Nvwm LLC Buys Shares of 5,143 Reddit Inc. $RDDT

Nvwm LLC bought a new position in shares of Reddit Inc. (NYSE:RDDT) during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund bought 5,143 shares of the company’s stock, valued at approximately $1,183,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. CRA Financial Services LLC acquired a new stake in shares of Reddit in the third quarter valued at about $224,000. KRS Capital Management LLC purchased a new position in Reddit in the third quarter valued at about $360,000. Highland Capital Management LLC lifted its position in shares of Reddit by 31.1% during the 3rd quarter. Highland Capital Management LLC now owns 6,553 shares of the company’s stock valued at $1,507,000 after acquiring an additional 1,553 shares during the period. Blue Trust Inc. lifted its position in shares of Reddit by 371.8% during the 3rd quarter. Blue Trust Inc. now owns 618 shares of the company’s stock valued at $142,000 after acquiring an additional 487 shares during the period. Finally, Whitaker Myers Wealth Managers LTD. purchased a new stake in shares of Reddit during the 3rd quarter worth approximately $971,000.

Insider Activity

In other news, CEO Steve Ladd Huffman sold 18,000 shares of the firm’s stock in a transaction on Tuesday, September 30th. The stock was sold at an average price of $229.10, for a total transaction of $4,123,800.00. Following the sale, the chief executive officer owned 494,104 shares in the company, valued at $113,199,226.40. This trade represents a 3.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Benjamin Seong Lee sold 55,005 shares of Reddit stock in a transaction 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 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 disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 465,333 shares of company stock worth $97,164,104. 34.25% of the stock is currently owned by corporate insiders.

Reddit Stock Up 0.1%

RDDT opened at $226.03 on Friday. The firm has a market cap of $42.83 billion, a P/E ratio of 129.90, a PEG ratio of 2.49 and a beta of 2.17. The business’s fifty day simple moving average is $211.36 and its 200 day simple moving average is $198.97. Reddit Inc. has a 52 week low of $79.75 and a 52 week high of $282.95.

Reddit (NYSE:RDDT) last announced its earnings results on Thursday, October 30th. The company reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.30. Reddit had a net margin of 18.33% and a return on equity of 14.94%. The firm had revenue of $584.91 million during the quarter, compared to the consensus estimate of $546.65 million. During the same quarter in the previous year, the company posted $0.16 EPS. The firm’s revenue for the quarter was up 67.9% on a year-over-year basis. As a group, equities analysts expect that Reddit Inc. will post 1.12 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently weighed in on RDDT. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Reddit in a research note on Monday. Piper Sandler restated an “overweight” rating on shares of Reddit in a research report on Monday, December 1st. Citigroup lifted their price target on Reddit from $250.00 to $265.00 and gave the stock a “buy” rating in a research note on Monday, November 3rd. Robert W. Baird boosted their price objective on shares of Reddit from $177.00 to $240.00 and gave the stock a “neutral” rating in a research report on Thursday, September 25th. Finally, Roth Capital set a $210.00 target price on shares of Reddit in a report on Friday, October 31st. Three equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $230.28.

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.