Captrust Financial Advisors Takes $305,000 Position in Reddit, Inc. (NYSE:RDDT)

Captrust Financial Advisors purchased a new stake in Reddit, Inc. (NYSE:RDDT) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 1,865 shares of the company’s stock, valued at approximately $305,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of RDDT. Plato Investment Management Ltd purchased a new position in Reddit during the 4th quarter worth $27,000. EverSource Wealth Advisors LLC purchased a new position in Reddit during the 4th quarter worth $28,000. Farmers & Merchants Investments Inc. purchased a new position in Reddit during the 4th quarter worth $33,000. Bogart Wealth LLC purchased a new position in Reddit during the 4th quarter worth $33,000. Finally, Allworth Financial LP increased its holdings in Reddit by 970.0% during the 4th quarter. Allworth Financial LP now owns 214 shares of the company’s stock worth $35,000 after purchasing an additional 194 shares during the period.

Analysts Set New Price Targets

RDDT has been the topic of a number of analyst reports. JPMorgan Chase & Co. cut their price target on Reddit from $185.00 to $110.00 and set a “neutral” rating on the stock in a report on Tuesday, April 8th. Bank of America cut their price target on Reddit from $190.00 to $110.00 and set a “neutral” rating on the stock in a report on Wednesday, April 9th. Sanford C. Bernstein upgraded Reddit from an “underperform” rating to a “market perform” rating and set a $130.00 price target on the stock in a report on Friday, May 2nd. JMP Securities reiterated a “market outperform” rating and issued a $180.00 price target on shares of Reddit in a report on Friday, May 2nd. Finally, Loop Capital reiterated a “buy” rating and issued a $210.00 price target on shares of Reddit in a report on Tuesday, March 11th. One analyst has rated the stock with a sell rating, eight have given a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $141.36.

Reddit Stock Performance

Reddit stock opened at $105.45 on Wednesday. The business’s 50-day simple moving average is $108.63 and its two-hundred day simple moving average is $145.59. The company has a market cap of $19.46 billion, a PE ratio of -13.64, a PEG ratio of 4.72 and a beta of 2.90. Reddit, Inc. has a fifty-two week low of $49.13 and a fifty-two week high of $230.41.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Thursday, May 1st. The company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.11. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. The business had revenue of $392.36 million during the quarter, compared to analysts’ expectations of $370.55 million. During the same quarter in the previous year, the firm posted ($8.19) EPS. The company’s revenue for the quarter was up 61.5% on a year-over-year basis. As a group, analysts predict that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Insider Transactions at Reddit

In other Reddit news, COO Jennifer L. Wong sold 33,333 shares of the stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $113.38, for a total transaction of $3,779,295.54. Following the transaction, the chief operating officer now owns 1,466,119 shares in the company, valued at approximately $166,228,572.22. This represents a 2.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Mary Porter Gale sold 20,000 shares of the stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $169.71, for a total value of $3,394,200.00. Following the transaction, the director now owns 26,309 shares in the company, valued at $4,464,900.39. This represents a 43.19% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 835,678 shares of company stock worth $104,986,901 over the last quarter.

About Reddit

Reddit, Inc operates a website that organizes digital communities. It organizes communities based on specific interests that enable users to engage in conversations by sharing experiences, submitting links, uploading images and videos, and replying to one another. The company was founded in 2005 and is headquartered in San Francisco, California.