Berkshire Capital Holdings Inc. Has $7.51 Million Stock Position in Reddit Inc. $RDDT

Berkshire Capital Holdings Inc. increased its position in shares of Reddit Inc. (NYSE:RDDT) by 326,400.0% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 32,650 shares of the company’s stock after buying an additional 32,640 shares during the quarter. Reddit comprises about 2.5% of Berkshire Capital Holdings Inc.’s portfolio, making the stock its 16th biggest position. Berkshire Capital Holdings Inc.’s holdings in Reddit were worth $7,505,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of RDDT. NewEdge Advisors LLC raised its stake in shares of Reddit by 143.3% in the first quarter. NewEdge Advisors LLC now owns 7,982 shares of the company’s stock worth $837,000 after purchasing an additional 4,701 shares during the last quarter. Empowered Funds LLC bought a new position in shares of Reddit in the first quarter worth $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Reddit by 106.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 216,960 shares of the company’s stock worth $22,759,000 after acquiring an additional 111,780 shares during the period. Focus Partners Wealth boosted its holdings in shares of Reddit by 40.8% in the first quarter. Focus Partners Wealth now owns 10,224 shares of the company’s stock worth $1,073,000 after acquiring an additional 2,965 shares during the period. Finally, Geneos Wealth Management Inc. boosted its holdings in shares of Reddit by 344.6% in the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock worth $39,000 after acquiring an additional 286 shares during the period.

Insider Transactions at Reddit

In other news, COO Jennifer L. Wong sold 39,167 shares of the company’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $158.52, for a total value of $6,208,752.84. Following the completion of the sale, the chief operating officer directly owned 1,088,451 shares in the company, valued at $172,541,252.52. This represents a 3.47% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Steve Ladd Huffman sold 18,000 shares of the stock in a transaction on Friday, May 15th. The stock was sold at an average price of $157.15, for a total value of $2,828,700.00. Following the completion of the sale, the chief executive officer owned 411,195 shares of the company’s stock, valued at $64,619,294.25. The trade was a 4.19% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 326,144 shares of company stock worth $48,788,412 in the last three months. Corporate insiders own 34.25% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on RDDT. Rothschild & Co Redburn set a $110.00 price objective on Reddit in a research report on Monday, April 27th. DA Davidson reissued a “buy” rating and issued a $200.00 target price on shares of Reddit in a research note on Friday, May 1st. Evercore restated an “outperform” rating and set a $290.00 price target on shares of Reddit in a report on Friday, February 6th. Wells Fargo & Company boosted their price target on Reddit from $149.00 to $176.00 and gave the company an “equal weight” rating in a report on Friday, May 1st. Finally, Robert W. Baird set a $200.00 target price on Reddit in a report on Friday, February 6th. 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 stock. Based on data from MarketBeat, Reddit has an average rating of “Moderate Buy” and a consensus target price of $228.61.

Reddit Trading Down 5.4%

RDDT stock opened at $141.87 on Friday. The stock’s 50 day simple moving average is $147.67 and its 200 day simple moving average is $179.50. The stock has a market capitalization of $27.31 billion, a PE ratio of 40.53 and a beta of 1.85. Reddit Inc. has a 12-month low of $95.23 and a 12-month high of $282.95.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Thursday, April 30th. The company reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.39. The firm had revenue of $663.41 million for the quarter, compared to analysts’ expectations of $607.74 million. Reddit had a return on equity of 25.48% and a net margin of 28.60%.The company’s revenue 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 predict that Reddit Inc. will post 4.83 earnings per share for the current year.

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.