Summit Trail Advisors LLC Invests $225,000 in Reddit, Inc. (NYSE:RDDT)

Summit Trail Advisors LLC bought a new stake in Reddit, Inc. (NYSE:RDDT) in the 4th quarter, Holdings Channel.com reports. The fund bought 1,376 shares of the company’s stock, valued at approximately $225,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in RDDT. Ridgewood Investments LLC boosted its position in shares of Reddit by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after buying an additional 100 shares during the period. Farmers & Merchants Investments Inc. acquired a new position in Reddit during the 4th quarter worth about $33,000. Spire Wealth Management acquired a new position in Reddit during the 4th quarter worth about $35,000. Whittier Trust Co. purchased a new position in Reddit during the 3rd quarter valued at about $42,000. Finally, Blue Trust Inc. acquired a new position in Reddit in the 4th quarter valued at about $59,000.

Wall Street Analyst Weigh In

Several research firms have recently commented on RDDT. Robert W. Baird raised their price objective on shares of Reddit from $100.00 to $160.00 and gave the company a “neutral” rating in a research note on Wednesday, December 11th. Piper Sandler raised their price target on shares of Reddit from $150.00 to $197.00 and gave the company an “overweight” rating in a research report on Tuesday, January 14th. Loop Capital boosted their price target on shares of Reddit from $120.00 to $180.00 and gave the stock a “buy” rating in a research note on Monday, December 2nd. Bank of America increased their price objective on Reddit from $99.00 to $180.00 and gave the company a “neutral” rating in a research note on Wednesday, January 8th. Finally, Morgan Stanley raised Reddit from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $70.00 to $200.00 in a research note on Monday, December 9th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $162.20.

Insider Activity at Reddit

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $125.98, for a total value of $1,763,720.00. Following the completion of the sale, the chief executive officer now owns 651,775 shares in the company, valued at $82,110,614.50. This represents a 2.10 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Jennifer L. Wong sold 33,333 shares of the firm’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $128.13, for a total transaction of $4,270,957.29. Following the transaction, the chief operating officer now directly owns 1,542,457 shares in the company, valued at $197,635,015.41. The trade was a 2.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 259,357 shares of company stock valued at $41,121,108 in the last three months.

Reddit Stock Performance

Shares of NYSE:RDDT opened at $216.96 on Thursday. The firm has a 50 day simple moving average of $179.35 and a 200-day simple moving average of $116.59. Reddit, Inc. has a twelve month low of $37.35 and a twelve month high of $230.41.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.12. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. As a group, sell-side analysts predict that Reddit, Inc. will post -3.45 earnings per share for the current fiscal year.

Reddit 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.