WT Wealth Management Grows Holdings in Reddit Inc. $RDDT

WT Wealth Management grew its position in shares of Reddit Inc. (NYSE:RDDT) by 41.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 12,033 shares of the company’s stock after purchasing an additional 3,553 shares during the period. WT Wealth Management’s holdings in Reddit were worth $1,620,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. GW&K Investment Management LLC purchased a new position in shares of Reddit during the third quarter valued at approximately $30,000. LOM Asset Management Ltd acquired a new stake in Reddit during the fourth quarter worth approximately $33,000. Noble Wealth Management PBC purchased a new stake in Reddit in the 4th quarter worth approximately $34,000. Geneos Wealth Management Inc. raised its holdings in Reddit by 344.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock valued at $39,000 after acquiring an additional 286 shares during the last quarter. Finally, Summit Securities Group LLC acquired a new position in Reddit in the 4th quarter valued at $46,000.

Reddit Trading Up 5.5%

RDDT stock opened at $166.71 on Friday. The stock has a 50-day moving average price of $162.50 and a two-hundred day moving average price of $173.55. Reddit Inc. has a 12-month low of $119.27 and a 12-month high of $282.95. The company has a market cap of $32.09 billion, a PE ratio of 47.63 and a beta of 1.91.

Reddit (NYSE:RDDT) last posted its earnings results on Thursday, April 30th. The company reported $1.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.39. Reddit had a net margin of 28.60% and a return on equity of 25.48%. The firm had revenue of $663.41 million during the quarter, compared to the consensus estimate of $607.74 million. During the same quarter in the prior year, the company earned $0.13 EPS. The company’s revenue was up 69.1% on a year-over-year basis. Equities analysts forecast that Reddit Inc. will post 4.83 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, COO Jennifer L. Wong sold 39,166 shares of the business’s stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $176.94, for a total transaction of $6,930,032.04. Following the completion of the transaction, the chief operating officer directly owned 1,050,339 shares in the company, valued at approximately $185,846,982.66. The trade was a 3.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Steve Ladd Huffman sold 18,000 shares of the business’s stock in a transaction on Monday, June 15th. The stock was sold at an average price of $178.26, for a total value of $3,208,680.00. Following the completion of the sale, the chief executive officer directly owned 373,814 shares in the company, valued at $66,636,083.64. This represents a 4.59% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 241,000 shares of company stock valued at $39,303,645 over the last three months. Company insiders own 28.48% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on RDDT shares. DA Davidson reissued a “buy” rating and set a $200.00 price target on shares of Reddit in a research note on Friday, May 1st. Wall Street Zen lowered Reddit from a “buy” rating to a “hold” rating in a research note on Sunday, May 10th. Raymond James Financial set a $180.00 target price on Reddit and gave the company a “market perform” rating in a research note on Friday, May 1st. The Goldman Sachs Group reissued a “neutral” rating and issued a $200.00 price target on shares of Reddit in a research note on Friday, May 1st. Finally, Jefferies Financial Group lowered their price target on Reddit from $285.00 to $250.00 and set a “buy” rating for the company in a report on Tuesday, March 10th. Eighteen equities research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $230.75.

Reddit Company 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.