Merit Financial Group LLC Invests $533,000 in Reddit Inc. $RDDT

Merit Financial Group LLC bought a new position in shares of Reddit Inc. (NYSE:RDDT) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 2,318 shares of the company’s stock, valued at approximately $533,000.

Other institutional investors also recently added to or reduced their stakes in the company. Financial Perspectives Inc acquired a new position in Reddit during the 2nd quarter worth approximately $34,000. Geneos Wealth Management Inc. lifted its position in shares of 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 during the last quarter. GAMMA Investing LLC grew its stake in shares of Reddit by 8,650.0% during the third quarter. GAMMA Investing LLC now owns 175 shares of the company’s stock worth $40,000 after purchasing an additional 173 shares in the last quarter. Advisors Asset Management Inc. increased its holdings in Reddit by 68.2% in the second quarter. Advisors Asset Management Inc. now owns 365 shares of the company’s stock valued at $55,000 after buying an additional 148 shares during the last quarter. Finally, Western Pacific Wealth Management LP purchased a new position in Reddit in the second quarter valued at $60,000.

Insiders Place Their Bets

In related news, CTO Christopher Brian Slowe sold 14,000 shares of the firm’s stock in a transaction dated Monday, December 22nd. The stock was sold at an average price of $233.53, for a total transaction of $3,269,420.00. Following the transaction, the chief technology officer owned 171,694 shares of the company’s stock, valued at $40,095,699.82. This trade represents a 7.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Benjamin Seong Lee sold 18,750 shares of the business’s stock in a transaction dated Thursday, December 18th. The shares were sold at an average price of $240.00, for a total value of $4,500,000.00. Following the completion of the transaction, the insider owned 62,608 shares in the company, valued at $15,025,920. This trade represents a 23.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 474,246 shares of company stock valued at $99,908,227. 34.25% of the stock is owned by insiders.

Reddit Trading Down 0.6%

Shares of NYSE RDDT opened at $253.87 on Friday. The stock has a market cap of $48.11 billion, a P/E ratio of 145.90, a P/E/G ratio of 1.72 and a beta of 2.17. Reddit Inc. has a twelve month low of $79.75 and a twelve month high of $282.95. The stock has a 50 day moving average of $217.70 and a two-hundred day moving average of $206.10.

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

Analyst Upgrades and Downgrades

RDDT has been the subject of a number of recent analyst reports. Zacks Research downgraded Reddit from a “strong-buy” rating to a “hold” rating in a report on Friday, December 26th. Jefferies Financial Group boosted their target price on Reddit from $300.00 to $325.00 and gave the stock a “buy” rating in a research note on Thursday, December 11th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Reddit in a report on Monday, December 29th. JPMorgan Chase & Co. raised their price objective on shares of Reddit from $190.00 to $227.00 and gave the stock a “neutral” rating in a report on Friday, October 31st. Finally, Raymond James Financial restated a “strong-buy” rating and set a $250.00 price objective (up previously from $225.00) on shares of Reddit in a research report on Monday, October 20th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eleven have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $230.65.

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.