Farther Finance Advisors LLC Purchases 6,585 Shares of Reddit Inc. $RDDT

Farther Finance Advisors LLC raised its stake in Reddit Inc. (NYSE:RDDT) by 103.3% in the fourth quarter, Holdings Channel.com reports. The firm owned 12,957 shares of the company’s stock after acquiring an additional 6,585 shares during the period. Farther Finance Advisors LLC’s holdings in Reddit were worth $2,978,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of RDDT. LOM Asset Management Ltd acquired a new position in shares of Reddit in the 4th quarter valued at $33,000. Oak Ridge Investments LLC raised its stake in shares of Reddit by 5.7% in the 4th quarter. Oak Ridge Investments LLC now owns 30,807 shares of the company’s stock valued at $7,082,000 after buying an additional 1,661 shares in the last quarter. Assetmark Inc. raised its stake in shares of Reddit by 5.4% in the 4th quarter. Assetmark Inc. now owns 44,544 shares of the company’s stock valued at $10,239,000 after buying an additional 2,301 shares in the last quarter. Choreo LLC raised its stake in shares of Reddit by 50.8% in the 4th quarter. Choreo LLC now owns 1,466 shares of the company’s stock valued at $342,000 after buying an additional 494 shares in the last quarter. Finally, Dara Capital US Inc. acquired a new position in shares of Reddit in the 4th quarter valued at $501,000.

Insiders Place Their Bets

In other Reddit news, CEO Steve Ladd Huffman sold 18,000 shares of the business’s stock in a transaction dated Wednesday, April 15th. The shares were sold at an average price of $158.40, for a total value of $2,851,200.00. Following the completion of the transaction, the chief executive officer directly owned 411,195 shares of the company’s stock, valued at approximately $65,133,288. The trade was a 4.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jennifer L. Wong sold 33,507 shares of the business’s stock in a transaction dated Wednesday, March 18th. The stock was sold at an average price of $143.41, for a total transaction of $4,805,238.87. Following the completion of the transaction, the chief operating officer directly owned 1,088,451 shares of the company’s stock, valued at approximately $156,094,757.91. This represents a 2.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders bought 61,000 shares of company stock valued at $8,870,815 and sold 312,441 shares valued at $49,664,410. Corporate insiders own 34.25% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on RDDT. UBS Group set a $265.00 price objective on shares of Reddit in a research note on Tuesday, January 13th. The Goldman Sachs Group dropped their price objective on shares of Reddit from $206.00 to $180.00 and set a “neutral” rating for the company in a research note on Tuesday, April 14th. Wall Street Zen cut shares of Reddit from a “buy” rating to a “hold” rating in a research note on Wednesday, April 8th. Weiss Ratings restated a “hold (c-)” rating on shares of Reddit in a research note on Monday, December 29th. Finally, Argus set a $300.00 price objective on shares of Reddit in a research note on Friday, January 9th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and eleven have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $237.46.

Reddit Trading Up 0.6%

NYSE:RDDT opened at $163.41 on Friday. The firm has a 50 day moving average of $141.63 and a 200-day moving average of $187.25. Reddit Inc. has a 1 year low of $90.78 and a 1 year high of $282.95. The stock has a market capitalization of $31.22 billion, a P/E ratio of 62.37, a price-to-earnings-growth ratio of 1.18 and a beta of 2.40.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Thursday, February 5th. The company reported $1.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.96 by $0.28. Reddit had a return on equity of 20.89% and a net margin of 24.05%.The firm had revenue of $725.61 million during the quarter, compared to analysts’ expectations of $665.80 million. During the same period last year, the firm posted $0.36 EPS. The business’s revenue was up 69.7% on a year-over-year basis. As a group, analysts forecast that Reddit Inc. will post 1.12 EPS for the current fiscal year.

Reddit Company Profile

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.