Wedbush Securities Inc. Invests $368,000 in Reddit, Inc. (NYSE:RDDT)

Wedbush Securities Inc. purchased a new position in shares of Reddit, Inc. (NYSE:RDDT) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 2,254 shares of the company’s stock, valued at approximately $368,000.

A number of other hedge funds have also bought and sold shares of the business. Katamaran Capital LLP bought a new stake in Reddit during the fourth quarter worth $424,000. Wells Fargo & Company MN lifted its holdings in Reddit by 909.3% during the fourth quarter. Wells Fargo & Company MN now owns 97,183 shares of the company’s stock worth $15,884,000 after acquiring an additional 87,554 shares during the period. Cinctive Capital Management LP bought a new stake in Reddit during the fourth quarter worth $312,000. Trexquant Investment LP lifted its holdings in Reddit by 46.4% during the fourth quarter. Trexquant Investment LP now owns 94,376 shares of the company’s stock worth $15,425,000 after acquiring an additional 29,924 shares during the period. Finally, Elwood Capital Partners LP bought a new stake in Reddit during the fourth quarter worth $4,086,000.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. B. Riley boosted their target price on Reddit from $112.00 to $187.00 and gave the company a “buy” rating in a research note on Tuesday, January 14th. Redburn Partners set a $75.00 target price on Reddit in a research note on Monday, March 17th. JPMorgan Chase & Co. lowered their target price on Reddit from $185.00 to $110.00 and set a “neutral” rating on the stock in a research note on Tuesday. Loop Capital restated a “buy” rating and issued a $210.00 target price on shares of Reddit in a research note on Tuesday, March 11th. Finally, Robert W. Baird lifted their price target on Reddit from $160.00 to $185.00 and gave the company a “neutral” rating in a research report on Thursday, February 13th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Reddit currently has an average rating of “Moderate Buy” and an average price target of $155.36.

Reddit Trading Up 24.9 %

RDDT opened at $110.99 on Thursday. The stock has a 50-day moving average price of $148.19 and a 200-day moving average price of $139.38. Reddit, Inc. has a 12-month low of $37.35 and a 12-month high of $230.41. The stock has a market capitalization of $20.08 billion and a P/E ratio of -14.36.

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 return on equity of 24.71% and a negative net margin of 37.25%. On average, equities research analysts predict that Reddit, Inc. will post 1.12 EPS for the current year.

Insider Transactions at Reddit

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $172.79, for a total value of $2,419,060.00. Following the completion of the sale, the chief executive officer now owns 614,394 shares of the company’s stock, valued at approximately $106,161,139.26. The trade was a 2.23 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Benjamin Seong Lee sold 92,299 shares of the business’s stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $157.35, for a total value of $14,523,247.65. Following the completion of the sale, the insider now directly owns 115,001 shares of the company’s stock, valued at approximately $18,095,407.35. This trade represents a 44.52 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 603,794 shares of company stock worth $89,386,704.

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.