Grove Bank & Trust Acquires New Position in Reddit, Inc. (NYSE:RDDT)

Grove Bank & Trust bought a new position in Reddit, Inc. (NYSE:RDDT) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 2,350 shares of the company’s stock, valued at approximately $384,000.

A number of other institutional investors have also made changes to their positions in the company. Oak Ridge Investments LLC bought a new stake in Reddit during the fourth quarter valued at $4,086,000. Shikiar Asset Management Inc. acquired a new position in shares of Reddit in the 4th quarter valued at about $368,000. StoneCrest Wealth Management Inc. raised its stake in Reddit by 22.8% during the fourth quarter. StoneCrest Wealth Management Inc. now owns 8,406 shares of the company’s stock worth $1,374,000 after acquiring an additional 1,560 shares during the period. Sanders Morris Harris LLC bought a new position in Reddit in the fourth quarter worth about $397,000. Finally, Park Avenue Securities LLC acquired a new position in Reddit in the fourth quarter valued at approximately $993,000.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. The Goldman Sachs Group raised their price target on Reddit from $105.00 to $176.00 and gave the stock a “neutral” rating in a report on Tuesday, January 14th. JMP Securities boosted their price target on shares of Reddit from $118.00 to $160.00 and gave the company a “market outperform” rating in a report on Monday, November 25th. Sanford C. Bernstein increased their price objective on shares of Reddit from $65.00 to $85.00 and gave the stock an “underperform” rating in a report on Wednesday, October 30th. Raymond James boosted their target price on shares of Reddit from $70.00 to $80.00 and gave the company a “strong-buy” rating in a research note on Thursday, October 10th. Finally, Piper Sandler raised their price target on shares of Reddit from $150.00 to $197.00 and gave the company an “overweight” rating in a research note on Tuesday, January 14th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, fourteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $148.25.

Insider Activity

In other Reddit news, Director Mary Porter Gale sold 5,000 shares of Reddit 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 completion of the sale, the director now owns 46,459 shares of the company’s stock, valued at $5,314,909.60. This trade represents a 9.72 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $172.79, for a total transaction of $2,419,060.00. Following the transaction, the chief executive officer now owns 614,394 shares in the company, valued at approximately $106,161,139.26. This represents a 2.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 231,023 shares of company stock worth $34,118,355 over the last quarter.

Reddit Stock Up 0.4 %

Shares of NYSE RDDT opened at $175.57 on Monday. The business has a fifty day simple moving average of $158.06 and a 200-day simple moving average of $100.62. Reddit, Inc. has a 12 month low of $37.35 and a 12 month high of $187.69.

Reddit (NYSE:RDDT) last announced its earnings results on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, topping the consensus estimate of ($0.07) by $0.23. The company had revenue of $348.40 million during 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 firm’s revenue was up 67.9% on a year-over-year basis. Equities research analysts forecast that Reddit, Inc. will post -3.46 EPS for the current year.

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.