Meridian Wealth Management LLC Has $13.65 Million Stock Holdings in Reddit Inc. $RDDT

Meridian Wealth Management LLC decreased its stake in shares of Reddit Inc. (NYSE:RDDT) by 7.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 59,352 shares of the company’s stock after selling 4,829 shares during the period. Meridian Wealth Management LLC’s holdings in Reddit were worth $13,650,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in RDDT. Financial Perspectives Inc bought a new position in shares of Reddit in the second quarter worth about $34,000. Geneos Wealth Management Inc. lifted its stake in shares of Reddit by 344.6% during the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock valued at $39,000 after acquiring an additional 286 shares during the period. GAMMA Investing LLC boosted its holdings in Reddit by 8,650.0% in the third quarter. GAMMA Investing LLC now owns 175 shares of the company’s stock valued at $40,000 after acquiring an additional 173 shares during the last quarter. Cloud Capital Management LLC bought a new position in Reddit in the third quarter valued at about $47,000. Finally, Covestor Ltd increased its position in Reddit by 138.5% in the third quarter. Covestor Ltd now owns 217 shares of the company’s stock worth $50,000 after purchasing an additional 126 shares during the period.

Reddit Stock Down 5.2%

Shares of NYSE RDDT opened at $180.13 on Friday. Reddit Inc. has a twelve month low of $79.75 and a twelve month high of $282.95. The stock has a market cap of $34.13 billion, a price-to-earnings ratio of 103.52, a P/E/G ratio of 1.32 and a beta of 2.17. The company’s fifty day moving average is $226.40 and its 200-day moving average is $214.73.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Thursday, October 30th. The company reported $0.80 EPS for the quarter, beating analysts’ consensus estimates of $0.50 by $0.30. The business had revenue of $584.91 million during the quarter, compared to analysts’ expectations of $546.65 million. Reddit had a net margin of 18.33% and a return on equity of 14.94%. The firm’s quarterly revenue was up 67.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.16 EPS. On average, research analysts anticipate that Reddit Inc. will post 1.12 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Benjamin Seong Lee sold 55,005 shares of the business’s stock in a transaction that occurred on Tuesday, December 16th. The stock was sold at an average price of $221.21, for a total value of $12,167,656.05. Following the completion of the transaction, the insider directly owned 62,608 shares in the company, valued at approximately $13,849,515.68. The trade was a 46.77% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Jennifer L. Wong sold 63,427 shares of the stock in a transaction that occurred on Monday, November 24th. The stock was sold at an average price of $192.72, for a total value of $12,223,651.44. Following the sale, the chief operating officer directly owned 1,184,528 shares of the company’s stock, valued at approximately $228,282,236.16. The trade was a 5.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 519,422 shares of company stock valued at $113,573,815 in the last three months. Insiders own 34.25% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on RDDT shares. Sanford C. Bernstein upped their target price on shares of Reddit from $190.00 to $210.00 and gave the company a “market perform” rating in a research report on Friday, October 31st. JPMorgan Chase & Co. boosted their price target on shares of Reddit from $190.00 to $227.00 and gave the stock a “neutral” rating in a research note on Friday, October 31st. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $285.00 price objective on shares of Reddit in a report on Tuesday, January 20th. Jefferies Financial Group raised their price objective on shares of Reddit from $300.00 to $325.00 and gave the company a “buy” rating in a research note on Thursday, December 11th. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Reddit in a research report on Monday, December 29th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $245.36.

About Reddit

Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called “subreddits,” each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.