Dakota Wealth Management Takes Position in Reddit Inc. $RDDT

Dakota Wealth Management purchased a new position in Reddit Inc. (NYSE:RDDT) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 3,358 shares of the company’s stock, valued at approximately $772,000.

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

Reddit Trading Up 0.9%

RDDT stock opened at $150.98 on Friday. The company has a 50-day moving average price of $197.55 and a 200 day moving average price of $211.77. The stock has a market cap of $28.84 billion, a PE ratio of 57.63, a P/E/G ratio of 1.11 and a beta of 2.17. Reddit Inc. has a 12 month low of $79.75 and a 12 month high of $282.95.

Reddit (NYSE:RDDT) last released its earnings results on Thursday, February 5th. The company reported $1.24 earnings per share for the quarter, topping the consensus estimate of $0.96 by $0.28. The business had revenue of $725.61 million during the quarter, compared to the consensus estimate of $665.80 million. Reddit had a return on equity of 20.89% and a net margin of 24.05%.The business’s revenue for the quarter was up 69.7% compared to the same quarter last year. During the same period last year, the company earned $0.36 earnings per share. Sell-side analysts forecast that Reddit Inc. will post 1.12 EPS for the current year.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Cantor Fitzgerald dropped their target price on Reddit from $240.00 to $170.00 and set a “neutral” rating on the stock in a research report on Friday, February 6th. Wall Street Zen upgraded shares of Reddit from a “hold” rating to a “buy” rating in a research report on Saturday, February 14th. B. Riley Financial upped their target price on shares of Reddit from $245.00 to $250.00 and gave the company a “buy” rating in a report on Friday, February 6th. Wells Fargo & Company set a $196.00 price target on Reddit in a report on Monday, February 9th. Finally, Citigroup lifted their price target on shares of Reddit from $250.00 to $265.00 and gave the company a “buy” rating in a report on Monday, November 3rd. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $238.78.

Insiders Place Their Bets

In related news, CTO Christopher Brian Slowe sold 19,036 shares of the stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $144.05, for a total value of $2,742,135.80. Following the completion of the transaction, the chief technology officer directly owned 185,057 shares of the company’s stock, valued at $26,657,460.85. This trade represents a 9.33% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Benjamin Seong Lee sold 55,005 shares of Reddit stock in a transaction dated Tuesday, December 16th. The stock was sold at an average price of $221.21, for a total value of $12,167,656.05. Following the sale, the insider directly owned 62,608 shares of the company’s stock, valued at $13,849,515.68. This trade represents a 46.77% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 431,084 shares of company stock worth $91,126,289. Insiders own 34.25% of the company’s stock.

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.