WT Wealth Management Raises Holdings in Reddit Inc. $RDDT

WT Wealth Management increased its position in Reddit Inc. (NYSE:RDDT) by 41.9% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 12,033 shares of the company’s stock after purchasing an additional 3,553 shares during the period. WT Wealth Management’s holdings in Reddit were worth $1,620,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. Huntington National Bank boosted its holdings in shares of Reddit by 25.6% in the third quarter. Huntington National Bank now owns 270 shares of the company’s stock valued at $62,000 after acquiring an additional 55 shares during the period. Institute for Wealth Management LLC. grew its position in Reddit by 6.1% during the 4th quarter. Institute for Wealth Management LLC. now owns 1,071 shares of the company’s stock worth $246,000 after purchasing an additional 62 shares during the last quarter. Roxbury Financial LLC increased its stake in Reddit by 7.4% in the fourth quarter. Roxbury Financial LLC now owns 929 shares of the company’s stock valued at $214,000 after purchasing an additional 64 shares during the period. Florida Financial Advisors LLC increased its stake in Reddit by 6.7% in the fourth quarter. Florida Financial Advisors LLC now owns 1,087 shares of the company’s stock valued at $250,000 after purchasing an additional 68 shares during the period. Finally, Diversified Trust Co raised its holdings in shares of Reddit by 2.1% in the first quarter. Diversified Trust Co now owns 3,271 shares of the company’s stock valued at $440,000 after buying an additional 68 shares during the last quarter.

Insider Buying and Selling at Reddit

In other news, CTO Christopher Brian Slowe sold 15,500 shares of the firm’s stock in a transaction that occurred on 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 transaction, the chief technology officer directly owned 38,413 shares of the company’s stock, valued at $5,787,686.71. This trade represents a 28.75% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Steve Ladd Huffman sold 18,000 shares of Reddit stock in a transaction that occurred on Tuesday, March 31st. The stock was sold at an average price of $132.77, for a total value of $2,389,860.00. Following the transaction, the chief executive officer owned 411,195 shares of the company’s stock, valued at $54,594,360.15. This represents a 4.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 241,000 shares of company stock worth $39,303,645. 28.48% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on RDDT shares. DA Davidson reissued a “buy” rating and set a $200.00 price target on shares of Reddit in a report on Friday, May 1st. Bank of America lowered their target price on Reddit from $205.00 to $175.00 and set a “neutral” rating on the stock in a research note on Thursday, April 2nd. The Goldman Sachs Group restated a “neutral” rating and set a $200.00 price target on shares of Reddit in a research note on Friday, May 1st. Cantor Fitzgerald lifted their price objective on shares of Reddit from $170.00 to $180.00 and gave the company a “neutral” rating in a research report on Friday, May 1st. Finally, Loop Capital reissued a “buy” rating and issued a $260.00 price objective on shares of Reddit in a research note on Thursday, June 4th. Eighteen equities research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company. According to data from MarketBeat.com, Reddit presently has a consensus rating of “Moderate Buy” and a consensus price target of $230.75.

Reddit Trading Up 5.5%

RDDT stock opened at $166.71 on Friday. The firm has a 50 day moving average of $162.50 and a 200-day moving average of $173.55. The company has a market cap of $32.09 billion, a price-to-earnings ratio of 47.63 and a beta of 1.91. Reddit Inc. has a 12-month low of $119.27 and a 12-month high of $282.95.

Reddit (NYSE:RDDT) last posted its earnings results on Thursday, April 30th. The company reported $1.01 EPS for the quarter, topping 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%.Reddit’s quarterly revenue was up 69.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.13 earnings per share. Sell-side analysts forecast that Reddit Inc. will post 4.83 earnings per share for the current fiscal 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.