WBI Investments LLC Makes New $819,000 Investment in Reddit Inc. $RDDT

WBI Investments LLC acquired a new position in shares of Reddit Inc. (NYSE:RDDT) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 3,559 shares of the company’s stock, valued at approximately $819,000.

Several other institutional investors and hedge funds have also bought and sold shares of RDDT. Wilmington Savings Fund Society FSB boosted its position in shares of Reddit by 22.0% during the 3rd quarter. Wilmington Savings Fund Society FSB now owns 1,850 shares of the company’s stock worth $425,000 after purchasing an additional 333 shares in the last quarter. Captrust Financial Advisors grew its position in Reddit by 32.4% in the 3rd quarter. Captrust Financial Advisors now owns 8,075 shares of the company’s stock valued at $1,857,000 after purchasing an additional 1,976 shares during the period. Danske Bank A S bought a new stake in Reddit during the 3rd quarter valued at $10,741,000. Silvant Capital Management LLC raised its holdings in Reddit by 1.3% during the third quarter. Silvant Capital Management LLC now owns 35,975 shares of the company’s stock worth $8,274,000 after buying an additional 464 shares during the last quarter. Finally, Advisory Services Network LLC raised its holdings in Reddit by 192.1% during the third quarter. Advisory Services Network LLC now owns 15,516 shares of the company’s stock worth $3,569,000 after buying an additional 10,204 shares during the last quarter.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on RDDT. UBS Group set a $265.00 price objective on shares of Reddit in a report on Tuesday, January 13th. Needham & Company LLC reiterated a “buy” rating and set a $300.00 price target on shares of Reddit in a research note on Friday, February 6th. Roth Mkm boosted their price objective on Reddit from $210.00 to $215.00 and gave the stock a “neutral” rating in a report on Friday, January 30th. China Renaissance initiated coverage on Reddit in a research note on Tuesday, December 9th. They issued a “buy” rating and a $300.00 price objective for the company. Finally, Wall Street Zen upgraded Reddit from a “hold” rating to a “buy” rating in a report on Sunday. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and eleven have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $242.19.

Reddit Price Performance

RDDT opened at $142.51 on Thursday. Reddit Inc. has a fifty-two week low of $79.75 and a fifty-two week high of $282.95. The firm has a market capitalization of $27.22 billion, a P/E ratio of 54.39, a PEG ratio of 1.05 and a beta of 2.40. The company’s 50-day moving average is $171.08 and its 200 day moving average is $203.27.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Thursday, February 5th. The company reported $1.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.96 by $0.28. The business had revenue of $725.61 million during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.36 EPS. On average, equities research analysts expect that Reddit Inc. will post 1.12 earnings per share for the current year.

Insider Buying and Selling

In related news, COO Jennifer L. Wong sold 39,167 shares of the stock in a transaction that occurred on Friday, December 19th. The stock was sold at an average price of $234.37, for a total transaction of $9,179,569.79. Following the completion of the sale, the chief operating officer directly owned 1,184,528 shares of the company’s stock, valued at approximately $277,617,827.36. This trade represents a 3.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Benjamin Seong Lee sold 27,930 shares of the business’s stock in a transaction on Wednesday, January 7th. The stock was sold at an average price of $260.08, for a total value of $7,264,034.40. Following the completion of the transaction, the insider directly owned 62,608 shares in the company, valued at approximately $16,283,088.64. This represents a 30.85% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders purchased 61,000 shares of company stock valued at $8,870,815 and sold 359,580 shares valued at $70,898,143. Insiders own 34.25% of the company’s stock.

Reddit Company 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.