Integrated Wealth Concepts LLC Buys New Shares in Reddit, Inc. (NYSE:RDDT)

Integrated Wealth Concepts LLC acquired a new stake in Reddit, Inc. (NYSE:RDDT) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 17,006 shares of the company’s stock, valued at approximately $2,779,000.

Other institutional investors have also recently made changes to their positions in the company. Ridgewood Investments LLC raised its stake in shares of Reddit by 100.0% during the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock valued at $33,000 after buying an additional 100 shares during the last quarter. Proficio Capital Partners LLC lifted its stake in shares of Reddit by 2.1% in the 4th quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company’s stock valued at $966,000 after purchasing an additional 120 shares during the period. Farther Finance Advisors LLC lifted its stake in shares of Reddit by 148.5% in the 4th quarter. Farther Finance Advisors LLC now owns 246 shares of the company’s stock valued at $40,000 after purchasing an additional 147 shares during the period. UMB Bank n.a. grew its position in Reddit by 10.8% during the fourth quarter. UMB Bank n.a. now owns 1,533 shares of the company’s stock valued at $251,000 after buying an additional 150 shares during the period. Finally, Foundations Investment Advisors LLC grew its position in Reddit by 3.0% during the fourth quarter. Foundations Investment Advisors LLC now owns 5,325 shares of the company’s stock valued at $870,000 after buying an additional 155 shares during the period.

Insider Transactions at Reddit

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction on Friday, January 31st. The stock was sold at an average price of $201.96, for a total transaction of $2,827,440.00. Following the completion of the transaction, the chief executive officer now directly owns 614,394 shares in the company, valued at approximately $124,083,012.24. This represents a 2.23 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Andrew Vollero sold 48,122 shares of the firm’s stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $162.80, for a total value of $7,834,261.60. Following the sale, the chief financial officer now directly owns 599,295 shares of the company’s stock, valued at $97,565,226. The trade was a 7.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 725,270 shares of company stock worth $97,067,425 in the last 90 days.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on RDDT. Wells Fargo & Company lowered their target price on shares of Reddit from $215.00 to $158.00 and set an “overweight” rating on the stock in a research note on Monday, March 31st. Seaport Res Ptn raised Reddit to a “hold” rating in a research note on Thursday, February 6th. Truist Financial began coverage on Reddit in a research report on Monday, April 7th. They set a “buy” rating and a $150.00 target price on the stock. Bank of America cut their price target on shares of Reddit from $190.00 to $110.00 and set a “neutral” rating for the company in a report on Wednesday, April 9th. Finally, Roth Mkm downgraded shares of Reddit from a “buy” rating to a “neutral” rating and increased their price objective for the company from $116.00 to $195.00 in a report on Wednesday, January 22nd. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Reddit has a consensus rating of “Moderate Buy” and an average price target of $142.22.

Reddit Stock Up 5.4 %

Shares of NYSE:RDDT opened at $118.35 on Friday. Reddit, Inc. has a 52-week low of $44.15 and a 52-week high of $230.41. The stock has a market cap of $21.41 billion and a P/E ratio of -15.31. The business has a fifty day moving average of $122.11 and a two-hundred day moving average of $142.14.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, topping 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%. On average, equities analysts anticipate that Reddit, Inc. will post 1.12 earnings per share for the current year.

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.