Northwest & Ethical Investments L.P. Makes New Investment in Reddit, Inc. (NYSE:RDDT)

Northwest & Ethical Investments L.P. bought a new position in shares of Reddit, Inc. (NYSE:RDDT) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 2,475 shares of the company’s stock, valued at approximately $404,000.

Several other institutional investors have also recently bought and sold shares of RDDT. Prospera Financial Services Inc acquired a new position in Reddit during the third quarter worth about $248,000. Charles Schwab Investment Management Inc. grew its holdings in shares of Reddit by 194.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 503,321 shares of the company’s stock worth $33,179,000 after purchasing an additional 332,604 shares during the last quarter. GM Advisory Group LLC bought a new stake in shares of Reddit during the third quarter worth about $255,000. Meridian Wealth Management LLC grew its holdings in shares of Reddit by 29.7% during the third quarter. Meridian Wealth Management LLC now owns 45,650 shares of the company’s stock worth $3,009,000 after purchasing an additional 10,466 shares during the last quarter. Finally, Cerity Partners LLC bought a new stake in shares of Reddit during the third quarter worth about $446,000.

Insiders Place Their Bets

In other Reddit news, COO Jennifer L. Wong sold 33,333 shares of the firm’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $125.22, for a total value of $4,173,958.26. Following the completion of the transaction, the chief operating officer now owns 1,466,119 shares in the company, valued at $183,587,421.18. This trade represents a 2.22 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Steve Ladd Huffman sold 124,408 shares of the firm’s stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $127.36, for a total value of $15,844,602.88. Following the completion of the sale, the chief executive officer now directly owns 583,515 shares in the company, valued at approximately $74,316,470.40. The trade was a 17.57 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 503,794 shares of company stock worth $78,350,874 in the last quarter.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Robert W. Baird upped their target price on Reddit from $160.00 to $185.00 and gave the company a “neutral” rating in a report on Thursday, February 13th. Wells Fargo & Company increased their price target on Reddit from $206.00 to $215.00 and gave the stock an “overweight” rating in a report on Thursday, February 13th. Raymond James cut their price target on Reddit from $250.00 to $200.00 and set a “strong-buy” rating on the stock in a report on Wednesday, March 12th. The Goldman Sachs Group upped their target price on Reddit from $105.00 to $176.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 14th. Finally, Piper Sandler upped their target price on Reddit from $210.00 to $220.00 and gave the stock an “overweight” rating in a research report on Friday, February 21st. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $162.68.

Reddit Stock Performance

RDDT stock opened at $115.46 on Friday. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $230.41. The stock has a fifty day moving average of $171.19 and a 200-day moving average of $134.62. The company has a market capitalization of $20.89 billion and a price-to-earnings ratio of -14.94.

Reddit (NYSE:RDDT) last issued its earnings results on Wednesday, February 12th. The company reported $0.36 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%. Equities analysts predict that Reddit, Inc. will post 1.12 EPS for the current year.

Reddit 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.