6,800 Shares in Reddit Inc. $RDDT Acquired by Integrated Financial Solutions Inc.

Integrated Financial Solutions Inc. purchased a new stake in Reddit Inc. (NYSE:RDDT) during the third quarter, HoldingsChannel.com reports. The firm purchased 6,800 shares of the company’s stock, valued at approximately $1,564,000. Reddit accounts for about 1.2% of Integrated Financial Solutions Inc.’s investment portfolio, making the stock its 12th largest position.

Several other large investors have also made changes to their positions in RDDT. Raiffeisen Bank International AG acquired a new stake in Reddit during the third quarter worth about $25,000. Cornerstone Planning Group LLC grew its holdings in shares of Reddit by 13,500.0% during the 3rd quarter. Cornerstone Planning Group LLC now owns 136 shares of the company’s stock worth $31,000 after purchasing an additional 135 shares during the period. Geneos Wealth Management Inc. increased its position in Reddit by 344.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock worth $39,000 after purchasing an additional 286 shares in the last quarter. GAMMA Investing LLC raised its holdings in Reddit by 8,650.0% in the third quarter. GAMMA Investing LLC now owns 175 shares of the company’s stock valued at $40,000 after buying an additional 173 shares during the period. Finally, Cloud Capital Management LLC acquired a new position in Reddit during the third quarter valued at approximately $47,000.

Analyst Ratings Changes

RDDT has been the topic of a number of research reports. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $285.00 target price on shares of Reddit in a research note on Tuesday, January 20th. Wells Fargo & Company set a $196.00 price target on Reddit in a research report on Monday, February 9th. JPMorgan Chase & Co. decreased their target price on shares of Reddit from $227.00 to $200.00 and set a “neutral” rating for the company in a research note on Friday, February 6th. Sanford C. Bernstein raised their price objective on Reddit from $190.00 to $210.00 and gave the company a “market perform” rating in a research note on Friday, October 31st. Finally, B. Riley Financial upped their target price on shares of Reddit from $245.00 to $250.00 and gave the company a “buy” rating in a research note on Friday, February 6th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Reddit has a consensus rating of “Moderate Buy” and an average target price of $238.78.

Insider Activity at Reddit

In other Reddit news, CTO Christopher Brian Slowe sold 19,036 shares of the firm’s stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $144.05, for a total value of $2,742,135.80. Following the completion of the sale, the chief technology officer owned 185,057 shares in the company, valued at approximately $26,657,460.85. This trade represents a 9.33% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Benjamin Seong Lee sold 55,005 shares of Reddit stock in a transaction dated Tuesday, December 16th. The shares were sold at an average price of $221.21, for a total transaction of $12,167,656.05. Following the transaction, the insider directly owned 62,608 shares of the company’s stock, valued at $13,849,515.68. This represents a 46.77% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 431,084 shares of company stock valued at $91,126,289. 34.25% of the stock is owned by corporate insiders.

Reddit Price Performance

NYSE RDDT opened at $145.31 on Friday. Reddit Inc. has a 12 month low of $79.75 and a 12 month high of $282.95. The company’s 50 day simple moving average is $195.79 and its 200 day simple moving average is $211.24. The company has a market capitalization of $27.76 billion, a P/E ratio of 55.46, a PEG ratio of 1.10 and a beta of 2.17.

Reddit (NYSE:RDDT) last released its quarterly 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. The business had revenue of $725.61 million for the quarter, compared to analyst estimates of $665.80 million. Reddit had a net margin of 24.05% and a return on equity of 20.89%. The firm’s revenue was up 69.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.36 earnings per share. On average, analysts anticipate that Reddit Inc. will post 1.12 earnings per share for the current year.

Reddit Profile

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.