Dakota Wealth Management Makes New Investment in Reddit Inc. $RDDT

Dakota Wealth Management acquired a new stake in Reddit Inc. (NYSE:RDDT) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,358 shares of the company’s stock, valued at approximately $772,000.

Several other institutional investors and hedge funds also recently bought and sold shares of RDDT. NewEdge Advisors LLC grew its position in Reddit by 143.3% in the first quarter. NewEdge Advisors LLC now owns 7,982 shares of the company’s stock worth $837,000 after acquiring an additional 4,701 shares during the period. Empowered Funds LLC acquired a new position in shares of Reddit in the 1st quarter valued at $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Reddit by 106.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 216,960 shares of the company’s stock worth $22,759,000 after purchasing an additional 111,780 shares during the period. Focus Partners Wealth increased its position in shares of Reddit by 40.8% during the 1st quarter. Focus Partners Wealth now owns 10,224 shares of the company’s stock worth $1,073,000 after purchasing an additional 2,965 shares during the last quarter. Finally, Geneos Wealth Management Inc. increased its position in shares of Reddit by 344.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock worth $39,000 after purchasing an additional 286 shares during the last quarter.

Insider Buying and Selling

In other Reddit news, CAO Michelle Marie Reynolds sold 2,291 shares of Reddit stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $143.59, for a total value of $328,964.69. Following the transaction, the chief accounting officer owned 17,133 shares in the company, valued at $2,460,127.47. This trade represents a 11.79% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Steve Ladd Huffman sold 18,000 shares of the company’s stock in a transaction dated Friday, February 13th. The stock was sold at an average price of $138.81, for a total value of $2,498,580.00. Following the sale, the chief executive officer owned 448,576 shares of the company’s stock, valued at $62,266,834.56. This represents a 3.86% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 431,084 shares of company stock worth $91,126,289 over the last ninety days. Insiders own 34.25% of the company’s stock.

Wall Street Analyst Weigh In

RDDT has been the subject of several research analyst reports. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $285.00 target price on shares of Reddit in a research note on Tuesday, January 20th. Zacks Research downgraded shares of Reddit from a “strong-buy” rating to a “hold” rating in a report on Friday, December 26th. Jefferies Financial Group upped their price target on Reddit from $300.00 to $325.00 and gave the stock a “buy” rating in a research note on Thursday, December 11th. Wall Street Zen raised Reddit from a “hold” rating to a “buy” rating in a research note on Saturday, February 14th. Finally, Truist Financial increased their target price on Reddit from $270.00 to $275.00 and gave the stock a “buy” rating in a research note on Friday, February 6th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $238.78.

Reddit Stock Performance

NYSE RDDT opened at $150.98 on Friday. The firm’s fifty day moving average is $197.55 and its two-hundred day moving average is $211.77. Reddit Inc. has a one year low of $79.75 and a one year high of $282.95. The firm has a market cap of $28.84 billion, a PE ratio of 57.63, a P/E/G ratio of 1.11 and a beta of 2.17.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Thursday, February 5th. The company reported $1.24 EPS for the quarter, topping analysts’ consensus estimates of $0.96 by $0.28. Reddit had a net margin of 24.05% and a return on equity of 20.89%. The company had revenue of $725.61 million during the quarter, compared to the consensus estimate of $665.80 million. During the same quarter in the prior year, the firm earned $0.36 EPS. Reddit’s quarterly revenue was up 69.7% on a year-over-year basis. Research analysts predict that Reddit Inc. will post 1.12 earnings per share for the current year.

Reddit 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.