Fortis Capital Advisors LLC Buys 3,415 Shares of Reddit Inc. $RDDT

Fortis Capital Advisors LLC raised its position in shares of Reddit Inc. (NYSE:RDDT) by 99.2% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 6,857 shares of the company’s stock after purchasing an additional 3,415 shares during the period. Fortis Capital Advisors LLC’s holdings in Reddit were worth $1,576,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Krilogy Financial LLC lifted its holdings in Reddit by 35.6% during the fourth quarter. Krilogy Financial LLC now owns 1,717 shares of the company’s stock worth $367,000 after buying an additional 451 shares during the period. Institute for Wealth Management LLC. grew its stake in shares of Reddit by 6.1% during the fourth quarter. Institute for Wealth Management LLC. now owns 1,071 shares of the company’s stock worth $246,000 after acquiring an additional 62 shares during the last quarter. Lecap Asset Management Ltd. grew its position in Reddit by 90.9% during the 4th quarter. Lecap Asset Management Ltd. now owns 6,609 shares of the company’s stock worth $1,519,000 after purchasing an additional 3,147 shares during the last quarter. Oak Harvest Investment Services increased its position in shares of Reddit by 26.2% in the 4th quarter. Oak Harvest Investment Services now owns 11,219 shares of the company’s stock valued at $2,579,000 after acquiring an additional 2,327 shares during the period. Finally, Chicago Capital LLC acquired a new position in shares of Reddit in the fourth quarter valued at about $692,000.

Reddit Stock Down 0.2%

RDDT opened at $163.41 on Monday. The firm has a market cap of $31.22 billion, a P/E ratio of 62.37, a P/E/G ratio of 1.19 and a beta of 2.40. The business has a fifty day simple moving average of $141.63 and a 200-day simple moving average of $187.14. Reddit Inc. has a 52 week low of $90.78 and a 52 week high of $282.95.

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, topping analysts’ consensus estimates of $0.96 by $0.28. The company had revenue of $725.61 million for the quarter, compared to analyst estimates of $665.80 million. Reddit had a net margin of 24.05% and a return on equity of 20.89%. The business’s revenue for the quarter was up 69.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.36 earnings per share. Sell-side analysts expect that Reddit Inc. will post 1.12 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages recently issued reports on RDDT. Wells Fargo & Company assumed coverage on shares of Reddit in a report on Tuesday, April 7th. They set an “equal weight” rating and a $149.00 target price for the company. Needham & Company LLC reiterated a “buy” rating and set a $300.00 target price on shares of Reddit in a research report on Friday, February 6th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $285.00 price target on shares of Reddit in a research note on Tuesday, January 20th. JPMorgan Chase & Co. lowered their target price on shares of Reddit from $227.00 to $200.00 and set a “neutral” rating on the stock in a research note on Friday, February 6th. Finally, Bank of America lowered their price objective on Reddit from $205.00 to $175.00 and set a “neutral” rating on the stock in a research note on Thursday, April 2nd. One investment analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and eleven have given 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 $237.46.

Insider Buying and Selling

In other Reddit news, COO Jennifer L. Wong sold 33,507 shares of the stock in a transaction that occurred on Wednesday, March 18th. The shares were sold at an average price of $143.41, for a total value of $4,805,238.87. Following the sale, the chief operating officer directly owned 1,088,451 shares of the company’s stock, valued at approximately $156,094,757.91. This represents a 2.99% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Sarah E. Farrell purchased 43,800 shares of the business’s stock in a transaction on Tuesday, February 10th. The stock was acquired at an average price of $149.52 per share, for a total transaction of $6,548,976.00. Following the completion of the purchase, the director owned 43,800 shares of the company’s stock, valued at $6,548,976. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders bought 61,000 shares of company stock valued at $8,870,815 and sold 312,441 shares valued at $49,664,410. 34.25% of the stock is owned by corporate insiders.

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.