Harbor Investment Advisory LLC Acquires New Shares in Reddit, Inc. (NYSE:RDDT)

Harbor Investment Advisory LLC acquired a new stake in Reddit, Inc. (NYSE:RDDT) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 900 shares of the company’s stock, valued at approximately $147,000.

Other hedge funds have also recently bought and sold shares of the company. Ridgewood Investments LLC increased its stake in Reddit by 100.0% in the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock valued at $33,000 after purchasing an additional 100 shares in the last quarter. Whittier Trust Co. purchased a new position in Reddit in the 3rd quarter valued at approximately $42,000. AdvisorNet Financial Inc increased its stake in Reddit by 41.9% in the 4th quarter. AdvisorNet Financial Inc now owns 681 shares of the company’s stock valued at $111,000 after purchasing an additional 201 shares in the last quarter. Daiwa Securities Group Inc. acquired a new stake in Reddit during the 3rd quarter valued at $85,000. Finally, UMB Bank n.a. grew its holdings in Reddit by 10.8% during the 4th quarter. UMB Bank n.a. now owns 1,533 shares of the company’s stock valued at $251,000 after buying an additional 150 shares during the last quarter.

Insider Buying and Selling at Reddit

In other Reddit news, insider Benjamin Seong Lee sold 18,519 shares of the firm’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $146.06, for a total value of $2,704,885.14. Following the transaction, the insider now directly owns 138,401 shares of the company’s stock, valued at $20,214,850.06. This trade represents a 11.80 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $113.13, for a total value of $1,583,820.00. Following the sale, the chief executive officer now directly owns 651,775 shares in the company, valued at approximately $73,735,305.75. The trade was a 2.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 259,357 shares of company stock valued at $39,528,738 over the last three months.

Analyst Ratings Changes

A number of equities research analysts have commented on RDDT shares. The Goldman Sachs Group increased their target price on Reddit from $105.00 to $176.00 and gave the company a “neutral” rating in a report on Tuesday, January 14th. Loop Capital increased their target price on Reddit from $120.00 to $180.00 and gave the company a “buy” rating in a report on Monday, December 2nd. Needham & Company LLC increased their target price on Reddit from $120.00 to $190.00 and gave the company a “buy” rating in a report on Wednesday, December 11th. Wells Fargo & Company initiated coverage on Reddit in a report on Wednesday, December 11th. They set an “overweight” rating and a $206.00 target price on the stock. Finally, JMP Securities raised their price objective on Reddit from $118.00 to $160.00 and gave the stock a “market outperform” rating in a report on Monday, November 25th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Reddit currently has a consensus rating of “Moderate Buy” and an average target price of $158.20.

Reddit Stock Down 2.4 %

Shares of RDDT opened at $183.79 on Thursday. The stock’s fifty day simple moving average is $160.20 and its 200 day simple moving average is $102.35. Reddit, Inc. has a twelve month low of $37.35 and a twelve month high of $191.00.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, beating the consensus estimate 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 company had revenue of $348.40 million for the quarter, compared to analyst estimates of $313.61 million. Reddit’s revenue for the quarter was up 67.9% compared to the same quarter last year. On average, sell-side analysts predict that Reddit, Inc. will post -3.48 earnings per share for the current year.

About Reddit

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.