GK Wealth Management LLC Takes $1.74 Million Position in Reddit Inc. $RDDT

GK Wealth Management LLC bought a new position in shares of Reddit Inc. (NYSE:RDDT) in the third quarter, HoldingsChannel reports. The institutional investor bought 7,565 shares of the company’s stock, valued at approximately $1,740,000. Reddit comprises about 1.3% of GK Wealth Management LLC’s holdings, making the stock its 19th largest holding.

Several other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in Reddit by 6.3% in the second quarter. Vanguard Group Inc. now owns 10,837,215 shares of the company’s stock worth $1,631,759,000 after purchasing an additional 638,663 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of Reddit by 7.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,051,175 shares of the company’s stock valued at $308,846,000 after purchasing an additional 143,680 shares during the last quarter. State Street Corp grew its position in shares of Reddit by 138.5% during the 2nd quarter. State Street Corp now owns 2,030,139 shares of the company’s stock worth $305,678,000 after buying an additional 1,178,890 shares during the period. Geode Capital Management LLC raised its stake in shares of Reddit by 72.1% during the second quarter. Geode Capital Management LLC now owns 1,989,004 shares of the company’s stock worth $299,044,000 after buying an additional 833,245 shares during the last quarter. Finally, Norges Bank bought a new stake in shares of Reddit during the second quarter worth approximately $294,254,000.

Analysts Set New Price Targets

RDDT has been the topic of a number of recent research reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $300.00 price objective on shares of Reddit in a research note on Friday, February 6th. JPMorgan Chase & Co. reduced their price target on Reddit from $227.00 to $200.00 and set a “neutral” rating on the stock in a research report on Friday, February 6th. Cantor Fitzgerald decreased their price objective on Reddit from $240.00 to $170.00 and set a “neutral” rating for the company in a research note on Friday. Roth Mkm upped their price objective on Reddit from $210.00 to $215.00 and gave the company a “neutral” rating in a report on Friday, January 30th. Finally, B. Riley Financial raised their target price on Reddit from $245.00 to $250.00 and gave the stock a “buy” rating in a report on Friday, February 6th. One analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Reddit presently has an average rating of “Moderate Buy” and an average price target of $240.93.

Reddit Trading Up 6.0%

Shares of Reddit stock opened at $150.20 on Wednesday. The company has a market capitalization of $28.46 billion, a PE ratio of 57.33, a PEG ratio of 1.08 and a beta of 2.17. Reddit Inc. has a 12 month low of $79.75 and a 12 month high of $282.95. The stock’s fifty day simple moving average is $218.14 and its 200 day simple moving average is $215.59.

Reddit (NYSE:RDDT) last posted its earnings results on Thursday, February 5th. The company reported $1.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.28. Reddit had a return on equity of 20.89% and a net margin of 24.05%.The firm had revenue of $725.61 million during the quarter, compared to analysts’ expectations of $665.80 million. During the same period in the previous year, the firm earned $0.36 earnings per share. The company’s revenue was up 69.7% on a year-over-year basis. Analysts predict that Reddit Inc. will post 1.12 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Benjamin Seong Lee sold 55,005 shares of the stock in a transaction that occurred on Tuesday, December 16th. The stock was sold at an average price of $221.21, for a total transaction of $12,167,656.05. Following the completion of the sale, the insider directly owned 62,608 shares of the company’s stock, valued at approximately $13,849,515.68. This represents a 46.77% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Christopher Brian Slowe sold 24,000 shares of the firm’s stock in a transaction that occurred on Monday, November 24th. The stock was sold at an average price of $192.72, for a total transaction of $4,625,280.00. Following the sale, the chief technology officer owned 175,694 shares in the company, valued at $33,859,747.68. This trade represents a 12.02% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 509,511 shares of company stock valued at $111,375,265 over the last 90 days. 34.25% of the stock is owned by company insiders.

About Reddit

Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called “subreddits,” each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.