Northwest & Ethical Investments L.P. Purchases Shares of 2,475 Reddit, Inc. (NYSE:RDDT)

Northwest & Ethical Investments L.P. purchased a new stake in Reddit, Inc. (NYSE:RDDT) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 2,475 shares of the company’s stock, valued at approximately $404,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Plato Investment Management Ltd purchased a new position in shares of Reddit during the 4th quarter valued at about $27,000. EverSource Wealth Advisors LLC purchased a new position in shares of Reddit during the 4th quarter valued at about $28,000. Ridgewood Investments LLC raised its holdings in shares of Reddit by 100.0% during the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock valued at $33,000 after buying an additional 100 shares in the last quarter. Farmers & Merchants Investments Inc. purchased a new position in shares of Reddit during the 4th quarter valued at about $33,000. Finally, Bogart Wealth LLC purchased a new position in shares of Reddit during the 4th quarter valued at about $33,000.

Insider Buying and Selling

In other news, CAO Michelle Marie Reynolds sold 11,965 shares of the stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $157.41, for a total value of $1,883,410.65. Following the sale, the chief accounting officer now directly owns 48,418 shares of the company’s stock, valued at approximately $7,621,477.38. This represents a 19.82 % 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, CFO Andrew Vollero sold 48,122 shares of the stock in a transaction on Monday, February 24th. The stock was sold at an average price of $162.80, for a total value of $7,834,261.60. Following the completion of the sale, the chief financial officer now directly owns 599,295 shares in the company, valued at approximately $97,565,226. This represents a 7.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 503,794 shares of company stock valued at $78,350,874 over the last ninety days.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on RDDT. Jefferies Financial Group raised their price objective on Reddit from $120.00 to $175.00 and gave the company a “buy” rating in a report on Monday, November 25th. Bank of America boosted their price objective on Reddit from $180.00 to $190.00 and gave the company a “neutral” rating in a research report on Thursday, February 13th. Needham & Company LLC reiterated a “buy” rating and issued a $220.00 price objective on shares of Reddit in a research report on Friday. Loop Capital reiterated a “buy” rating and issued a $210.00 price objective on shares of Reddit in a research report on Tuesday, March 11th. Finally, JMP Securities boosted their price objective on Reddit from $190.00 to $200.00 and gave the company a “market outperform” rating in a research report on Thursday, February 13th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Reddit presently has a consensus rating of “Hold” and an average target price of $162.68.

Reddit Stock Up 6.2 %

Shares of RDDT stock opened at $115.46 on Friday. The stock has a market cap of $20.89 billion and a price-to-earnings ratio of -14.94. The business’s fifty day moving average is $171.19 and its 200 day moving average is $134.62. Reddit, Inc. has a twelve month low of $37.35 and a twelve month high of $230.41.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share 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%. Equities research analysts expect that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

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.