Meridian Wealth Management LLC Sells 20,063 Shares of Reddit Inc. $RDDT

Meridian Wealth Management LLC reduced its stake in shares of Reddit Inc. (NYSE:RDDT) by 33.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 39,289 shares of the company’s stock after selling 20,063 shares during the quarter. Meridian Wealth Management LLC’s holdings in Reddit were worth $9,031,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in RDDT. Raiffeisen Bank International AG bought a new stake in Reddit during the third quarter worth approximately $25,000. GW&K Investment Management LLC purchased a new stake in shares of Reddit in the third quarter valued at $30,000. Cornerstone Planning Group LLC raised its stake in shares of Reddit by 13,500.0% in the third quarter. Cornerstone Planning Group LLC now owns 136 shares of the company’s stock valued at $31,000 after acquiring an additional 135 shares during the period. LOM Asset Management Ltd purchased a new stake in shares of Reddit in the fourth quarter valued at $33,000. Finally, Noble Wealth Management PBC purchased a new stake in shares of Reddit in the fourth quarter valued at $34,000.

Insider Transactions at Reddit

In other news, COO Jennifer L. Wong sold 39,167 shares of the stock in a transaction on Thursday, April 16th. The stock was sold at an average price of $161.47, for a total transaction of $6,324,295.49. Following the transaction, the chief operating officer owned 1,088,451 shares of the company’s stock, valued at approximately $175,752,182.97. This represents a 3.47% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Christopher Brian Slowe sold 15,500 shares of the stock in a transaction on Wednesday, April 8th. The stock was sold at an average price of $150.67, for a total value of $2,335,385.00. Following the transaction, the chief technology officer directly owned 38,413 shares in the company, valued at $5,787,686.71. The trade was a 28.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 286,977 shares of company stock valued at $42,249,539. Company insiders own 34.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on RDDT. Needham & Company LLC reissued a “buy” rating and issued a $300.00 target price on shares of Reddit in a research note on Friday, May 1st. Citigroup reissued an “outperform” rating on shares of Reddit in a research note on Friday, May 1st. Morgan Stanley set a $240.00 price target on Reddit in a research note on Friday, February 6th. Jefferies Financial Group dropped their price objective on Reddit from $285.00 to $250.00 and set a “buy” rating for the company in a report on Tuesday, March 10th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Reddit in a research note on Friday. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and eleven have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $228.61.

Reddit Price Performance

Shares of RDDT stock opened at $159.83 on Tuesday. The company has a market capitalization of $30.77 billion, a P/E ratio of 45.66 and a beta of 1.85. The company’s 50-day simple moving average is $145.75 and its two-hundred day simple moving average is $182.78. Reddit Inc. has a one year low of $94.89 and a one year high of $282.95.

Reddit (NYSE:RDDT) last issued its earnings results on Thursday, April 30th. The company reported $1.01 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.39. The business had revenue of $663.41 million for the quarter, compared to the consensus estimate of $607.74 million. Reddit had a net margin of 28.60% and a return on equity of 25.48%. The company’s revenue for the quarter was up 69.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.13 EPS. On average, research analysts expect that Reddit Inc. will post 4.78 EPS for the current fiscal year.

Reddit Company Profile

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.