Mindset Wealth Management LLC Takes $327,000 Position in Reddit, Inc. (NYSE:RDDT)

Mindset Wealth Management LLC acquired a new stake in Reddit, Inc. (NYSE:RDDT) during the fourth quarter, Holdings Channel.com reports. The firm acquired 2,000 shares of the company’s stock, valued at approximately $327,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Oxford Financial Group LTD. LLC acquired a new stake in Reddit during the 4th quarter worth $2,400,000. TD Private Client Wealth LLC acquired a new stake in Reddit during the 4th quarter worth $130,000. Whittier Trust Co. of Nevada Inc. acquired a new stake in Reddit during the 4th quarter worth $56,000. Monetta Financial Services Inc. acquired a new stake in Reddit during the 4th quarter worth $768,000. Finally, Northwest & Ethical Investments L.P. acquired a new stake in Reddit during the 4th quarter worth $404,000.

Reddit Price Performance

NYSE:RDDT opened at $108.68 on Friday. The firm has a market cap of $19.66 billion and a PE ratio of -14.06. The firm has a 50 day simple moving average of $172.23 and a 200-day simple moving average of $134.23. Reddit, Inc. has a 1-year low of $37.35 and a 1-year high of $230.41.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.12. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. As a group, sell-side analysts expect that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Reddit news, insider Benjamin Seong Lee sold 92,299 shares of the firm’s stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $157.35, for a total transaction of $14,523,247.65. Following the completion of the transaction, the insider now directly owns 115,001 shares of the company’s stock, valued at $18,095,407.35. This trade represents a 44.52 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Jennifer L. Wong sold 33,333 shares of the firm’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $125.22, for a total transaction of $4,173,958.26. Following the completion of the transaction, the chief operating officer now owns 1,466,119 shares in the company, valued at approximately $183,587,421.18. The trade was a 2.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 503,794 shares of company stock valued at $78,350,874 over the last quarter.

Analyst Upgrades and Downgrades

A number of research firms have commented on RDDT. Redburn Partners set a $75.00 price objective on shares of Reddit in a research note on Monday. Needham & Company LLC lifted their price objective on shares of Reddit from $190.00 to $220.00 and gave the company a “buy” rating in a research note on Thursday, February 13th. Piper Sandler lifted their price objective on shares of Reddit from $210.00 to $220.00 and gave the company an “overweight” rating in a research note on Friday, February 21st. Bank of America lifted their price objective on shares of Reddit from $180.00 to $190.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th. Finally, Guggenheim dropped their price objective on shares of Reddit from $210.00 to $170.00 and set a “buy” rating on the stock in a research note on Thursday. Two analysts have rated the stock with a sell rating, nine have given a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $162.68.

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.