Corient Private Wealth LLC Raises Stock Holdings in Reddit Inc. $RDDT

Corient Private Wealth LLC lifted its stake in Reddit Inc. (NYSE:RDDT) by 58.5% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,491 shares of the company’s stock after buying an additional 3,134 shares during the quarter. Corient Private Wealth LLC’s holdings in Reddit were worth $1,949,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in RDDT. GW&K Investment Management LLC purchased a new stake in Reddit in the 3rd quarter worth approximately $30,000. LOM Asset Management Ltd purchased a new position in Reddit during the fourth quarter valued at approximately $33,000. Noble Wealth Management PBC bought a new position in shares of Reddit in the fourth quarter worth approximately $34,000. Geneos Wealth Management Inc. boosted its position in shares of Reddit by 344.6% in the first 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. Finally, Summit Securities Group LLC bought a new position in shares of Reddit in the fourth quarter worth approximately $46,000.

Reddit Price Performance

NYSE RDDT opened at $174.25 on Tuesday. Reddit Inc. has a 1-year low of $119.27 and a 1-year high of $282.95. The business has a 50 day simple moving average of $162.74 and a two-hundred day simple moving average of $172.67. The stock has a market capitalization of $33.54 billion, a PE ratio of 49.79 and a beta of 1.91.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Thursday, April 30th. The company reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.39. The business had revenue of $663.41 million for the quarter, compared to analysts’ expectations of $607.74 million. Reddit had a return on equity of 25.48% and a net margin of 28.60%.The company’s revenue for the quarter was up 69.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.13 EPS. On average, analysts anticipate that Reddit Inc. will post 4.83 EPS for the current fiscal year.

Insider Buying and Selling

In other Reddit news, COO Jennifer L. Wong sold 39,166 shares of the stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $176.94, for a total transaction of $6,930,032.04. Following the completion of the transaction, the chief operating officer owned 1,050,339 shares in the company, valued at $185,846,982.66. This trade represents a 3.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Christopher Brian Slowe sold 15,500 shares of Reddit stock in a transaction on Wednesday, April 8th. The stock was sold at an average price of $150.67, for a total transaction of $2,335,385.00. Following the completion of the transaction, the chief technology officer directly owned 38,413 shares of the company’s stock, valued at $5,787,686.71. The trade was a 28.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 223,000 shares of company stock worth $36,913,785. Insiders own 28.48% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently commented on RDDT shares. Piper Sandler restated an “overweight” rating and set a $215.00 price objective (up from $205.00) on shares of Reddit in a research report on Friday, May 1st. Citizens Jmp dropped their target price on shares of Reddit from $250.00 to $240.00 and set a “market outperform” rating for the company in a report on Friday, May 1st. Citigroup reiterated a “market outperform” rating on shares of Reddit in a research note on Tuesday, May 26th. Loop Capital reissued a “buy” rating and set a $260.00 price target on shares of Reddit in a report on Thursday, June 4th. Finally, Jefferies Financial Group decreased their price target on Reddit from $285.00 to $250.00 and set a “buy” rating on the stock in a report on Tuesday, March 10th. Eighteen analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $230.75.

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.