Sendero Wealth Management LLC Makes New Investment in Reddit Inc. $RDDT

Sendero Wealth Management LLC acquired a new position in shares of Reddit Inc. (NYSE:RDDT) in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 20,251 shares of the company’s stock, valued at approximately $4,658,000.

A number of other hedge funds have also made changes to their positions in RDDT. Financial Perspectives Inc purchased a new stake in Reddit during the second quarter worth approximately $34,000. Geneos Wealth Management Inc. lifted its position in shares of 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. GAMMA Investing LLC boosted its holdings in shares of Reddit by 8,650.0% in the 3rd quarter. GAMMA Investing LLC now owns 175 shares of the company’s stock valued at $40,000 after buying an additional 173 shares in the last quarter. Advisors Asset Management Inc. grew its position in shares of Reddit by 68.2% in the 2nd quarter. Advisors Asset Management Inc. now owns 365 shares of the company’s stock valued at $55,000 after buying an additional 148 shares during the last quarter. Finally, Western Pacific Wealth Management LP purchased a new position in shares of Reddit in the 2nd quarter valued at $60,000.

Analysts Set New Price Targets

RDDT has been the subject of a number of research reports. The Goldman Sachs Group reissued a “neutral” rating and issued a $236.00 price target on shares of Reddit in a research report on Tuesday, October 14th. JMP Securities reiterated a “market outperform” rating and set a $300.00 target price on shares of Reddit in a research report on Friday, October 3rd. Weiss Ratings reissued a “hold (c-)” rating on shares of Reddit in a research report on Monday. Truist Financial set a $270.00 price target on Reddit in a research note on Friday, October 31st. Finally, Wells Fargo & Company lifted their target price on shares of Reddit from $155.00 to $174.00 and gave the company a “cautious” rating in a report on Tuesday, October 7th. Three analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $230.28.

Insider Transactions at Reddit

In other news, insider Benjamin Seong Lee sold 6,427 shares of Reddit stock in a transaction on Monday, November 24th. The stock was sold at an average price of $192.68, for a total value of $1,238,354.36. Following the completion of the sale, the insider owned 67,613 shares of the company’s stock, valued at $13,027,672.84. The trade was a 8.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Jennifer L. Wong sold 63,427 shares of the company’s stock in a transaction that occurred on Monday, November 24th. The stock was sold at an average price of $192.72, for a total transaction of $12,223,651.44. Following the transaction, the chief operating officer directly owned 1,184,528 shares of the company’s stock, valued at $228,282,236.16. This trade represents a 5.08% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 405,619 shares of company stock worth $85,005,978 in the last three months. 34.25% of the stock is currently owned by company insiders.

Reddit Stock Performance

Reddit stock opened at $227.47 on Thursday. Reddit Inc. has a fifty-two week low of $79.75 and a fifty-two week high of $282.95. The firm has a market capitalization of $43.11 billion, a price-to-earnings ratio of 130.73, a price-to-earnings-growth ratio of 2.47 and a beta of 2.17. The stock’s fifty day moving average is $207.44 and its two-hundred day moving average is $194.00.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Thursday, October 30th. The company reported $0.80 EPS for the quarter, beating the consensus estimate of $0.50 by $0.30. The business had revenue of $584.91 million for the quarter, compared to analyst estimates of $546.65 million. Reddit had a net margin of 18.33% and a return on equity of 14.94%. The company’s quarterly revenue was up 67.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.16 earnings per share. As a group, sell-side analysts forecast that Reddit Inc. will post 1.12 EPS for the current fiscal year.

Reddit Profile

Reddit, Inc operates a website that organizes digital communities. It organizes communities based on specific interests that enable users to engage in conversations by sharing experiences, submitting links, uploading images and videos, and replying to one another. The company was founded in 2005 and is headquartered in San Francisco, California.