Tucker Asset Management LLC Buys Shares of 239 Reddit, Inc. (NYSE:RDDT)

Tucker Asset Management LLC purchased a new position in Reddit, Inc. (NYSE:RDDT) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 239 shares of the company’s stock, valued at approximately $39,000.

Several other hedge funds and other institutional investors have also modified their holdings of RDDT. Ridgewood Investments LLC grew its stake 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 in the last quarter. Proficio Capital Partners LLC increased its holdings in Reddit by 2.1% in the fourth quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company’s stock worth $966,000 after buying an additional 120 shares during the last quarter. Farther Finance Advisors LLC raised its position in Reddit by 148.5% during the fourth quarter. Farther Finance Advisors LLC now owns 246 shares of the company’s stock valued at $40,000 after acquiring an additional 147 shares in the last quarter. UMB Bank n.a. lifted its stake in Reddit by 10.8% in the fourth quarter. UMB Bank n.a. now owns 1,533 shares of the company’s stock valued at $251,000 after acquiring an additional 150 shares during the last quarter. Finally, Foundations Investment Advisors LLC grew its position in Reddit by 3.0% in the fourth quarter. Foundations Investment Advisors LLC now owns 5,325 shares of the company’s stock worth $870,000 after acquiring an additional 155 shares in the last quarter.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the stock. The Goldman Sachs Group raised their price target on shares of Reddit from $105.00 to $176.00 and gave the company a “neutral” rating in a report on Tuesday, January 14th. Roth Mkm cut Reddit from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $116.00 to $195.00 in a research report on Wednesday, January 22nd. Citigroup reissued an “outperform” rating on shares of Reddit in a report on Friday. Raymond James reduced their target price on Reddit from $250.00 to $200.00 and set a “strong-buy” rating for the company in a report on Wednesday, March 12th. Finally, JMP Securities set a $155.00 price target on Reddit in a report on Friday. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $165.71.

Insider Activity

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction on Tuesday, December 31st. The stock was sold at an average price of $165.33, for a total value of $2,314,620.00. Following the sale, the chief executive officer now owns 614,394 shares of the company’s stock, valued at $101,577,760.02. The trade was a 2.23 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David C. Habiger purchased 774 shares of the stock in a transaction on Wednesday, March 12th. The stock was bought at an average price of $130.36 per share, for a total transaction of $100,898.64. Following the completion of the transaction, the director now directly owns 30,808 shares of the company’s stock, valued at approximately $4,016,130.88. This trade represents a 2.58 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have sold 603,794 shares of company stock worth $90,255,404.

Reddit Trading Down 2.4 %

Shares of RDDT stock opened at $107.57 on Friday. Reddit, Inc. has a 12 month low of $37.35 and a 12 month high of $230.41. The company has a market capitalization of $19.46 billion and a P/E ratio of -13.92. The stock has a 50 day moving average of $165.95 and a two-hundred day moving average of $137.27.

Reddit (NYSE:RDDT) last posted 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%. Sell-side analysts predict that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

Reddit Company 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.