Reddit Inc. $RDDT Stock Holdings Raised by Newbridge Financial Services Group Inc.

Newbridge Financial Services Group Inc. grew its stake in Reddit Inc. (NYSE:RDDT) by 863.4% during the third quarter, HoldingsChannel.com reports. The firm owned 4,769 shares of the company’s stock after purchasing an additional 4,274 shares during the period. Newbridge Financial Services Group Inc.’s holdings in Reddit were worth $1,097,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Raiffeisen Bank International AG acquired a new position in Reddit in the third quarter worth about $25,000. GW&K Investment Management LLC acquired a new stake in Reddit during the third quarter valued at approximately $30,000. Cornerstone Planning Group LLC raised its stake in Reddit by 13,500.0% during the third quarter. Cornerstone Planning Group LLC now owns 136 shares of the company’s stock valued at $31,000 after buying an additional 135 shares in the last quarter. Geneos Wealth Management Inc. lifted its holdings in Reddit by 344.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock worth $39,000 after buying an additional 286 shares during the last quarter. Finally, GAMMA Investing LLC lifted its holdings in Reddit by 8,650.0% during the 3rd quarter. GAMMA Investing LLC now owns 175 shares of the company’s stock worth $40,000 after buying an additional 173 shares during the last quarter.

Insider Buying and Selling

In other news, CEO Steve Ladd Huffman sold 18,000 shares of the business’s stock in a transaction on Friday, February 27th. The shares were sold at an average price of $145.12, for a total transaction of $2,612,160.00. Following the completion of the transaction, the chief executive officer owned 411,195 shares of the company’s stock, valued at approximately $59,672,618.40. The trade was a 4.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Benjamin Seong Lee sold 5,575 shares of the company’s stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $143.35, for a total transaction of $799,176.25. Following the transaction, the insider owned 79,309 shares of the company’s stock, valued at $11,368,945.15. This represents a 6.57% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 433,335 shares of company stock valued at $89,139,359 in the last three months. 34.25% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on RDDT. Roth Mkm boosted their price target on Reddit from $210.00 to $215.00 and gave the company a “neutral” rating in a report on Friday, January 30th. Morgan Stanley set a $240.00 price objective on Reddit in a research note on Friday, February 6th. JPMorgan Chase & Co. decreased their price objective on shares of Reddit from $227.00 to $200.00 and set a “neutral” rating for the company in a report on Friday, February 6th. Cantor Fitzgerald lowered their target price on shares of Reddit from $240.00 to $170.00 and set a “neutral” rating for the company in a research note on Friday, February 6th. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Reddit in a report on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Reddit has a consensus rating of “Moderate Buy” and a consensus target price of $236.00.

Reddit Trading Down 0.0%

Shares of NYSE RDDT opened at $132.21 on Friday. The company has a market cap of $25.26 billion, a price-to-earnings ratio of 50.46, a price-to-earnings-growth ratio of 0.96 and a beta of 2.40. Reddit Inc. has a 12-month low of $79.75 and a 12-month high of $282.95. The stock’s 50 day simple moving average is $177.60 and its 200 day simple moving average is $205.03.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Thursday, February 5th. The company reported $1.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.28. The business had revenue of $725.61 million during the quarter, compared to analyst estimates of $665.80 million. Reddit had a return on equity of 20.89% and a net margin of 24.05%.The business’s revenue for the quarter was up 69.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.36 EPS. As a group, equities analysts forecast that Reddit Inc. will post 1.12 earnings per share 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.