Masso Torrence Wealth Management Inc. Buys New Position in Reddit, Inc. (NYSE:RDDT)

Masso Torrence Wealth Management Inc. purchased a new position in Reddit, Inc. (NYSE:RDDT) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 2,448 shares of the company’s stock, valued at approximately $400,000.

Other large investors have also modified their holdings of the company. Hsbc Holdings PLC purchased a new position in shares of Reddit in the 2nd quarter valued at approximately $203,000. Truist Financial Corp acquired a new stake in shares of Reddit during the second quarter worth $266,000. SG Americas Securities LLC acquired a new stake in shares of Reddit during the third quarter worth $612,000. StoneCrest Wealth Management Inc. grew its holdings in shares of 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 buying an additional 176 shares during the last quarter. Finally, Greenhouse Wealth Management LLC acquired a new stake in Reddit during the 3rd quarter worth about $258,000.

Reddit Price Performance

Shares of NYSE:RDDT opened at $197.96 on Wednesday. The company’s fifty day moving average is $165.55 and its two-hundred day moving average is $106.33. Reddit, Inc. has a 1-year low of $37.35 and a 1-year high of $201.00.

Reddit (NYSE:RDDT) last issued its quarterly earnings data 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 net margin of 47.83% and a negative return on equity of 40.54%. The business had revenue of $348.40 million for the quarter, compared to analysts’ expectations of $313.61 million. The firm’s quarterly revenue was up 67.9% on a year-over-year basis. Equities analysts predict that Reddit, Inc. will post -3.48 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CTO Christopher Brian Slowe sold 5,000 shares of the stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $184.15, for a total transaction of $920,750.00. Following the transaction, the chief technology officer now owns 35,252 shares in the company, valued at $6,491,655.80. This represents a 12.42 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Jennifer L. Wong sold 33,334 shares of the stock in a transaction dated Thursday, January 16th. The shares were sold at an average price of $173.93, for a total value of $5,797,782.62. Following the transaction, the chief operating officer now directly owns 1,504,297 shares in the company, valued at approximately $261,642,377.21. This represents a 2.17 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 264,357 shares of company stock worth $40,449,488 in the last ninety days.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on RDDT shares. Robert W. Baird raised their price objective on Reddit from $100.00 to $160.00 and gave the stock a “neutral” rating in a research note on Wednesday, December 11th. Loop Capital lifted their price objective on Reddit from $120.00 to $180.00 and gave the company a “buy” rating in a research note on Monday, December 2nd. Guggenheim assumed coverage on shares of Reddit in a research note on Friday, December 20th. They issued a “buy” rating and a $210.00 target price for the company. Roth Mkm downgraded Reddit from a “buy” rating to a “neutral” rating and increased their price target for the stock from $116.00 to $195.00 in a research report on Wednesday, January 22nd. Finally, Jefferies Financial Group lifted their target price on shares of Reddit from $120.00 to $175.00 and gave the company a “buy” rating in a research report on Monday, November 25th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $159.70.

About Reddit

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.