Meridian Wealth Management LLC Grows Stock Holdings in Reddit, Inc. (NYSE:RDDT)

Meridian Wealth Management LLC grew its stake in Reddit, Inc. (NYSE:RDDT) by 47.1% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 67,137 shares of the company’s stock after purchasing an additional 21,487 shares during the period. Meridian Wealth Management LLC’s holdings in Reddit were worth $10,973,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently made changes to their positions in RDDT. Plato Investment Management Ltd acquired a new position in shares of Reddit during the 4th quarter valued at about $27,000. Ridgewood Investments LLC raised its position in Reddit by 100.0% in the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock valued at $33,000 after purchasing an additional 100 shares during the period. Farmers & Merchants Investments Inc. purchased a new stake in shares of Reddit in the 4th quarter valued at $33,000. Bogart Wealth LLC purchased a new position in Reddit during the 4th quarter valued at about $33,000. Finally, Spire Wealth Management acquired a new position in Reddit in the 4th quarter valued at about $35,000.

Analyst Ratings Changes

RDDT has been the subject of several recent research reports. JPMorgan Chase & Co. raised their price objective on shares of Reddit from $142.00 to $185.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th. Loop Capital lifted their target price on Reddit from $180.00 to $210.00 and gave the company a “buy” rating in a report on Thursday, February 13th. Wells Fargo & Company upped their price target on Reddit from $206.00 to $215.00 and gave the stock an “overweight” rating in a report on Thursday, February 13th. Seaport Res Ptn upgraded shares of Reddit to a “hold” rating in a research note on Thursday, February 6th. Finally, Citigroup reiterated a “neutral” rating on shares of Reddit in a report on Thursday, February 13th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Reddit currently has an average rating of “Moderate Buy” and a consensus price target of $175.95.

Insider Transactions at Reddit

In related news, CTO Christopher Brian Slowe sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $184.15, for a total value of $920,750.00. Following the completion of the sale, the chief technology officer now owns 35,252 shares in the company, valued at $6,491,655.80. This trade represents a 12.42 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $176.20, for a total value of $2,466,800.00. Following the transaction, the chief executive officer now owns 620,971 shares in the company, valued at $109,415,090.20. The trade was a 2.20 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 275,122 shares of company stock worth $48,022,530.

Reddit Stock Up 1.5 %

RDDT opened at $162.13 on Monday. The firm has a market cap of $29.33 billion and a price-to-earnings ratio of -20.97. Reddit, Inc. has a 52 week low of $37.35 and a 52 week high of $230.41. The business’s 50 day moving average is $183.57 and its two-hundred day moving average is $128.00.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.12. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. Equities analysts expect that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

About Reddit

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.