Snowden Capital Advisors LLC Makes New $378,000 Investment in Reddit, Inc. (NYSE:RDDT)

Snowden Capital Advisors LLC acquired a new position in Reddit, Inc. (NYSE:RDDT) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 2,315 shares of the company’s stock, valued at approximately $378,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Plato Investment Management Ltd acquired a new position in Reddit in the fourth quarter worth $27,000. EverSource Wealth Advisors LLC acquired a new position in Reddit in the fourth quarter worth $28,000. Farmers & Merchants Investments Inc. acquired a new position in Reddit in the fourth quarter worth $33,000. Bogart Wealth LLC acquired a new position in Reddit in the fourth quarter worth $33,000. Finally, Spire Wealth Management bought a new stake in shares of Reddit during the fourth quarter worth $35,000.

Reddit Trading Down 9.4%

NYSE RDDT opened at $95.71 on Thursday. Reddit, Inc. has a 12 month low of $49.13 and a 12 month high of $230.41. The company has a market capitalization of $17.66 billion, a PE ratio of -12.38, a P/E/G ratio of 4.72 and a beta of 2.90. The stock has a 50-day simple moving average of $107.99 and a 200 day simple moving average of $145.25.

Reddit (NYSE:RDDT) last posted its earnings results on Thursday, May 1st. The company reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.02 by $0.11. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. The firm had revenue of $392.36 million during the quarter, compared to analysts’ expectations of $370.55 million. During the same period in the previous year, the firm earned ($8.19) earnings per share. The company’s revenue was up 61.5% on a year-over-year basis. As a group, sell-side analysts predict that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on RDDT shares. Raymond James dropped their target price on Reddit from $250.00 to $200.00 and set a “strong-buy” rating for the company in a research report on Wednesday, March 12th. Needham & Company LLC boosted their target price on Reddit from $135.00 to $145.00 and gave the stock a “buy” rating in a research report on Friday, May 2nd. Sanford C. Bernstein upgraded Reddit from an “underperform” rating to a “market perform” rating and set a $130.00 target price for the company in a research report on Friday, May 2nd. Redburn Atlantic started coverage on Reddit in a research report on Monday, March 17th. They set a “sell” rating and a $75.00 target price for the company. Finally, Robert W. Baird dropped their target price on Reddit from $140.00 to $120.00 and set a “neutral” rating for the company in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $140.45.

Insider Buying and Selling at Reddit

In other news, Director Mary Porter Gale sold 20,000 shares of the company’s stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $169.71, for a total transaction of $3,394,200.00. Following the completion of the transaction, the director now directly owns 26,309 shares of the company’s stock, valued at $4,464,900.39. This represents a 43.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Jennifer L. Wong sold 33,333 shares of the company’s stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $113.38, for a total value of $3,779,295.54. Following the transaction, the chief operating officer now directly owns 1,466,119 shares of the company’s stock, valued at $166,228,572.22. This represents a 2.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 835,678 shares of company stock valued at $104,986,901.

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.