Chung Wu Investment Group LLC Acquires New Holdings in Reddit, Inc. (NYSE:RDDT)

Chung Wu Investment Group LLC acquired a new stake in Reddit, Inc. (NYSE:RDDT) in the 4th quarter, according to its most recent filing with the SEC. The fund acquired 2,000 shares of the company’s stock, valued at approximately $327,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. Raymond James Financial Inc. acquired a new position in Reddit during the 4th quarter worth approximately $64,933,000. Arizona State Retirement System increased its position in Reddit by 131.4% during the 4th quarter. Arizona State Retirement System now owns 16,292 shares of the company’s stock worth $2,663,000 after buying an additional 9,251 shares during the period. Aigen Investment Management LP bought a new position in Reddit during the 4th quarter worth $2,937,000. Proficio Capital Partners LLC increased its position in Reddit by 2.1% during the 4th quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company’s stock worth $966,000 after buying an additional 120 shares during the period. Finally, Atria Investments Inc bought a new position in Reddit during the 4th quarter worth $467,000.

Insider Activity at Reddit

In other news, CTO Christopher Brian Slowe sold 11,000 shares of the business’s stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $169.85, for a total value of $1,868,350.00. Following the transaction, the chief technology officer now directly owns 324,837 shares in the company, valued at $55,173,564.45. The trade was a 3.28 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Mary Porter Gale sold 20,000 shares of the business’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $169.71, for a total value of $3,394,200.00. Following the completion of the transaction, the director now owns 26,309 shares in the company, valued at $4,464,900.39. The trade was a 43.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 289,122 shares of company stock valued at $50,266,730 in the last 90 days.

Wall Street Analyst Weigh In

Several research firms recently weighed in on RDDT. Robert W. Baird raised their price objective on Reddit from $160.00 to $185.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th. The Goldman Sachs Group boosted their price objective on Reddit from $105.00 to $176.00 and gave the company a “neutral” rating in a report on Tuesday, January 14th. Raymond James boosted their price objective on Reddit from $200.00 to $250.00 and gave the stock a “strong-buy” rating in a research report on Monday, February 10th. Guggenheim began coverage on Reddit in a research report on Friday, December 20th. They issued a “buy” rating and a $210.00 price objective on the stock. Finally, JPMorgan Chase & Co. boosted their target price on Reddit from $142.00 to $185.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $175.95.

Reddit Stock Performance

NYSE RDDT opened at $168.39 on Thursday. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $230.41. The stock has a 50 day simple moving average of $182.91 and a two-hundred day simple moving average of $129.76. The stock has a market cap of $30.46 billion and a P/E ratio of -21.78.

Reddit (NYSE:RDDT) last announced its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, topping 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%. Sell-side analysts predict that Reddit, Inc. will post 1.12 earnings per share for the current year.

Reddit Company Profile

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.