4,832 Shares in Reddit Inc. $RDDT Acquired by Bernard Wealth Management Corp.

Bernard Wealth Management Corp. bought a new stake in shares of Reddit Inc. (NYSE:RDDT) in the 4th quarter, Holdings Channel.com reports. The firm bought 4,832 shares of the company’s stock, valued at approximately $1,111,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. NewEdge Advisors LLC raised 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 bought a new stake in shares of Reddit during the 1st quarter valued at $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Reddit by 106.3% in 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 in the last quarter. Focus Partners Wealth increased its stake in shares of Reddit by 40.8% in 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 in the last quarter. Finally, Geneos Wealth Management Inc. raised its holdings in Reddit by 344.6% in 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 period.

Reddit Stock Performance

Shares of RDDT stock opened at $124.54 on Tuesday. The stock has a fifty day simple moving average of $153.54 and a two-hundred day simple moving average of $197.23. The firm has a market capitalization of $23.79 billion, a PE ratio of 47.54, a PEG ratio of 0.89 and a beta of 2.41. Reddit Inc. has a 52-week low of $79.75 and a 52-week high of $282.95.

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

Insider Activity at Reddit

In other Reddit news, Director Sarah E. Farrell purchased 10,500 shares of the stock in a transaction that occurred on Friday, March 13th. The shares were bought at an average cost of $132.26 per share, with a total value of $1,388,730.00. Following the acquisition, the director owned 61,000 shares in the company, valued at approximately $8,067,860. This trade represents a 20.79% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Michelle Marie Reynolds sold 2,291 shares of the company’s stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $143.59, for a total value of $328,964.69. Following the completion of the transaction, the chief accounting officer owned 17,133 shares of the company’s stock, valued at $2,460,127.47. The trade was a 11.79% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have purchased 61,000 shares of company stock worth $8,870,815 and have sold 355,078 shares worth $65,408,023. Company insiders own 34.25% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on RDDT shares. China Renaissance began coverage on Reddit in a research report on Tuesday, December 9th. They set a “buy” rating and a $300.00 target price on the stock. UBS Group set a $265.00 price target on Reddit in a research report on Tuesday, January 13th. Piper Sandler reaffirmed an “overweight” rating and issued a $205.00 price objective (down from $290.00) on shares of Reddit 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. Finally, Guggenheim increased their target price on shares of Reddit from $245.00 to $255.00 and gave the stock a “buy” rating in a report on Friday, February 6th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and eleven have given a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $242.19.

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.