Somnio Financial Group LLC Invests $640,000 in Reddit, Inc. (NYSE:RDDT)

Somnio Financial Group LLC acquired a new stake in Reddit, Inc. (NYSE:RDDT) during the 4th quarter, Holdings Channel.com reports. The firm acquired 3,914 shares of the company’s stock, valued at approximately $640,000. Reddit makes up 0.5% of Somnio Financial Group LLC’s holdings, making the stock its 12th biggest holding.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. FMR LLC grew its stake in Reddit by 302.8% during the 3rd quarter. FMR LLC now owns 12,157,591 shares of the company’s stock worth $801,428,000 after purchasing an additional 9,139,196 shares in the last quarter. VY Capital Management Co. Ltd. acquired a new position in shares of Reddit during the third quarter worth about $474,403,000. Point72 Asset Management L.P. increased its stake in shares of Reddit by 3,172.0% during the third quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock worth $151,357,000 after buying an additional 2,225,895 shares during the period. Holocene Advisors LP raised its holdings in Reddit by 177.6% in the third 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. Finally, Lord Abbett & CO. LLC lifted its stake in Reddit by 1,519.4% in the third quarter. Lord Abbett & CO. LLC now owns 1,650,362 shares of the company’s stock worth $108,792,000 after acquiring an additional 1,548,450 shares during the last quarter.

Insider Buying and Selling

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $176.20, for a total value of $2,466,800.00. Following the sale, the chief executive officer now directly owns 620,971 shares in the company, valued at $109,415,090.20. The trade was a 2.20 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Jennifer L. Wong sold 33,334 shares of the stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $76.27, for a total transaction of $2,542,384.18. Following the completion of the sale, the chief operating officer now owns 1,542,457 shares in the company, valued at $117,643,195.39. This represents a 2.12 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 250,357 shares of company stock valued at $32,983,080.

Reddit Price Performance

RDDT traded up $0.87 during trading on Thursday, reaching $164.31. The company’s stock had a trading volume of 3,004,206 shares, compared to its average volume of 5,147,248. The company’s fifty day moving average price is $142.69 and its 200-day moving average price is $91.44. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $182.20.

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

Analyst Upgrades and Downgrades

RDDT has been the subject of several recent analyst reports. Bank of America lifted their price objective 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. Wells Fargo & Company began coverage on Reddit in a research report on Wednesday, December 11th. They set an “overweight” rating and a $206.00 price objective for the company. Guggenheim started coverage on Reddit in a research report on Friday, December 20th. They set a “buy” rating and a $210.00 target price on the stock. Piper Sandler reaffirmed an “overweight” rating and issued a $150.00 price target (up from $115.00) on shares of Reddit in a report on Tuesday, November 19th. Finally, Sanford C. Bernstein increased their price target on shares of Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a research note on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $132.70.

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.