Westmount Partners LLC Purchases 722 Shares of Reddit Inc. (NYSE:RDDT)

Westmount Partners LLC increased its position in Reddit Inc. (NYSE:RDDT) by 30.2% in the 1st quarter, HoldingsChannel.com reports. The fund owned 3,112 shares of the company’s stock after acquiring an additional 722 shares during the quarter. Westmount Partners LLC’s holdings in Reddit were worth $326,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of RDDT. Steward Partners Investment Advisory LLC increased its holdings in Reddit by 29.0% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,086 shares of the company’s stock valued at $177,000 after buying an additional 244 shares during the last quarter. Atria Investments Inc purchased a new stake in shares of Reddit in the 4th quarter worth $467,000. Proficio Capital Partners LLC raised its holdings in Reddit by 2.1% in the 4th quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company’s stock worth $966,000 after purchasing an additional 120 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Reddit by 173.5% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,486 shares of the company’s stock valued at $2,368,000 after purchasing an additional 9,189 shares in the last quarter. Finally, Wealthfront Advisers LLC bought a new stake in Reddit during the fourth quarter valued at about $696,000.

Insider Buying and Selling at Reddit

In related news, CEO Steve Ladd Huffman sold 124,409 shares of Reddit stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $124.45, for a total value of $15,482,700.05. Following the completion of the transaction, the chief executive officer owned 546,133 shares in the company, valued at approximately $67,966,251.85. This trade represents a 18.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CTO Christopher Brian Slowe sold 26,000 shares of the business’s stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $98.43, for a total value of $2,559,180.00. Following the sale, the chief technology officer directly owned 251,373 shares in the company, valued at $24,742,644.39. The trade was a 9.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 617,285 shares of company stock valued at $69,599,110. Corporate insiders own 34.25% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on RDDT. Sanford C. Bernstein raised Reddit from an “underperform” rating to a “market perform” rating and set a $130.00 price objective on the stock in a research note on Friday, May 2nd. Bank of America lowered their price target on shares of Reddit from $190.00 to $110.00 and set a “neutral” rating on the stock in a report on Wednesday, April 9th. Royal Bank Of Canada set a $125.00 price target on shares of Reddit and gave the stock a “sector perform” rating in a research report on Wednesday, June 25th. Redburn Partners set a $75.00 price objective on shares of Reddit in a research report on Monday, March 17th. Finally, Wall Street Zen raised shares of Reddit from a “hold” rating to a “buy” rating in a report on Saturday, June 14th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $141.04.

Reddit Price Performance

NYSE RDDT opened at $145.89 on Friday. The stock has a market capitalization of $26.92 billion, a PE ratio of 247.28, a P/E/G ratio of 3.74 and a beta of 2.33. Reddit Inc. has a 1-year low of $49.13 and a 1-year high of $230.41. The business has a 50 day simple moving average of $124.42 and a two-hundred day simple moving average of $140.47.

Reddit (NYSE:RDDT) last posted its earnings results on Thursday, May 1st. The company reported $0.13 earnings per share for the quarter, beating analysts’ consensus estimates of $0.02 by $0.11. Reddit had a net margin of 8.07% and a return on equity of 5.69%. The firm had revenue of $392.36 million during the quarter, compared to analyst estimates of $370.55 million. During the same period last year, the firm posted ($8.19) earnings per share. Reddit’s revenue for the quarter was up 61.5% compared to the same quarter last year. On average, analysts anticipate that Reddit Inc. will post 1.12 EPS for the current fiscal year.

About Reddit

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.