4,516 Shares in Reddit Inc. $RDDT Purchased by Harvest Portfolios Group Inc.

Harvest Portfolios Group Inc. purchased a new position in shares of Reddit Inc. (NYSE:RDDT) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 4,516 shares of the company’s stock, valued at approximately $1,039,000.

A number of other hedge funds also recently made changes to their positions in RDDT. Raiffeisen Bank International AG acquired a new position in shares of Reddit during the 3rd quarter worth approximately $25,000. Cornerstone Planning Group LLC boosted its position in Reddit by 13,500.0% during the third 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. boosted its position in Reddit by 344.6% during the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock worth $39,000 after purchasing an additional 286 shares during the period. GAMMA Investing LLC increased its holdings in shares of 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 purchasing an additional 173 shares during the last quarter. Finally, Cloud Capital Management LLC bought a new position in shares of Reddit in the third quarter valued at about $47,000.

Wall Street Analyst Weigh In

Several analysts recently commented on RDDT shares. Oppenheimer reduced their target price on shares of Reddit from $300.00 to $250.00 and set an “outperform” rating for the company in a report on Friday, February 6th. Cantor Fitzgerald cut their price objective on shares of Reddit from $240.00 to $170.00 and set a “neutral” rating for the company in a research report on Friday, February 6th. Robert W. Baird set a $200.00 price objective on Reddit in a report on Friday, February 6th. China Renaissance began coverage on Reddit in a research note on Tuesday, December 9th. They set a “buy” rating and a $300.00 target price on the stock. Finally, Needham & Company LLC reissued a “buy” rating and set a $300.00 price target on shares of Reddit in a report on Friday, February 6th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $238.78.

Reddit Price Performance

Shares of NYSE:RDDT opened at $145.31 on Friday. The business’s 50 day simple moving average is $195.79 and its 200 day simple moving average is $211.16. The company has a market capitalization of $27.76 billion, a P/E ratio of 55.46, a P/E/G ratio of 1.06 and a beta of 2.17. Reddit Inc. has a 1 year low of $79.75 and a 1 year high of $282.95.

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

Insider Activity at Reddit

In related news, CTO Christopher Brian Slowe sold 19,036 shares of Reddit stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $144.05, for a total value of $2,742,135.80. Following the transaction, the chief technology officer directly owned 185,057 shares of the company’s stock, valued at $26,657,460.85. This trade represents a 9.33% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Jennifer L. Wong sold 8,466 shares of the firm’s stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $143.37, for a total value of $1,213,770.42. Following the completion of the sale, the chief operating officer directly owned 41,658 shares in the company, valued at approximately $5,972,507.46. This represents a 16.89% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 431,084 shares of company stock worth $91,126,289 in the last 90 days. Corporate insiders own 34.25% of the company’s stock.

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.