LifePro Asset Management Makes New Investment in Reddit, Inc. (NYSE:RDDT)

LifePro Asset Management bought a new stake in shares of Reddit, Inc. (NYSE:RDDT) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 36,234 shares of the company’s stock, valued at approximately $2,389,000. Reddit makes up about 1.5% of LifePro Asset Management’s portfolio, making the stock its 21st biggest position.

Other institutional investors and hedge funds have also made changes to their positions in the company. StoneCrest Wealth Management Inc. boosted its position in Reddit by 2.6% during the third quarter. StoneCrest Wealth Management Inc. now owns 6,846 shares of the company’s stock valued at $451,000 after purchasing an additional 176 shares in the last quarter. BNP Paribas Financial Markets bought a new stake in shares of Reddit in the 1st quarter valued at about $37,000. SOA Wealth Advisors LLC. purchased a new position in shares of Reddit in the 2nd quarter worth approximately $78,000. ANTIPODES PARTNERS Ltd bought a new position in shares of Reddit during the 1st quarter worth approximately $63,000. Finally, UMB Bank n.a. purchased a new stake in Reddit during the second quarter valued at approximately $88,000.

Insiders Place Their Bets

In other Reddit news, CAO Michelle Marie Reynolds sold 12,000 shares of the company’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $54.00, for a total transaction of $648,000.00. Following the completion of the transaction, the chief accounting officer now directly owns 71,162 shares in the company, valued at approximately $3,842,748. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Reddit news, CAO Michelle Marie Reynolds sold 12,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $54.00, for a total transaction of $648,000.00. Following the completion of the sale, the chief accounting officer now directly owns 71,162 shares in the company, valued at approximately $3,842,748. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Jennifer L. Wong sold 50,000 shares of the stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $65.01, for a total value of $3,250,500.00. Following the transaction, the chief operating officer now directly owns 1,542,457 shares of the company’s stock, valued at $100,275,129.57. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 337,993 shares of company stock worth $19,517,419.

Reddit Stock Performance

Shares of RDDT opened at $69.90 on Friday. The stock’s 50-day moving average price is $60.55 and its 200-day moving average price is $58.07. Reddit, Inc. has a 52 week low of $37.35 and a 52 week high of $78.08.

Reddit (NYSE:RDDT) last posted its earnings results on Tuesday, August 6th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.31) by $0.25. The firm had revenue of $281.20 million for the quarter, compared to analysts’ expectations of $253.86 million. During the same period last year, the firm earned ($0.70) earnings per share. Reddit’s revenue for the quarter was up 53.6% compared to the same quarter last year. Research analysts predict that Reddit, Inc. will post -4.11 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

RDDT has been the topic of several analyst reports. B. Riley assumed coverage on shares of Reddit in a report on Friday, September 20th. They issued a “buy” rating and a $75.00 price target on the stock. Needham & Company LLC upped their target price on Reddit from $75.00 to $85.00 and gave the company a “buy” rating in a research report on Wednesday. Bank of America raised their price target on Reddit from $57.00 to $60.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. JPMorgan Chase & Co. upped their price objective on shares of Reddit from $59.00 to $77.00 and gave the company a “neutral” rating in a report on Monday. Finally, Roth Mkm lowered their target price on shares of Reddit from $67.00 to $66.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $69.56.

Reddit Profile

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.