Vigilare Wealth Management Makes New $594,000 Investment in Reddit Inc. $RDDT

Vigilare Wealth Management acquired a new stake in shares of Reddit Inc. (NYSE:RDDT) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 2,584 shares of the company’s stock, valued at approximately $594,000.

Other large investors have also added to or reduced their stakes in the company. Financial Perspectives Inc purchased a new position in shares of Reddit in the 2nd quarter worth approximately $34,000. Advisors Asset Management Inc. grew its holdings in Reddit by 68.2% in the second quarter. Advisors Asset Management Inc. now owns 365 shares of the company’s stock worth $55,000 after purchasing an additional 148 shares during the last quarter. Geneos Wealth Management Inc. increased its position in shares of Reddit by 344.6% during the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock worth $39,000 after purchasing an additional 286 shares in the last quarter. Western Pacific Wealth Management LP purchased a new stake in shares of Reddit during the 2nd quarter valued at $60,000. Finally, E Fund Management Hong Kong Co. Ltd. purchased a new stake in shares of Reddit during the 2nd quarter valued at $76,000.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on RDDT shares. Raymond James Financial restated a “strong-buy” rating and set a $250.00 price target (up previously from $225.00) on shares of Reddit in a research note on Monday, October 20th. Zacks Research upgraded shares of Reddit from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 29th. Oppenheimer lifted their price objective on shares of Reddit from $215.00 to $300.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 16th. Truist Financial set a $270.00 price target on Reddit in a research report on Friday, October 31st. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Reddit in a report on Monday, December 8th. Three analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $230.28.

Reddit Stock Down 3.9%

Shares of RDDT opened at $224.38 on Monday. The company has a market capitalization of $42.52 billion, a price-to-earnings ratio of 128.95, a PEG ratio of 2.48 and a beta of 2.17. Reddit Inc. has a 52 week low of $79.75 and a 52 week high of $282.95. The stock’s 50-day moving average price is $206.31 and its 200-day moving average price is $192.22.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Thursday, October 30th. The company reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.50 by $0.30. Reddit had a return on equity of 14.94% and a net margin of 18.33%.The company had revenue of $584.91 million during the quarter, compared to analysts’ expectations of $546.65 million. During the same period last year, the business earned $0.16 earnings per share. Reddit’s quarterly revenue was up 67.9% on a year-over-year basis. As a group, equities analysts anticipate that Reddit Inc. will post 1.12 EPS for the current fiscal year.

Insider Activity at Reddit

In related news, CTO Christopher Brian Slowe sold 24,000 shares of the stock in a transaction on Monday, November 24th. The shares were sold at an average price of $192.72, for a total transaction of $4,625,280.00. Following the sale, the chief technology officer directly owned 175,694 shares of the company’s stock, valued at approximately $33,859,747.68. This represents a 12.02% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Steve Ladd Huffman sold 18,000 shares of the firm’s stock in a transaction on Tuesday, September 30th. The shares were sold at an average price of $229.10, for a total transaction of $4,123,800.00. Following the sale, the chief executive officer owned 494,104 shares in the company, valued at approximately $113,199,226.40. This represents a 3.51% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 387,619 shares of company stock worth $81,040,938 in the last three months. Company insiders own 34.25% of the company’s stock.

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.