Whitaker Myers Wealth Managers LTD. Takes Position in Reddit Inc. $RDDT

Whitaker Myers Wealth Managers LTD. purchased a new position in Reddit Inc. (NYSE:RDDT) during the third quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 4,223 shares of the company’s stock, valued at approximately $971,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in RDDT. Resona Asset Management Co. Ltd. raised its stake in Reddit by 0.3% during the second quarter. Resona Asset Management Co. Ltd. now owns 20,201 shares of the company’s stock valued at $3,023,000 after buying an additional 65 shares during the last quarter. AdvisorNet Financial Inc increased its holdings in shares of Reddit by 2.8% during the third quarter. AdvisorNet Financial Inc now owns 2,464 shares of the company’s stock valued at $567,000 after acquiring an additional 66 shares in the last quarter. Congress Park Capital LLC increased its holdings in shares of Reddit by 2.0% during the second quarter. Congress Park Capital LLC now owns 3,885 shares of the company’s stock valued at $585,000 after acquiring an additional 76 shares in the last quarter. Bienville Capital Management LLC raised its position in shares of Reddit by 0.5% in the 2nd quarter. Bienville Capital Management LLC now owns 16,153 shares of the company’s stock worth $2,432,000 after purchasing an additional 76 shares during the last quarter. Finally, Platinum Investment Management Ltd. boosted its stake in Reddit by 4.3% in the 2nd quarter. Platinum Investment Management Ltd. now owns 2,322 shares of the company’s stock worth $350,000 after purchasing an additional 95 shares in the last quarter.

Insider Transactions at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 18,000 shares of the firm’s stock in a transaction dated Tuesday, September 30th. The stock was sold at an average price of $229.10, for a total value of $4,123,800.00. Following the transaction, the chief executive officer directly owned 494,104 shares of the company’s stock, valued at approximately $113,199,226.40. This trade represents a 3.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Jennifer L. Wong sold 63,427 shares of the company’s stock in a transaction dated Monday, November 24th. The shares were sold at an average price of $192.72, for a total transaction of $12,223,651.44. Following the sale, the chief operating officer directly owned 1,184,528 shares of the company’s stock, valued at $228,282,236.16. The trade was a 5.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 465,333 shares of company stock worth $97,164,104 in the last ninety days. Insiders own 34.25% of the company’s stock.

Reddit Trading Up 0.1%

NYSE:RDDT opened at $226.16 on Friday. The company has a market cap of $42.86 billion, a PE ratio of 129.97, a price-to-earnings-growth ratio of 2.49 and a beta of 2.17. The company has a 50 day simple moving average of $210.74 and a two-hundred day simple moving average of $198.21. Reddit Inc. has a 12 month low of $79.75 and a 12 month high of $282.95.

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

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Jefferies Financial Group raised their price objective on shares of Reddit from $300.00 to $325.00 and gave the company a “buy” rating in a research note on Thursday, December 11th. Bank of America raised their price target on shares of Reddit from $180.00 to $210.00 and gave the company a “neutral” rating in a research report on Friday, October 31st. Morgan Stanley reaffirmed an “overweight” rating and issued a $250.00 price objective on shares of Reddit in a research report on Friday, October 31st. The Goldman Sachs Group reiterated a “neutral” rating and set a $236.00 target price on shares of Reddit in a research note on Tuesday, October 14th. Finally, Royal Bank Of Canada reaffirmed a “sector perform” rating on shares of Reddit in a report on Wednesday, October 1st. Three investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, nine have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, Reddit presently has a consensus rating of “Moderate Buy” and an average price target of $230.28.

About Reddit

Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called “subreddits,” each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.