Westmount Partners LLC Purchases Shares of 2,390 Reddit, Inc. (NYSE:RDDT)

Westmount Partners LLC acquired a new stake in Reddit, Inc. (NYSE:RDDT) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 2,390 shares of the company’s stock, valued at approximately $391,000.

A number of other hedge funds also recently made changes to their positions in the business. FMR LLC increased its position in shares of Reddit by 302.8% during the 3rd quarter. FMR LLC now owns 12,157,591 shares of the company’s stock worth $801,428,000 after purchasing an additional 9,139,196 shares in the last quarter. VY Capital Management Co. Ltd. bought a new stake in Reddit during the 3rd quarter worth about $474,403,000. Point72 Asset Management L.P. grew its holdings in Reddit by 3,172.0% during the 3rd quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock worth $151,357,000 after acquiring an additional 2,225,895 shares during the last quarter. Holocene Advisors LP grew its holdings in Reddit by 177.6% during the 3rd quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock worth $198,154,000 after acquiring an additional 1,923,109 shares during the last quarter. Finally, Lord Abbett & CO. LLC grew its holdings in Reddit by 1,519.4% during the 3rd quarter. Lord Abbett & CO. LLC now owns 1,650,362 shares of the company’s stock worth $108,792,000 after acquiring an additional 1,548,450 shares during the last quarter.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. Piper Sandler reissued an “overweight” rating and set a $150.00 price objective (up previously from $115.00) on shares of Reddit in a report on Tuesday, November 19th. The Goldman Sachs Group increased their price objective on shares of Reddit from $60.00 to $68.00 and gave the stock a “neutral” rating in a report on Monday, October 14th. B. Riley reaffirmed a “buy” rating and issued a $112.00 target price (up previously from $87.00) on shares of Reddit in a research note on Wednesday, October 30th. Guggenheim assumed coverage on shares of Reddit in a research note on Friday, December 20th. They set a “buy” rating and a $210.00 price objective on the stock. Finally, Sanford C. Bernstein lifted their price objective on shares of Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a research note on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $136.75.

Reddit Price Performance

Shares of RDDT traded down $5.03 during trading hours on Monday, reaching $162.05. The stock had a trading volume of 2,977,225 shares, compared to its average volume of 4,883,267. Reddit, Inc. has a 12 month low of $37.35 and a 12 month high of $187.69. The firm has a 50-day simple moving average of $153.44 and a 200 day simple moving average of $97.22.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.23. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The business had revenue of $348.40 million during the quarter, compared to analyst estimates of $313.61 million. Reddit’s revenue was up 67.9% compared to the same quarter last year. Sell-side analysts anticipate that Reddit, Inc. will post -3.46 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $75.43, for a total transaction of $1,056,020.00. Following the completion of the transaction, the chief executive officer now owns 651,775 shares in the company, valued at approximately $49,163,388.25. This represents a 2.10 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Andrew Vollero sold 19,838 shares of the stock in a transaction on Monday, November 25th. The stock was sold at an average price of $143.22, for a total value of $2,841,198.36. Following the transaction, the chief financial officer now owns 703,615 shares of the company’s stock, valued at $100,771,740.30. The trade was a 2.74 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 264,357 shares of company stock valued at $35,297,700 in the last ninety days.

Reddit Company Profile

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.