Bernard Wealth Management Corp. Takes Position in Reddit Inc. $RDDT

Bernard Wealth Management Corp. purchased a new position in Reddit Inc. (NYSE:RDDT) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 4,832 shares of the company’s stock, valued at approximately $1,111,000.

A number of other hedge funds also recently bought and sold shares of RDDT. Raiffeisen Bank International AG bought a new stake in Reddit during the 3rd quarter valued at about $25,000. GW&K Investment Management LLC bought a new position in shares of Reddit in the third quarter worth approximately $30,000. 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 valued at $31,000 after buying an additional 135 shares during the last quarter. Noble Wealth Management PBC purchased a new stake in shares of Reddit during the fourth quarter valued at approximately $34,000. Finally, Geneos Wealth Management Inc. increased its position in shares of Reddit by 344.6% during the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock valued at $39,000 after acquiring an additional 286 shares in the last quarter.

Insider Buying and Selling

In related news, CEO Steve Ladd Huffman sold 18,000 shares of the company’s stock in a transaction on Friday, March 13th. The stock was sold at an average price of $132.86, for a total transaction of $2,391,480.00. Following the completion of the sale, the chief executive officer owned 411,195 shares in the company, valued at approximately $54,631,367.70. This represents a 4.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Jennifer L. Wong sold 33,507 shares of the stock in a transaction dated 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 completion of the transaction, the chief operating officer directly owned 1,088,451 shares in the company, valued at approximately $156,094,757.91. This represents a 2.99% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have purchased 61,000 shares of company stock valued at $8,870,815 and have sold 355,078 shares valued at $65,408,023. 34.25% of the stock is currently owned by insiders.

Reddit Trading Up 2.2%

Shares of RDDT stock opened at $124.54 on Tuesday. Reddit Inc. has a 12-month low of $79.75 and a 12-month high of $282.95. The stock has a market capitalization of $23.79 billion, a P/E ratio of 47.54, a P/E/G ratio of 0.89 and a beta of 2.41. The firm’s 50 day moving average is $153.54 and its 200 day moving average is $197.23.

Reddit (NYSE:RDDT) last announced its earnings results on Thursday, February 5th. The company reported $1.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.96 by $0.28. The business had revenue of $725.61 million during 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 company’s quarterly revenue was up 69.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.36 EPS. As a group, equities analysts predict that Reddit Inc. will post 1.12 earnings per share for the current year.

Analyst Upgrades and Downgrades

RDDT has been the subject of a number of recent analyst reports. Morgan Stanley set a $240.00 price objective on shares of Reddit in a report on Friday, February 6th. Cantor Fitzgerald reduced their target price on Reddit from $240.00 to $170.00 and set a “neutral” rating for the company in a report on Friday, February 6th. JPMorgan Chase & Co. reduced their target price on Reddit from $227.00 to $200.00 and set a “neutral” rating for the company in a report on Friday, February 6th. Jefferies Financial Group decreased their price target on Reddit from $285.00 to $250.00 and set a “buy” rating for the company in a research note on Tuesday, March 10th. Finally, Guggenheim upped their price target on Reddit from $245.00 to $255.00 and gave the company a “buy” rating in a report on Friday, February 6th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and eleven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $242.19.

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.