Brighton Jones LLC Has $6.31 Million Position in Reddit, Inc. (NYSE:RDDT)

Brighton Jones LLC lessened its holdings in Reddit, Inc. (NYSE:RDDT) by 12.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 38,612 shares of the company’s stock after selling 5,353 shares during the period. Brighton Jones LLC’s holdings in Reddit were worth $6,311,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of RDDT. Ridgewood Investments LLC grew its holdings in shares of Reddit by 100.0% during the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock valued at $33,000 after acquiring an additional 100 shares in the last quarter. Whittier Trust Co. purchased a new position in Reddit in the third quarter valued at about $42,000. Daiwa Securities Group Inc. acquired a new position in Reddit in the 3rd quarter worth about $85,000. AdvisorNet Financial Inc raised its stake in shares of Reddit by 41.9% during the 4th quarter. AdvisorNet Financial Inc now owns 681 shares of the company’s stock worth $111,000 after purchasing an additional 201 shares in the last quarter. Finally, SOA Wealth Advisors LLC. lifted its holdings in shares of Reddit by 56.3% during the 3rd quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company’s stock valued at $126,000 after buying an additional 691 shares during the last quarter.

Wall Street Analyst Weigh In

RDDT has been the topic of several recent research reports. Loop Capital raised their price objective on shares of Reddit from $120.00 to $180.00 and gave the company a “buy” rating in a research report on Monday, December 2nd. 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 report on Tuesday, January 14th. Jefferies Financial Group upped their price objective on shares of Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Robert W. Baird boosted their price target on Reddit from $100.00 to $160.00 and gave the stock a “neutral” rating in a research report on Wednesday, December 11th. Finally, Roth Capital downgraded Reddit from a “strong-buy” rating to a “hold” rating in a research note on Wednesday. One analyst has rated the stock with a sell rating, seven have issued a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $158.20.

Reddit Stock Performance

RDDT opened at $181.55 on Friday. The firm has a 50-day moving average price of $161.24 and a two-hundred day moving average price of $102.91. Reddit, Inc. has a 1-year low of $37.35 and a 1-year high of $191.00.

Reddit (NYSE:RDDT) last released its earnings results on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, beating 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 return on equity of 40.54% and a negative net margin of 47.83%. The firm’s revenue for the quarter was up 67.9% compared to the same quarter last year. As a group, equities research analysts predict that Reddit, Inc. will post -3.48 earnings per share for the current year.

Insider Activity at Reddit

In other Reddit news, COO Jennifer L. Wong sold 33,334 shares of the company’s stock in a transaction that occurred on Thursday, January 16th. The shares were sold at an average price of $173.93, for a total value of $5,797,782.62. Following the completion of the sale, the chief operating officer now owns 1,504,297 shares of the company’s stock, valued at approximately $261,642,377.21. This represents a 2.17 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction on Monday, December 16th. The stock was sold at an average price of $176.20, for a total transaction of $2,466,800.00. Following the transaction, the chief executive officer now directly owns 620,971 shares in the company, valued at approximately $109,415,090.20. This represents a 2.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 259,357 shares of company stock worth $39,528,738.

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.