2,266 Shares in Reddit, Inc. (NYSE:RDDT) Purchased by Arkfeld Wealth Strategies L.L.C.

Arkfeld Wealth Strategies L.L.C. bought a new position in shares of Reddit, Inc. (NYSE:RDDT) in the fourth quarter, Holdings Channel reports. The institutional investor bought 2,266 shares of the company’s stock, valued at approximately $373,000.

Other hedge funds have also made changes to their positions in the company. FMR LLC increased its position in Reddit by 302.8% in the 3rd quarter. FMR LLC now owns 12,157,591 shares of the company’s stock valued at $801,428,000 after acquiring an additional 9,139,196 shares in the last quarter. VY Capital Management Co. Ltd. acquired a new stake in Reddit in the 3rd quarter valued at about $474,403,000. Holocene Advisors LP increased its position in Reddit by 177.6% in the 3rd quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock valued at $198,154,000 after acquiring an additional 1,923,109 shares in the last quarter. Point72 Asset Management L.P. increased its position in Reddit by 3,172.0% in the 3rd quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock valued at $151,357,000 after acquiring an additional 2,225,895 shares in the last quarter. Finally, Lord Abbett & CO. LLC increased its position in Reddit by 1,519.4% in the 3rd quarter. Lord Abbett & CO. LLC now owns 1,650,362 shares of the company’s stock valued at $108,792,000 after acquiring an additional 1,548,450 shares in the last quarter.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on RDDT shares. The Goldman Sachs Group raised their price objective on shares of Reddit from $105.00 to $176.00 and gave the company a “neutral” rating in a research report on Tuesday, January 14th. Jefferies Financial Group raised their target price on shares of Reddit from $120.00 to $175.00 and gave the company a “buy” rating in a research note on Monday, November 25th. Guggenheim began coverage on shares of Reddit in a research note on Friday, December 20th. They issued a “buy” rating and a $210.00 target price on the stock. Bank of America raised their target price on shares of Reddit from $99.00 to $180.00 and gave the company a “neutral” rating in a research note on Wednesday, January 8th. Finally, Needham & Company LLC raised their target price on shares of Reddit from $120.00 to $190.00 and gave the company a “buy” rating in a research note on Wednesday, December 11th. One analyst has rated the stock with a sell rating, seven have given a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $158.20.

Insider Buying and Selling at Reddit

In other Reddit news, CTO Christopher Brian Slowe sold 5,000 shares of the stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $184.15, for a total transaction of $920,750.00. Following the transaction, the chief technology officer now directly owns 35,252 shares in the company, valued at approximately $6,491,655.80. This represents a 12.42 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Benjamin Seong Lee sold 18,519 shares of the stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $146.06, for a total value of $2,704,885.14. Following the transaction, the insider now owns 138,401 shares in the company, valued at $20,214,850.06. The trade was a 11.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 264,357 shares of company stock valued at $40,449,488.

Reddit Price Performance

NYSE:RDDT opened at $182.24 on Friday. The company has a 50 day simple moving average of $163.38 and a two-hundred day simple moving average of $104.22. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $191.00.

Reddit (NYSE:RDDT) last released 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. The business had revenue of $348.40 million during the quarter, compared to the consensus estimate of $313.61 million. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The business’s quarterly revenue was up 67.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Reddit, Inc. will post -3.48 earnings per share 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.