Elevatus Welath Management Takes $2.80 Million Position in Reddit Inc. $RDDT

Elevatus Welath Management bought a new position in shares of Reddit Inc. (NYSE:RDDT) in the second quarter, according to the company in its most recent filing with the SEC. The firm bought 18,612 shares of the company’s stock, valued at approximately $2,802,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Financial Perspectives Inc bought a new stake in Reddit during the 2nd quarter worth approximately $34,000. Advisors Asset Management Inc. boosted its stake in Reddit by 68.2% in the second quarter. Advisors Asset Management Inc. now owns 365 shares of the company’s stock worth $55,000 after purchasing an additional 148 shares in 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 purchasing an additional 286 shares during the last quarter. Western Pacific Wealth Management LP acquired a new stake in shares of Reddit in the second quarter valued at $60,000. Finally, E Fund Management Hong Kong Co. Ltd. acquired a new stake in shares of Reddit in the second quarter valued at $76,000.

Reddit Stock Down 3.9%

Shares of Reddit stock opened at $224.38 on Friday. The business has a fifty day simple moving average of $206.31 and a 200 day simple moving average of $191.00. The stock has a market cap of $42.52 billion, a PE ratio of 128.95, a price-to-earnings-growth ratio of 2.58 and a beta of 2.17. Reddit Inc. has a 12 month low of $79.75 and a 12 month high of $282.95.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Thursday, October 30th. The company reported $0.80 earnings per share for the quarter, topping the consensus estimate of $0.50 by $0.30. Reddit had a net margin of 18.33% and a return on equity of 14.94%. The business had revenue of $584.91 million for the quarter, compared to analyst estimates of $546.65 million. During the same quarter last year, the firm earned $0.16 EPS. Reddit’s quarterly revenue was up 67.9% compared to the same quarter last year. Analysts expect that Reddit Inc. will post 1.12 EPS for the current fiscal year.

Insider Buying and Selling at Reddit

In other Reddit news, CTO Christopher Brian Slowe sold 24,000 shares of the stock in a transaction dated 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 completion of the transaction, 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 document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Jennifer L. Wong sold 63,427 shares of Reddit stock in a transaction dated Monday, November 24th. The shares were sold at an average price of $192.72, for a total value of $12,223,651.44. Following the completion of the sale, the chief operating officer directly owned 1,184,528 shares in the company, valued at $228,282,236.16. This represents a 5.08% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 405,619 shares of company stock valued at $85,742,898. Company insiders own 34.25% of the company’s stock.

Wall Street Analyst Weigh In

RDDT has been the topic of a number of research reports. Sanford C. Bernstein upped their target price on shares of Reddit from $190.00 to $210.00 and gave the stock a “market perform” rating in a research report on Friday, October 31st. Zacks Research raised Reddit from a “hold” rating to a “strong-buy” rating in a report on Wednesday, October 29th. Piper Sandler reiterated an “overweight” rating on shares of Reddit in a research report on Monday, December 1st. Cannonball Research reissued a “buy” rating on shares of Reddit in a research note on Tuesday, September 23rd. Finally, Needham & Company LLC restated a “buy” rating and set a $300.00 target price on shares of Reddit in a research report on Friday, October 31st. Three research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Reddit has an average rating of “Moderate Buy” and a consensus target price 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.