B. Riley Wealth Advisors Inc. Invests $5 Million in Reddit Inc. $RDDT

B. Riley Wealth Advisors Inc. purchased a new stake in shares of Reddit Inc. (NYSE:RDDT) in the 2nd quarter, Holdings Channel.com reports. The institutional investor purchased 33,222 shares of the company’s stock, valued at approximately $5,002,000.

Other hedge funds also recently bought and sold shares of the company. Teacher Retirement System of Texas grew its holdings in shares of Reddit by 880.5% during the second quarter. Teacher Retirement System of Texas now owns 94,676 shares of the company’s stock valued at $14,255,000 after buying an additional 85,020 shares during the last quarter. Petrus Trust Company LTA bought a new stake in shares of Reddit in the 1st quarter worth $473,000. Greycroft LP raised its stake in shares of Reddit by 109.1% in the first quarter. Greycroft LP now owns 11,500 shares of the company’s stock worth $1,206,000 after purchasing an additional 6,000 shares during the last quarter. Think Investments LP raised its stake in shares of Reddit by 10.3% in the first quarter. Think Investments LP now owns 268,000 shares of the company’s stock worth $28,113,000 after purchasing an additional 25,000 shares during the last quarter. Finally, Sender Co & Partners Inc. bought a new position in shares of Reddit during the first quarter valued at $1,367,000.

Insider Activity

In related news, CTO Christopher Brian Slowe sold 24,000 shares of the stock in a transaction on Monday, November 24th. The stock was sold at an average price of $192.72, for a total transaction of $4,625,280.00. Following the sale, the chief technology officer owned 175,694 shares in the company, valued at approximately $33,859,747.68. This represents a 12.02% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Steve Ladd Huffman sold 18,000 shares of the firm’s stock in a transaction on Monday, September 15th. The stock was sold at an average price of $261.22, for a total value of $4,701,960.00. Following the completion of the sale, the chief executive officer owned 494,104 shares of the company’s stock, valued at approximately $129,069,846.88. This represents a 3.51% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 405,619 shares of company stock valued at $85,742,898. 34.25% of the stock is currently owned by insiders.

Reddit Stock Down 3.9%

Reddit stock opened at $224.38 on Friday. Reddit Inc. has a 52-week low of $79.75 and a 52-week high of $282.95. The firm’s fifty day moving average is $206.31 and its 200 day moving average is $191.61. The company has a market cap of $42.52 billion, a price-to-earnings ratio of 128.95, a PEG ratio of 2.48 and a beta of 2.17.

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

Analyst Upgrades and Downgrades

RDDT has been the subject of a number of research analyst reports. Wells Fargo & Company lifted their price target on shares of Reddit from $155.00 to $174.00 and gave the stock a “cautious” rating in a research note on Tuesday, October 7th. Sanford C. Bernstein raised their price target on Reddit from $190.00 to $210.00 and gave the stock a “market perform” rating in a research note on Friday, October 31st. Roth Capital set a $210.00 price objective on Reddit in a research report on Friday, October 31st. Needham & Company LLC reaffirmed a “buy” rating and set a $300.00 price target on shares of Reddit in a research report on Friday, October 31st. Finally, Citigroup increased their price objective on shares of Reddit from $250.00 to $265.00 and gave the stock a “buy” rating in a research note on Monday, November 3rd. Three equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $230.28.

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.