Brooklyn FI LLC Takes Position in Reddit, Inc. (NYSE:RDDT)

Brooklyn FI LLC acquired a new position in shares of Reddit, Inc. (NYSE:RDDT) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor acquired 1,854,394 shares of the company’s stock, valued at approximately $303,082,000. Reddit accounts for about 1.6% of Brooklyn FI LLC’s portfolio, making the stock its 21st largest position.

A number of other institutional investors have also recently bought and sold shares of RDDT. Axxcess Wealth Management LLC purchased a new position in Reddit during the fourth quarter worth approximately $455,000. Glenview Trust co purchased a new position in shares of Reddit in the 4th quarter worth $490,000. Harbour Investments Inc. acquired a new position in Reddit in the fourth quarter valued at $540,000. Envestnet Portfolio Solutions Inc. purchased a new stake in Reddit during the fourth quarter valued at about $609,000. Finally, Natixis Advisors LLC acquired a new stake in Reddit during the fourth quarter worth about $2,549,000.

Reddit Price Performance

NYSE RDDT opened at $110.02 on Wednesday. The company’s fifty day moving average price is $174.74 and its two-hundred day moving average price is $134.59. The company has a market capitalization of $19.90 billion and a price-to-earnings ratio of -14.23. Reddit, Inc. has a 12 month low of $37.35 and a 12 month high of $230.41.

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

Insider Transactions at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 124,408 shares of Reddit stock in a transaction on Friday, March 14th. The shares were sold at an average price of $127.36, for a total value of $15,844,602.88. Following the completion of the transaction, the chief executive officer now owns 583,515 shares of the company’s stock, valued at $74,316,470.40. The trade was a 17.57 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CTO Christopher Brian Slowe sold 11,000 shares of the stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $169.85, for a total transaction of $1,868,350.00. Following the sale, the chief technology officer now directly owns 324,837 shares in the company, valued at $55,173,564.45. This trade represents a 3.28 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 470,461 shares of company stock worth $74,176,916.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Redburn Partners set a $75.00 price objective on Reddit in a research note on Monday. Roth Capital cut shares of Reddit from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 22nd. Citigroup reissued a “neutral” rating on shares of Reddit in a research report on Thursday, February 13th. Wells Fargo & Company lifted their target price on shares of Reddit from $206.00 to $215.00 and gave the company an “overweight” rating in a report on Thursday, February 13th. Finally, Robert W. Baird increased their price target on Reddit from $160.00 to $185.00 and gave the company a “neutral” rating in a report on Thursday, February 13th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $164.50.

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.