Bellwether Advisors LLC Acquires New Holdings in Reddit Inc. $RDDT

Bellwether Advisors LLC bought a new position in shares of Reddit Inc. (NYSE:RDDT) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 9,428 shares of the company’s stock, valued at approximately $2,168,000.

Other large investors also recently modified their holdings of the company. Raiffeisen Bank International AG acquired a new position in Reddit in the 3rd quarter worth about $25,000. Cornerstone Planning Group LLC grew its holdings in shares of Reddit by 13,500.0% during the third quarter. Cornerstone Planning Group LLC now owns 136 shares of the company’s stock worth $31,000 after purchasing an additional 135 shares during the last quarter. Geneos Wealth Management Inc. increased its stake in shares of Reddit by 344.6% in the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock valued at $39,000 after buying an additional 286 shares during the period. GAMMA Investing LLC raised its holdings in Reddit by 8,650.0% in the 3rd quarter. GAMMA Investing LLC now owns 175 shares of the company’s stock valued at $40,000 after buying an additional 173 shares during the last quarter. Finally, Cloud Capital Management LLC bought a new position in Reddit in the 3rd quarter valued at approximately $47,000.

Reddit Price Performance

Shares of Reddit stock opened at $145.77 on Wednesday. The stock’s 50-day moving average is $192.47 and its 200 day moving average is $209.60. Reddit Inc. has a one year low of $79.75 and a one year high of $282.95. The firm has a market cap of $27.85 billion, a price-to-earnings ratio of 55.64, a PEG ratio of 1.07 and a beta of 2.40.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Thursday, February 5th. The company reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.28. The firm had revenue of $725.61 million for the quarter, compared to analyst estimates of $665.80 million. Reddit had a return on equity of 20.89% and a net margin of 24.05%.The company’s revenue was up 69.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.36 earnings per share. On average, sell-side analysts expect that Reddit Inc. will post 1.12 EPS for the current fiscal year.

Insider Buying and Selling at Reddit

In other Reddit news, 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. The trade was a 46.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Jennifer L. Wong sold 39,167 shares of the company’s stock in a transaction dated Friday, December 19th. The shares were sold at an average price of $234.37, for a total transaction of $9,179,569.79. Following the transaction, the chief operating officer owned 1,184,528 shares in the company, valued at $277,617,827.36. This represents a 3.20% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 449,084 shares of company stock valued at $93,738,449 over the last 90 days. Insiders own 34.25% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on RDDT. Robert W. Baird set a $200.00 price target on shares of Reddit in a research report on Friday, February 6th. Cantor Fitzgerald reduced their price objective on shares of Reddit from $240.00 to $170.00 and set a “neutral” rating on the stock in a research note on Friday, February 6th. Roth Mkm raised their target price on Reddit from $210.00 to $215.00 and gave the stock a “neutral” rating in a research report on Friday, January 30th. Truist Financial upped their price target on Reddit from $270.00 to $275.00 and gave the company a “buy” rating in a research report on Friday, February 6th. Finally, The Goldman Sachs Group decreased their price target on Reddit from $236.00 to $206.00 and set a “neutral” rating for the company in a research note on Friday, February 6th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Reddit currently has a consensus rating of “Moderate Buy” and a consensus price target of $238.78.

Reddit 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.