Geneva Partners LLC Takes Position in Reddit, Inc. (NYSE:RDDT)

Geneva Partners LLC acquired a new position in Reddit, Inc. (NYSE:RDDT) during the fourth quarter, according to the company in its most recent filing with the SEC. The fund acquired 5,553 shares of the company’s stock, valued at approximately $908,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Mirae Asset Global Investments Co. Ltd. bought a new position in Reddit in the 4th quarter valued at about $4,330,000. WT Asset Management Ltd acquired a new position in Reddit in the 4th quarter worth about $8,188,000. Renaissance Capital LLC lifted its stake in shares of Reddit by 14.2% in the 4th quarter. Renaissance Capital LLC now owns 31,236 shares of the company’s stock valued at $5,105,000 after purchasing an additional 3,892 shares during the last quarter. Jennison Associates LLC bought a new position in Reddit in the 4th quarter worth $494,861,000. Finally, Spire Wealth Management acquired a new position in shares of Reddit during the fourth quarter worth approximately $35,000.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on RDDT shares. Jefferies Financial Group increased their target price on Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a report on Monday, November 25th. The Goldman Sachs Group upped their price objective on shares of Reddit from $105.00 to $176.00 and gave the company a “neutral” rating in a report on Tuesday, January 14th. Morgan Stanley raised Reddit from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $70.00 to $200.00 in a report on Monday, December 9th. Bank of America lifted their target price on Reddit from $99.00 to $180.00 and gave the stock a “neutral” rating in a report on Wednesday, January 8th. Finally, Wells Fargo & Company initiated coverage on Reddit in a research note on Wednesday, December 11th. They issued an “overweight” rating and a $206.00 price objective for the company. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $159.70.

Insider Buying and Selling

In other news, CFO Andrew Vollero sold 19,838 shares of the firm’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $143.22, for a total transaction of $2,841,198.36. Following the transaction, the chief financial officer now owns 703,615 shares in the company, valued at approximately $100,771,740.30. This trade represents a 2.74 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction on Friday, November 15th. The stock was sold at an average price of $125.98, for a total value of $1,763,720.00. Following the sale, the chief executive officer now owns 651,775 shares of the company’s stock, valued at approximately $82,110,614.50. This represents a 2.10 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 259,357 shares of company stock worth $41,121,108.

Reddit Trading Up 2.6 %

RDDT opened at $220.84 on Thursday. Reddit, Inc. has a 1-year low of $37.35 and a 1-year high of $221.18. The company has a 50 day simple moving average of $173.19 and a two-hundred day simple moving average of $111.88.

Reddit 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.