Meridian Wealth Management LLC Has $13.65 Million Stake in Reddit Inc. $RDDT

Meridian Wealth Management LLC reduced its stake in Reddit Inc. (NYSE:RDDT) by 7.5% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 59,352 shares of the company’s stock after selling 4,829 shares during the quarter. Meridian Wealth Management LLC’s holdings in Reddit were worth $13,650,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in RDDT. Vanguard Group Inc. lifted its holdings in shares of Reddit by 6.3% in the second quarter. Vanguard Group Inc. now owns 10,837,215 shares of the company’s stock valued at $1,631,759,000 after purchasing an additional 638,663 shares in the last quarter. JPMorgan Chase & Co. raised its position in Reddit by 7.5% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,051,175 shares of the company’s stock valued at $308,846,000 after buying an additional 143,680 shares during the last quarter. State Street Corp lifted its stake in Reddit by 138.5% in the 2nd quarter. State Street Corp now owns 2,030,139 shares of the company’s stock valued at $305,678,000 after acquiring an additional 1,178,890 shares in the last quarter. Geode Capital Management LLC boosted its position in Reddit by 72.1% during the 2nd quarter. Geode Capital Management LLC now owns 1,989,004 shares of the company’s stock worth $299,044,000 after acquiring an additional 833,245 shares during the last quarter. Finally, Norges Bank acquired a new position in Reddit during the 2nd quarter worth approximately $294,254,000.

Reddit Stock Performance

Reddit stock opened at $180.13 on Friday. The stock has a 50-day simple moving average of $226.40 and a 200 day simple moving average of $214.73. The stock has a market capitalization of $34.13 billion, a P/E ratio of 103.52, a PEG ratio of 1.32 and a beta of 2.17. Reddit Inc. has a 52 week low of $79.75 and a 52 week 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 (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.30. Reddit had a return on equity of 14.94% and a net margin of 18.33%.The firm had revenue of $584.91 million for the quarter, compared to analyst estimates of $546.65 million. During the same quarter in the prior year, the company earned $0.16 earnings per share. The business’s revenue for the quarter was up 67.9% compared to the same quarter last year. Research analysts forecast that Reddit Inc. will post 1.12 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on RDDT shares. Argus set a $300.00 price objective on shares of Reddit in a report on Friday, January 9th. Raymond James Financial reaffirmed a “strong-buy” rating and issued a $250.00 target price (up previously from $225.00) on shares of Reddit in a research report on Monday, October 20th. JPMorgan Chase & Co. lifted their price target on shares of Reddit from $190.00 to $227.00 and gave the company a “neutral” rating in a research note on Friday, October 31st. The Goldman Sachs Group reissued a “neutral” rating and set a $236.00 price target on shares of Reddit in a research report on Tuesday, October 14th. Finally, Wells Fargo & Company raised their price objective on Reddit from $186.00 to $207.00 and gave the company an “equal weight” rating in a report on Monday, January 12th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $245.36.

Insiders Place Their Bets

In other Reddit news, CEO Steve Ladd Huffman sold 18,000 shares of the company’s stock in a transaction on Thursday, January 15th. The shares were sold at an average price of $232.78, for a total value of $4,190,040.00. Following the transaction, the chief executive officer directly owned 448,576 shares in the company, valued at $104,419,521.28. The trade was 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 available at this hyperlink. Also, CTO Christopher Brian Slowe sold 14,000 shares of the firm’s stock in a transaction dated Thursday, January 22nd. The stock was sold at an average price of $212.61, for a total transaction of $2,976,540.00. Following the sale, the chief technology officer owned 167,694 shares of the company’s stock, valued at approximately $35,653,421.34. This represents a 7.71% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 519,422 shares of company stock worth $113,573,815 in the last quarter. Company 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.