9,860 Shares in Reddit, Inc. (NYSE:RDDT) Purchased by Oppenheimer & Co. Inc.

Oppenheimer & Co. Inc. purchased a new position in Reddit, Inc. (NYSE:RDDT) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 9,860 shares of the company’s stock, valued at approximately $1,612,000.

Other institutional investors also recently modified their holdings of the company. Ridgewood Investments LLC increased its stake in shares of Reddit by 100.0% in the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after acquiring an additional 100 shares in the last quarter. Farmers & Merchants Investments Inc. bought a new position in shares of Reddit in the 4th quarter worth about $33,000. Bogart Wealth LLC bought a new position in shares of Reddit in the 4th quarter worth about $33,000. Spire Wealth Management bought a new stake in Reddit during the 4th quarter valued at about $35,000. Finally, Allworth Financial LP increased its stake in Reddit by 970.0% during the 4th quarter. Allworth Financial LP now owns 214 shares of the company’s stock valued at $35,000 after purchasing an additional 194 shares in the last quarter.

Reddit Trading Up 0.4 %

RDDT opened at $162.37 on Tuesday. The company has a market cap of $29.37 billion and a price-to-earnings ratio of -21.01. The company’s 50 day moving average is $183.45 and its 200 day moving average is $128.76. Reddit, Inc. has a 12-month low of $37.35 and a 12-month high of $230.41.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share (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, analysts predict that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Insider Buying and Selling

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $176.20, for a total transaction of $2,466,800.00. Following the transaction, the chief executive officer now owns 620,971 shares of the company’s stock, valued at $109,415,090.20. The trade was a 2.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Mary Porter Gale sold 20,000 shares of Reddit stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $169.71, for a total transaction of $3,394,200.00. Following the transaction, the director now directly owns 26,309 shares in the company, valued at $4,464,900.39. This represents a 43.19 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 275,122 shares of company stock valued at $48,022,530.

Analyst Ratings Changes

A number of research firms have weighed in on RDDT. Raymond James raised their price objective on shares of Reddit from $200.00 to $250.00 and gave the company a “strong-buy” rating in a research note on Monday, February 10th. Robert W. Baird raised their price objective on shares of Reddit from $160.00 to $185.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th. Citigroup restated a “neutral” rating on shares of Reddit in a research note on Thursday, February 13th. Seaport Res Ptn upgraded shares of Reddit to a “hold” rating in a research note on Thursday, February 6th. Finally, The Goldman Sachs Group raised their price objective on shares of Reddit from $105.00 to $176.00 and gave the company a “neutral” rating in a research note on Tuesday, January 14th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Reddit currently has an average rating of “Moderate Buy” and an average target price of $175.95.

About Reddit

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.