last quarter. StoneCrest Wealth Management Inc. raised its stake in Reddit by 2.6% in the 3rd quarter. StoneCrest Wealth Management Inc. now owns 6,846 shares of the company’s stock worth $451,000 after purchasing an additional 176 shares in the last quarter. AdvisorNet Financial Inc raised its stake in Reddit by 41.9% in the 4th quarter. AdvisorNet Financial Inc now owns 681 shares of the company’s stock worth $111,000 after purchasing an additional 201 shares in the last quarter. Whittier Trust Co. bought a new stake in Reddit in the 3rd quarter valued at about $42,000. Finally, SOA Wealth Advisors LLC. grew its position in shares of Reddit by 56.3% during the 3rd quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company’s stock worth $126,000 after purchasing an additional 691 shares in the last quarter.

Insider Transactions at Reddit

In other Reddit news, Director Mary Porter Gale sold 5,000 shares of the company’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $114.40, for a total transaction of $572,000.00. Following the sale, the director now owns 46,459 shares of the company’s stock, valued at approximately $5,314,909.60. This represents a 9.72 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $113.13, for a total value of $1,583,820.00. Following the sale, the chief executive officer now owns 651,775 shares of the company’s stock, valued at approximately $73,735,305.75. The trade was a 2.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 231,023 shares of company stock worth $34,118,355 over the last ninety days.

Reddit Stock Performance

Shares of NYSE RDDT opened at $175.57 on Friday. The firm has a 50 day moving average price of $158.06 and a two-hundred day moving average price of $100.43. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $187.69.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.23. The business had revenue of $348.40 million during the quarter, compared to the consensus estimate of $313.61 million. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. Reddit’s revenue was up 67.9% compared to the same quarter last year. On average, equities analysts forecast that Reddit, Inc. will post -3.46 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the company. Sanford C. Bernstein boosted their price target on Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a research note on Wednesday, October 30th. Citigroup increased their target price on Reddit from $120.00 to $200.00 and gave the stock a “buy” rating in a report on Friday, December 20th. Loop Capital boosted their price target on Reddit from $120.00 to $180.00 and gave the company a “buy” rating in a research note on Monday, December 2nd. Roth Mkm upped their price objective on shares of Reddit from $89.00 to $116.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Finally, The Goldman Sachs Group raised their target price on shares of Reddit from $105.00 to $176.00 and gave the company a “neutral” rating in a report on Tuesday, January 14th. One research analyst has rated the stock with a sell rating, five have given a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $148.25.

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.