Optimize Financial Inc Acquires Shares of 6,176 Reddit Inc. $RDDT

Optimize Financial Inc bought a new position in Reddit Inc. (NYSE:RDDT) during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 6,176 shares of the company’s stock, valued at approximately $1,420,000.

A number of other institutional investors have also recently made changes to their positions in RDDT. NewEdge Advisors LLC raised its holdings in Reddit by 143.3% in the 1st quarter. NewEdge Advisors LLC now owns 7,982 shares of the company’s stock worth $837,000 after acquiring an additional 4,701 shares during the last quarter. Empowered Funds LLC bought a new stake in Reddit in the 1st quarter worth about $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Reddit by 106.3% during the 1st 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 period. Focus Partners Wealth grew its stake in shares of Reddit by 40.8% in the first 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. lifted its position in Reddit by 344.6% during the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock valued at $39,000 after purchasing an additional 286 shares during the period.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on RDDT shares. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $285.00 target price on shares of Reddit in a research report on Tuesday, January 20th. Wells Fargo & Company upped their price target on shares of Reddit from $186.00 to $207.00 and gave the company an “equal weight” rating in a research report on Monday, January 12th. China Renaissance initiated coverage on shares of Reddit in a report on Tuesday, December 9th. They set a “buy” rating and a $300.00 target price for the company. Sanford C. Bernstein increased their price target on shares of Reddit from $190.00 to $210.00 and gave the stock a “market perform” rating in a research report on Friday, October 31st. Finally, JPMorgan Chase & Co. upped their price objective on Reddit from $190.00 to $227.00 and gave the stock a “neutral” rating in a research note on Friday, October 31st. Two research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Reddit presently has an average rating of “Moderate Buy” and an average target price of $245.36.

Reddit Stock Down 6.7%

Shares of Reddit stock opened at $165.22 on Wednesday. The company has a market capitalization of $31.31 billion, a price-to-earnings ratio of 94.95, a PEG ratio of 1.23 and a beta of 2.17. The stock’s 50-day simple moving average is $224.97 and its 200-day simple moving average is $215.59. Reddit Inc. has a 52 week low of $79.75 and a 52 week high of $282.95.

Insiders Place Their Bets

In other news, insider Benjamin Seong Lee sold 55,005 shares of the business’s 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 transaction, the insider owned 62,608 shares of the company’s stock, valued at approximately $13,849,515.68. The trade was a 46.77% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Christopher Brian Slowe sold 24,000 shares of the company’s stock in a transaction on Monday, November 24th. The stock was sold at an average price of $192.72, for a total transaction of $4,625,280.00. Following the transaction, the chief technology officer owned 175,694 shares of the company’s stock, valued at approximately $33,859,747.68. This represents a 12.02% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 523,511 shares of company stock valued at $114,237,285 in the last 90 days. 34.25% of the stock is currently owned by company insiders.

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.