WT Wealth Management Has $1.95 Million Stock Holdings in Reddit Inc. $RDDT

WT Wealth Management raised its position in Reddit Inc. (NYSE:RDDT) by 813.8% during the fourth quarter, Holdings Channel reports. The institutional investor owned 8,480 shares of the company’s stock after buying an additional 7,552 shares during the quarter. WT Wealth Management’s holdings in Reddit were worth $1,949,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Resona Asset Management Co. Ltd. raised its holdings in Reddit by 53.2% during the third quarter. Resona Asset Management Co. Ltd. now owns 30,944 shares of the company’s stock worth $7,166,000 after acquiring an additional 10,743 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Reddit by 12.9% during the 3rd quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company’s stock worth $2,814,734,000 after purchasing an additional 1,401,293 shares during the last quarter. Optimize Financial Inc acquired a new position in shares of Reddit during the 3rd quarter worth approximately $1,420,000. WT Asset Management Ltd bought a new stake in shares of Reddit during the 3rd quarter worth approximately $92,973,000. Finally, Wealth Enhancement Advisory Services LLC raised its stake in shares of Reddit by 95.4% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 16,139 shares of the company’s stock worth $3,712,000 after purchasing an additional 7,881 shares in the last quarter.

Reddit Trading Up 1.7%

NYSE:RDDT opened at $169.24 on Tuesday. The stock has a 50 day simple moving average of $144.12 and a 200 day simple moving average of $184.09. The stock has a market cap of $32.33 billion, a P/E ratio of 48.35, a PEG ratio of 1.21 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 quarterly earnings data on Thursday, April 30th. The company reported $1.01 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.39. The firm had revenue of $663.41 million for the quarter, compared to analyst estimates of $607.74 million. Reddit had a return on equity of 26.78% and a net margin of 28.60%.The company’s revenue for the quarter was up 69.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.13 EPS. As a group, sell-side analysts forecast that Reddit Inc. will post 4.02 EPS for the current year.

Insider Buying and Selling at Reddit

In other Reddit news, COO Jennifer L. Wong sold 39,167 shares of Reddit stock in a transaction dated Thursday, April 16th. The shares were sold at an average price of $161.47, for a total value of $6,324,295.49. Following the completion of the sale, the chief operating officer owned 1,088,451 shares in the company, valued at $175,752,182.97. The trade was a 3.47% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Christopher Brian Slowe sold 15,500 shares of the business’s stock in a transaction dated Wednesday, April 8th. The shares were sold at an average price of $150.67, for a total transaction of $2,335,385.00. Following the completion of the sale, the chief technology officer directly owned 38,413 shares of the company’s stock, valued at $5,787,686.71. This represents 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 three months, insiders purchased 61,000 shares of company stock worth $8,870,815 and sold 280,441 shares worth $40,873,759. 34.25% of the stock is owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the stock. Robert W. Baird set a $200.00 target price on shares of Reddit in a report on Friday, February 6th. The Goldman Sachs Group reiterated a “neutral” rating and issued a $200.00 price target on shares of Reddit in a research note on Friday. UBS Group set a $265.00 price objective on shares of Reddit in a research report on Tuesday, January 13th. Bank of America dropped their target price on shares of Reddit from $205.00 to $175.00 and set a “neutral” rating on the stock in a report on Thursday, April 2nd. Finally, Evercore reiterated an “outperform” rating and set a $290.00 price target on shares of Reddit in a report on Friday, February 6th. Eighteen equities research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $228.61.

Reddit 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.