West Branch Capital LLC Acquires New Shares in Reddit, Inc. (NYSE:RDDT)

West Branch Capital LLC bought a new position in Reddit, Inc. (NYSE:RDDT) in the 4th quarter, HoldingsChannel reports. The institutional investor bought 1,500 shares of the company’s stock, valued at approximately $245,000.

Other hedge funds have also added to or reduced their stakes in the company. Ridgewood Investments LLC grew its holdings in shares of Reddit by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after purchasing an additional 100 shares in the last quarter. UMB Bank n.a. grew its stake in Reddit by 10.8% in the 4th quarter. UMB Bank n.a. now owns 1,533 shares of the company’s stock worth $251,000 after buying an additional 150 shares in the last quarter. StoneCrest Wealth Management Inc. raised its position in shares of Reddit by 2.6% during the 3rd quarter. StoneCrest Wealth Management Inc. now owns 6,846 shares of the company’s stock valued at $451,000 after buying an additional 176 shares in the last quarter. AdvisorNet Financial Inc raised its position in shares of Reddit by 41.9% during the 4th quarter. AdvisorNet Financial Inc now owns 681 shares of the company’s stock valued at $111,000 after buying an additional 201 shares in the last quarter. Finally, Whittier Trust Co. bought a new stake in shares of Reddit during the 3rd quarter worth $42,000.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the company. Guggenheim started coverage on Reddit in a report on Friday, December 20th. They set a “buy” rating and a $210.00 price objective on the stock. Sanford C. Bernstein boosted their price target on shares of Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a research note on Wednesday, October 30th. Piper Sandler lifted their price objective on Reddit from $150.00 to $197.00 and gave the stock an “overweight” rating in a report on Tuesday, January 14th. Wells Fargo & Company assumed coverage on Reddit in a research report on Wednesday, December 11th. They set an “overweight” rating and a $206.00 price target on the stock. Finally, JMP Securities increased their price objective on Reddit from $118.00 to $160.00 and gave the company a “market outperform” rating in a research note on Monday, November 25th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $158.20.

Reddit Price Performance

RDDT opened at $188.74 on Wednesday. Reddit, Inc. has a twelve month low of $37.35 and a twelve month high of $191.00. The firm has a 50 day moving average price of $160.20 and a 200-day moving average price of $102.35.

Reddit (NYSE:RDDT) last posted its earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.23. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The company had revenue of $348.40 million for the quarter, compared to the consensus estimate of $313.61 million. The business’s quarterly revenue was up 67.9% on a year-over-year basis. Equities research analysts anticipate that Reddit, Inc. will post -3.48 EPS for the current fiscal year.

Insider Buying and Selling at Reddit

In other Reddit news, COO Jennifer L. Wong sold 33,333 shares of Reddit stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $176.23, for a total transaction of $5,874,274.59. Following the transaction, the chief operating officer now owns 1,504,297 shares of the company’s stock, valued at $265,102,260.31. The trade was a 2.17 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Mary Porter Gale sold 5,000 shares of the firm’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $114.40, for a total transaction of $572,000.00. Following the sale, the director now owns 46,459 shares in the company, valued at $5,314,909.60. The trade was a 9.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 259,357 shares of company stock valued at $39,528,738.

Reddit Company 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.