Reddit, Inc. (NYSE:RDDT) Shares Acquired by Trivest Advisors Ltd

Trivest Advisors Ltd boosted its stake in Reddit, Inc. (NYSE:RDDT) by 976.7% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 430,680 shares of the company’s stock after acquiring an additional 390,680 shares during the quarter. Reddit accounts for about 3.2% of Trivest Advisors Ltd’s portfolio, making the stock its 11th biggest holding. Trivest Advisors Ltd’s holdings in Reddit were worth $70,390,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of RDDT. Harvest Fund Management Co. Ltd acquired a new position in Reddit during the fourth quarter worth $161,000. OVERSEA CHINESE BANKING Corp Ltd acquired a new stake in shares of Reddit during the fourth quarter worth about $6,744,000. Brooklyn FI LLC purchased a new stake in shares of Reddit during the fourth quarter worth $303,082,000. Axxcess Wealth Management LLC acquired a new stake in Reddit in the 4th quarter valued at about $455,000. Finally, Glenview Trust co purchased a new position in Reddit in the fourth quarter worth approximately $490,000.

Insider Transactions at Reddit

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction on Tuesday, December 31st. The shares were sold at an average price of $165.33, for a total transaction of $2,314,620.00. Following the transaction, the chief executive officer now directly owns 614,394 shares in the company, valued at approximately $101,577,760.02. The trade was a 2.23 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director David C. Habiger bought 774 shares of Reddit stock in a transaction dated Wednesday, March 12th. The shares were acquired at an average price of $130.36 per share, with a total value of $100,898.64. Following the completion of the purchase, the director now directly owns 30,808 shares in the company, valued at $4,016,130.88. This trade represents a 2.58 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold a total of 470,461 shares of company stock valued at $74,176,916 over the last 90 days.

Reddit Price Performance

Reddit stock opened at $110.02 on Wednesday. The business has a 50 day simple moving average of $174.74 and a 200 day simple moving average of $134.59. Reddit, Inc. has a one year low of $37.35 and a one year high of $230.41. The company has a market capitalization of $19.90 billion and a PE ratio of -14.23.

Reddit (NYSE:RDDT) last announced its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.12. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. Equities analysts anticipate that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on RDDT. Seaport Res Ptn raised Reddit to a “hold” rating in a report on Thursday, February 6th. Morgan Stanley raised their price objective on shares of Reddit from $200.00 to $210.00 and gave the company an “overweight” rating in a research report on Thursday, February 13th. JPMorgan Chase & Co. upped their price target on shares of Reddit from $142.00 to $185.00 and gave the stock a “neutral” rating in a research note on Thursday, February 13th. Loop Capital reaffirmed a “buy” rating and issued a $210.00 price objective on shares of Reddit in a research note on Tuesday, March 11th. Finally, Roth Capital cut shares of Reddit from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 22nd. Two analysts have rated the stock with a sell rating, nine have given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $164.50.

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.