WD Rutherford LLC Boosts Holdings in Reddit Inc. $RDDT

WD Rutherford LLC boosted its holdings in shares of Reddit Inc. (NYSE:RDDT) by 105.7% in the fourth quarter, HoldingsChannel.com reports. The fund owned 10,216 shares of the company’s stock after buying an additional 5,249 shares during the quarter. WD Rutherford LLC’s holdings in Reddit were worth $2,348,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in RDDT. Raiffeisen Bank International AG acquired a new position in Reddit during the third quarter worth about $25,000. GW&K Investment Management LLC acquired a new position in Reddit during the third quarter worth about $30,000. Cornerstone Planning Group LLC raised its position in Reddit by 13,500.0% during the third quarter. Cornerstone Planning Group LLC now owns 136 shares of the company’s stock worth $31,000 after acquiring an additional 135 shares during the last quarter. LOM Asset Management Ltd acquired a new stake in shares of Reddit during the 4th quarter worth about $33,000. Finally, Noble Wealth Management PBC acquired a new stake in shares of Reddit during the 4th quarter worth about $34,000.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on RDDT. Robert W. Baird set a $200.00 target price on shares of Reddit in a research report on Friday, February 6th. Zacks Research upgraded shares of Reddit from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, May 5th. Bank of America dropped their price target on shares of Reddit from $205.00 to $175.00 and set a “neutral” rating for the company in a research note on Thursday, April 2nd. Citigroup restated an “outperform” rating on shares of Reddit in a research note on Friday, May 1st. Finally, Roth Mkm lifted their price objective on shares of Reddit from $210.00 to $215.00 and gave the stock a “neutral” rating in a report on Friday, January 30th. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and eleven have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $228.61.

Reddit Trading Up 0.2%

NYSE RDDT opened at $158.44 on Monday. The stock’s 50-day moving average price is $146.48 and its two-hundred day moving average price is $181.30. The company has a market cap of $30.50 billion, a PE ratio of 45.27 and a beta of 1.85. Reddit Inc. has a 1 year low of $94.89 and a 1 year high of $282.95.

Reddit (NYSE:RDDT) last issued its earnings results on Thursday, April 30th. The company reported $1.01 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.39. The company had revenue of $663.41 million for the quarter, compared to the consensus estimate of $607.74 million. Reddit had a return on equity of 25.48% and a net margin of 28.60%.The firm’s quarterly revenue was up 69.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.13 EPS. Research analysts forecast that Reddit Inc. will post 4.83 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Sarah E. Farrell bought 10,500 shares of the firm’s stock in a transaction on Friday, March 13th. The stock was purchased at an average price of $132.26 per share, with a total value of $1,388,730.00. Following the completion of the transaction, the director directly owned 61,000 shares of the company’s stock, valued at $8,067,860. This trade represents a 20.79% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Jennifer L. Wong sold 39,167 shares of the company’s stock in a transaction that occurred on Thursday, April 16th. The stock was sold at an average price of $161.47, for a total value of $6,324,295.49. Following the sale, the chief operating officer directly owned 1,088,451 shares of the company’s stock, valued at $175,752,182.97. The trade was a 3.47% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 268,977 shares of company stock worth $39,750,959 over the last ninety days. Company insiders own 34.25% of the company’s stock.

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.