Clare Market Investments LLC Buys Shares of 3,620 Reddit Inc. $RDDT

Clare Market Investments LLC purchased a new position in shares of Reddit Inc. (NYSE:RDDT) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 3,620 shares of the company’s stock, valued at approximately $833,000.

Several other institutional investors and hedge funds have also made changes to their positions in RDDT. Raiffeisen Bank International AG purchased a new stake in Reddit during the 3rd quarter worth about $25,000. Cornerstone Planning Group LLC boosted its stake in shares of Reddit by 13,500.0% during the 3rd quarter. Cornerstone Planning Group LLC now owns 136 shares of the company’s stock worth $31,000 after purchasing an additional 135 shares during the last quarter. Geneos Wealth Management Inc. grew its holdings in shares of Reddit by 344.6% during the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock worth $39,000 after buying an additional 286 shares in the last quarter. GAMMA Investing LLC grew its holdings in shares of Reddit by 8,650.0% during the third quarter. GAMMA Investing LLC now owns 175 shares of the company’s stock worth $40,000 after buying an additional 173 shares in the last quarter. Finally, Cloud Capital Management LLC acquired a new position in shares of Reddit in the third quarter valued at approximately $47,000.

Analyst Ratings Changes

Several analysts have commented on RDDT shares. Needham & Company LLC reaffirmed a “buy” rating and issued a $300.00 target price on shares of Reddit in a research note on Friday, February 6th. JPMorgan Chase & Co. cut their price target on shares of Reddit from $227.00 to $200.00 and set a “neutral” rating on the stock in a research note on Friday, February 6th. Wells Fargo & Company set a $196.00 price objective on Reddit in a research note on Monday, February 9th. Roth Mkm lifted their target price on shares of Reddit from $210.00 to $215.00 and gave the company a “neutral” rating in a report on Friday, January 30th. Finally, Bank of America upped their price target on Reddit from $180.00 to $210.00 and gave the stock a “neutral” rating in a report on Friday, October 31st. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Reddit presently has an average rating of “Moderate Buy” and a consensus target price of $238.78.

Reddit Trading Down 3.9%

RDDT stock opened at $145.31 on Friday. The firm has a 50 day simple moving average of $195.79 and a 200-day simple moving average of $211.24. The company has a market capitalization of $27.76 billion, a P/E ratio of 55.46, a PEG ratio of 1.10 and a beta of 2.17. Reddit Inc. has a twelve month low of $79.75 and a twelve month high of $282.95.

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

Insider Buying and Selling at Reddit

In related news, CEO Steve Ladd Huffman sold 18,000 shares of Reddit stock in a transaction dated Monday, December 15th. The stock was sold at an average price of $220.28, for a total value of $3,965,040.00. Following the completion of the transaction, the chief executive officer directly owned 448,576 shares in the company, valued at approximately $98,812,321.28. This trade represents a 3.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Sarah E. Farrell acquired 43,800 shares of the business’s stock in a transaction on Tuesday, February 10th. The shares were purchased at an average price of $149.52 per share, for a total transaction of $6,548,976.00. Following the purchase, the director directly owned 43,800 shares of the company’s stock, valued at $6,548,976. This represents a ∞ increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last ninety days, insiders have sold 431,084 shares of company stock valued at $91,126,289. Corporate insiders own 34.25% of the company’s stock.

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.