Circle Wealth Management LLC Buys Shares of 6,961 Reddit Inc. $RDDT

Circle Wealth Management LLC bought a new stake in Reddit Inc. (NYSE:RDDT) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 6,961 shares of the company’s stock, valued at approximately $1,601,000.

A number of other institutional investors and hedge funds have also modified their holdings of RDDT. NewEdge Advisors LLC lifted its holdings in Reddit by 143.3% in the first quarter. NewEdge Advisors LLC now owns 7,982 shares of the company’s stock valued at $837,000 after buying an additional 4,701 shares during the period. Empowered Funds LLC bought a new position in Reddit in the first quarter valued at approximately $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Reddit by 106.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 216,960 shares of the company’s stock valued at $22,759,000 after acquiring an additional 111,780 shares during the last quarter. Focus Partners Wealth grew its holdings in Reddit by 40.8% during the 1st quarter. Focus Partners Wealth now owns 10,224 shares of the company’s stock worth $1,073,000 after acquiring an additional 2,965 shares during the period. Finally, Geneos Wealth Management Inc. grew its holdings 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 acquiring an additional 286 shares during the period.

Reddit Stock Down 0.0%

Shares of NYSE RDDT opened at $132.21 on Friday. Reddit Inc. has a twelve month low of $79.75 and a twelve month high of $282.95. The stock has a market cap of $25.26 billion, a price-to-earnings ratio of 50.46, a P/E/G ratio of 0.96 and a beta of 2.40. The company’s fifty day moving average is $177.60 and its 200-day moving average is $204.92.

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

Insider Transactions at Reddit

In other Reddit news, Director Sarah E. Farrell acquired 43,800 shares of the business’s stock in a transaction dated Tuesday, February 10th. The shares were acquired at an average price of $149.52 per share, for a total transaction of $6,548,976.00. Following the acquisition, the director directly owned 43,800 shares of the company’s stock, valued at approximately $6,548,976. This trade represents a ∞ increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Benjamin Seong Lee sold 55,005 shares of the business’s stock in a transaction that occurred on Tuesday, December 16th. The shares were sold at an average price of $221.21, for a total value of $12,167,656.05. Following the completion of the transaction, the insider 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. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 433,335 shares of company stock valued at $89,139,359. Insiders own 34.25% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the company. Roth Mkm increased their price target on Reddit from $210.00 to $215.00 and gave the company a “neutral” rating in a research note on Friday, January 30th. Robert W. Baird set a $200.00 price objective on Reddit in a research note on Friday, February 6th. UBS Group set a $265.00 price objective on Reddit in a report on Tuesday, January 13th. Weiss Ratings reissued a “hold (c-)” rating on shares of Reddit in a research note on Monday, December 29th. Finally, Piper Sandler restated an “overweight” rating and set a $205.00 target price (down from $290.00) 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 issued a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $236.00.

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.