Whittier Trust Co. of Nevada Inc. Purchases Shares of 342 Reddit, Inc. (NYSE:RDDT)

Whittier Trust Co. of Nevada Inc. acquired a new stake in Reddit, Inc. (NYSE:RDDT) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 342 shares of the company’s stock, valued at approximately $56,000.

A number of other institutional investors have also modified their holdings of the company. Ridgewood Investments LLC raised its position in shares of Reddit by 100.0% in the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock valued at $33,000 after buying an additional 100 shares during the last quarter. Proficio Capital Partners LLC increased its position in Reddit by 2.1% during the fourth quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company’s stock worth $966,000 after purchasing an additional 120 shares during the last quarter. Farther Finance Advisors LLC increased its position in Reddit by 148.5% during the fourth quarter. Farther Finance Advisors LLC now owns 246 shares of the company’s stock worth $40,000 after purchasing an additional 147 shares during the last quarter. UMB Bank n.a. increased its position in Reddit by 10.8% during the fourth quarter. UMB Bank n.a. now owns 1,533 shares of the company’s stock worth $251,000 after purchasing an additional 150 shares during the last quarter. Finally, Foundations Investment Advisors LLC increased its position in Reddit by 3.0% during the fourth quarter. Foundations Investment Advisors LLC now owns 5,325 shares of the company’s stock worth $870,000 after purchasing an additional 155 shares during the last quarter.

Reddit Price Performance

NYSE RDDT opened at $115.46 on Monday. Reddit, Inc. has a 12 month low of $37.35 and a 12 month high of $230.41. The company has a market capitalization of $20.89 billion and a price-to-earnings ratio of -14.94. The company’s fifty day moving average price is $171.19 and its two-hundred day moving average price is $135.71.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, beating 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%. As a group, analysts anticipate that Reddit, Inc. will post 1.12 EPS for the current year.

Insider Transactions at Reddit

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $172.79, for a total value of $2,419,060.00. Following the transaction, the chief executive officer now directly owns 614,394 shares in the company, valued at approximately $106,161,139.26. This trade represents a 2.23 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Jennifer L. Wong sold 33,333 shares of the firm’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $125.22, for a total transaction of $4,173,958.26. Following the completion of the transaction, the chief operating officer now owns 1,466,119 shares in the company, valued at approximately $183,587,421.18. The trade was a 2.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 492,794 shares of company stock worth $76,482,524.

Wall Street Analyst Weigh In

RDDT has been the subject of several research analyst reports. Raymond James dropped their price target on shares of Reddit from $250.00 to $200.00 and set a “strong-buy” rating for the company in a research report on Wednesday, March 12th. Guggenheim dropped their price objective on shares of Reddit from $210.00 to $170.00 and set a “buy” rating for the company in a research report on Thursday. Bank of America increased their price objective on shares of Reddit from $180.00 to $190.00 and gave the stock a “neutral” rating in a research report on Thursday, February 13th. Piper Sandler increased their price objective on shares of Reddit from $210.00 to $220.00 and gave the stock an “overweight” rating in a research report on Friday, February 21st. Finally, Robert W. Baird increased their price objective on shares of Reddit from $160.00 to $185.00 and gave the stock a “neutral” rating in a research report on Thursday, February 13th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Reddit currently has a consensus rating of “Hold” and an average target price of $162.68.

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.