Wilmington Savings Fund Society FSB Acquires New Holdings in Reddit, Inc. (NYSE:RDDT)

Wilmington Savings Fund Society FSB bought a new position in shares of Reddit, Inc. (NYSE:RDDT) in the third quarter, HoldingsChannel.com reports. The firm bought 59,608 shares of the company’s stock, valued at approximately $3,929,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. StoneCrest Wealth Management Inc. boosted its position in shares of Reddit by 2.6% in the 3rd quarter. StoneCrest Wealth Management Inc. now owns 6,846 shares of the company’s stock worth $451,000 after purchasing an additional 176 shares in the last quarter. Whittier Trust Co. acquired a new stake in Reddit in the third quarter worth about $42,000. SOA Wealth Advisors LLC. grew its stake in shares of Reddit by 56.3% during the third quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company’s stock worth $126,000 after acquiring an additional 691 shares during the last quarter. MML Investors Services LLC grew its stake in shares of Reddit by 12.0% during the third quarter. MML Investors Services LLC now owns 7,085 shares of the company’s stock worth $467,000 after acquiring an additional 757 shares during the last quarter. Finally, Vestor Capital LLC increased its holdings in shares of Reddit by 1.1% during the third quarter. Vestor Capital LLC now owns 84,787 shares of the company’s stock valued at $5,589,000 after acquiring an additional 922 shares in the last quarter.

Insider Buying and Selling

In other Reddit news, CTO Christopher Brian Slowe sold 5,000 shares of the stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $77.48, for a total value of $387,400.00. Following the completion of the sale, the chief technology officer now owns 30,068 shares in the company, valued at approximately $2,329,668.64. This represents a 14.26 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, 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 Friday, November 29th. The stock was sold at an average price of $141.79, for a total value of $1,985,060.00. Following the transaction, the chief executive officer now owns 634,971 shares in the company, valued at approximately $90,032,538.09. This represents a 2.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 325,644 shares of company stock worth $31,195,790 in the last 90 days.

Reddit Trading Down 1.6 %

Shares of RDDT stock opened at $163.34 on Friday. Reddit, Inc. has a 12-month low of $37.35 and a 12-month high of $180.74. The business’s 50 day moving average is $115.99 and its two-hundred day moving average is $80.43.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.23. The firm had revenue of $348.40 million for the quarter, compared to analysts’ expectations of $313.61 million. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The company’s quarterly revenue was up 67.9% compared to the same quarter last year. On average, equities analysts predict that Reddit, Inc. will post -3.46 earnings per share for the current year.

Wall Street Analysts Forecast Growth

RDDT has been the topic of several research analyst reports. Bank of America boosted their target price on shares of Reddit from $84.00 to $99.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. JPMorgan Chase & Co. boosted 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, October 7th. Needham & Company LLC raised their target price on Reddit from $120.00 to $190.00 and gave the stock a “buy” rating in a research note on Wednesday. JMP Securities boosted their price target on Reddit from $118.00 to $160.00 and gave the company a “market outperform” rating in a research note on Monday, November 25th. Finally, Citigroup raised their price objective on Reddit from $70.00 to $120.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $124.42.

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.