Udine Wealth Management Inc. Purchases New Holdings in Reddit Inc. $RDDT

Udine Wealth Management Inc. acquired a new position in shares of Reddit Inc. (NYSE:RDDT) during the 2nd quarter, Holdings Channel.com reports. The fund acquired 16,714 shares of the company’s stock, valued at approximately $2,901,000. Reddit comprises approximately 1.2% of Udine Wealth Management Inc.’s holdings, making the stock its 28th largest holding.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Bogart Wealth LLC lifted its holdings in shares of Reddit by 8,400.0% during the second quarter. Bogart Wealth LLC now owns 595 shares of the company’s stock valued at $103,000 after purchasing an additional 588 shares during the last quarter. a16z Perennial Management L.P. bought a new stake in shares of Reddit in the 2nd quarter worth approximately $430,000. Sidoxia Capital Management LLC purchased a new stake in shares of Reddit in the 2nd quarter worth approximately $713,000. EverSource Wealth Advisors LLC grew its stake in shares of Reddit by 48.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 197 shares of the company’s stock worth $34,000 after buying an additional 64 shares during the last quarter. Finally, Sivia Capital Partners LLC increased its position in Reddit by 7.8% during the 2nd quarter. Sivia Capital Partners LLC now owns 18,047 shares of the company’s stock valued at $3,133,000 after buying an additional 1,309 shares in the last quarter.

Insider Activity

In other Reddit news, COO Jennifer L. Wong sold 39,167 shares of the company’s stock in a transaction dated Monday, May 18th. The shares were sold at an average price of $158.52, for a total transaction of $6,208,752.84. Following the transaction, the chief operating officer owned 1,088,451 shares in the company, valued at approximately $172,541,252.52. This represents a 3.47% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Steve Ladd Huffman sold 18,000 shares of the firm’s stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $173.13, for a total transaction of $3,116,340.00. Following the sale, the chief executive officer directly owned 373,814 shares in the company, valued at approximately $64,718,417.82. The trade was a 4.59% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 151,141 shares of company stock valued at $25,635,785 over the last ninety days. 28.48% of the stock is currently owned by corporate insiders.

Reddit Stock Up 3.0%

Shares of NYSE RDDT opened at $158.10 on Friday. The firm has a market cap of $30.42 billion, a P/E ratio of 36.77, a PEG ratio of 0.52 and a beta of 2.03. Reddit Inc. has a twelve month low of $119.27 and a twelve month high of $282.95. The company has a 50 day moving average of $175.21 and a 200 day moving average of $159.70.

Reddit (NYSE:RDDT) last issued its earnings results on Thursday, July 30th. The company reported $1.25 EPS for the quarter, beating the consensus estimate of $0.95 by $0.30. The business had revenue of $804.91 million for the quarter, compared to the consensus estimate of $731.00 million. Reddit had a return on equity of 29.02% and a net margin of 31.35%.The company’s revenue was up 61.0% compared to the same quarter last year. During the same period last year, the business posted $0.45 EPS. As a group, equities analysts expect that Reddit Inc. will post 5.22 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on RDDT shares. Guggenheim reiterated a “buy” rating on shares of Reddit in a research note on Friday, July 31st. The Goldman Sachs Group reissued a “neutral” rating and issued a $200.00 target price on shares of Reddit in a research note on Friday, May 1st. Cantor Fitzgerald lowered their price target on Reddit from $200.00 to $170.00 and set a “neutral” rating for the company in a research report on Friday, July 31st. DA Davidson reaffirmed a “buy” rating and issued a $200.00 price target on shares of Reddit in a research report on Thursday, July 23rd. Finally, Roth Capital reiterated a “neutral” rating and issued a $145.00 price target on shares of Reddit in a research note on Monday, August 3rd. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and eleven have given a Hold rating to the stock. Based on data from MarketBeat.com, Reddit presently has a consensus rating of “Moderate Buy” and a consensus target price of $220.90.

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.