IPG Investment Advisors LLC Makes New Investment in Reddit, Inc. (NYSE:RDDT)

IPG Investment Advisors LLC purchased a new position in shares of Reddit, Inc. (NYSE:RDDT) during the fourth quarter, HoldingsChannel reports. The firm purchased 1,544 shares of the company’s stock, valued at approximately $252,000.

Other large investors have also recently added to or reduced their stakes in the company. Plato Investment Management Ltd acquired a new position in Reddit during the 4th quarter worth approximately $27,000. EverSource Wealth Advisors LLC purchased a new stake in shares of Reddit in the fourth quarter valued at approximately $28,000. Ridgewood Investments LLC grew its holdings in Reddit by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after acquiring an additional 100 shares during the period. Farmers & Merchants Investments Inc. purchased a new position in Reddit in the fourth quarter worth $33,000. Finally, Bogart Wealth LLC acquired a new stake in Reddit in the fourth quarter valued at $33,000.

Reddit Stock Down 2.4 %

RDDT stock opened at $107.57 on Monday. The stock has a market capitalization of $19.46 billion and a price-to-earnings ratio of -13.92. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $230.41. The stock’s fifty day simple moving average is $165.95 and its 200-day simple moving average is $137.81.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, beating the consensus estimate of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. As a group, analysts anticipate that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on RDDT. Bank of America increased their price target on shares of Reddit from $180.00 to $190.00 and gave the company a “neutral” rating in a report on Thursday, February 13th. Wells Fargo & Company increased their target price on shares of Reddit from $206.00 to $215.00 and gave the company an “overweight” rating in a report on Thursday, February 13th. Citigroup reissued an “outperform” rating on shares of Reddit in a research note on Friday. Guggenheim dropped their price objective on Reddit from $210.00 to $170.00 and set a “buy” rating for the company in a research note on Thursday, March 20th. Finally, Seaport Res Ptn upgraded Reddit to a “hold” rating in a research report on Thursday, February 6th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Reddit presently has a consensus rating of “Moderate Buy” and an average target price of $165.71.

Insider Buying and Selling

In related news, CFO Andrew Vollero sold 100,000 shares of the firm’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $124.08, for a total value of $12,408,000.00. Following the transaction, the chief financial officer now owns 499,295 shares in the company, valued at approximately $61,952,523.60. This trade represents a 16.69 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction that occurred on Tuesday, December 31st. The stock was sold at an average price of $165.33, for a total transaction of $2,314,620.00. Following the sale, the chief executive officer now owns 614,394 shares of the company’s stock, valued at approximately $101,577,760.02. This represents a 2.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 603,794 shares of company stock valued at $90,255,404.

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.