Ridgewood Investments LLC Boosts Holdings in Reddit, Inc. (NYSE:RDDT)

Ridgewood Investments LLC grew its holdings in shares of Reddit, Inc. (NYSE:RDDT) by 100.0% during the 4th quarter, HoldingsChannel reports. The fund owned 200 shares of the company’s stock after acquiring an additional 100 shares during the quarter. Ridgewood Investments LLC’s holdings in Reddit were worth $33,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Whittier Trust Co. purchased a new position in shares of Reddit in the third quarter worth $42,000. Daiwa Securities Group Inc. purchased a new position in shares of Reddit in the third quarter worth $85,000. SOA Wealth Advisors LLC. increased its stake in shares of Reddit by 56.3% in the third quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company’s stock worth $126,000 after buying an additional 691 shares during the period. Sanctuary Advisors LLC purchased a new position in shares of Reddit in the third quarter worth $144,000. Finally, Hsbc Holdings PLC purchased a new position in shares of Reddit in the second quarter worth $203,000.

Insider Buying and Selling at Reddit

In other Reddit news, COO Jennifer L. Wong sold 33,334 shares of the firm’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $76.27, for a total transaction of $2,542,384.18. Following the completion of the sale, the chief operating officer now directly owns 1,542,457 shares in the company, valued at approximately $117,643,195.39. This trade represents a 2.12 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Benjamin Seong Lee sold 18,519 shares of the firm’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $146.06, for a total transaction of $2,704,885.14. Following the sale, the insider now owns 138,401 shares of the company’s stock, valued at approximately $20,214,850.06. This represents a 11.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 264,357 shares of company stock worth $35,297,700.

Analysts Set New Price Targets

RDDT has been the topic of several analyst reports. Raymond James lifted their target price on shares of Reddit from $70.00 to $80.00 and gave the stock a “strong-buy” rating in a research note on Thursday, October 10th. Guggenheim began coverage on shares of Reddit in a research note on Friday, December 20th. They issued a “buy” rating and a $210.00 target price on the stock. JPMorgan Chase & Co. lifted their price target on shares of Reddit from $59.00 to $77.00 and gave the company a “neutral” rating in a report on Monday, October 7th. Sanford C. Bernstein lifted their price target on shares of Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a report on Wednesday, October 30th. Finally, The Goldman Sachs Group lifted their price target on shares of Reddit from $60.00 to $68.00 and gave the company a “neutral” rating in a report on Monday, October 14th. One research analyst has rated the stock with a sell rating, five have given a hold rating, fourteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $136.75.

Reddit Stock Performance

Shares of RDDT stock opened at $167.48 on Friday. Reddit, Inc. has a 12 month low of $37.35 and a 12 month high of $187.69. The company’s fifty day moving average price is $153.44 and its 200-day moving average price is $96.74.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, beating the consensus estimate of ($0.07) by $0.23. The company had revenue of $348.40 million for the quarter, compared to the consensus estimate of $313.61 million. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The firm’s revenue for the quarter was up 67.9% compared to the same quarter last year. As a group, research analysts expect that Reddit, Inc. will post -3.46 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.