Nkcfo LLC Invests $572,000 in Reddit, Inc. (NYSE:RDDT)

Nkcfo LLC acquired a new stake in Reddit, Inc. (NYSE:RDDT) during the fourth quarter, HoldingsChannel reports. The fund acquired 3,500 shares of the company’s stock, valued at approximately $572,000.

Other institutional investors also recently bought and sold shares of the company. Ridgewood Investments LLC increased its position in Reddit by 100.0% during the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after purchasing an additional 100 shares during the period. Farmers & Merchants Investments Inc. acquired a new position in Reddit during the fourth quarter worth $33,000. Bogart Wealth LLC purchased a new position in Reddit in the fourth quarter worth $33,000. Spire Wealth Management acquired a new stake in Reddit in the fourth quarter valued at $35,000. Finally, Allworth Financial LP boosted its position in shares of Reddit by 970.0% during the 4th quarter. Allworth Financial LP now owns 214 shares of the company’s stock worth $35,000 after purchasing an additional 194 shares in the last quarter.

Insider Buying and Selling

In other Reddit news, CFO Andrew Vollero sold 19,838 shares of the company’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $143.22, for a total transaction of $2,841,198.36. Following the completion of the sale, the chief financial officer now directly owns 703,615 shares in the company, valued at $100,771,740.30. This represents a 2.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $201.96, for a total value of $2,827,440.00. Following the completion of the transaction, the chief executive officer now directly owns 614,394 shares in the company, valued at $124,083,012.24. This represents a 2.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 245,357 shares of company stock valued at $39,357,388.

Reddit Trading Down 4.2 %

Shares of RDDT opened at $196.37 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 $182.33 and a two-hundred day moving average of $119.28.

Reddit (NYSE:RDDT) last released its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.12. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. As a group, equities research analysts anticipate that Reddit, Inc. will post -3.45 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages recently commented on RDDT. Robert W. Baird raised their price objective on shares of Reddit from $160.00 to $185.00 and gave the company a “neutral” rating in a research note on Thursday. Seaport Res Ptn upgraded shares of Reddit to a “hold” rating in a research report on Thursday, February 6th. Morgan Stanley raised their price objective on Reddit from $200.00 to $210.00 and gave the company an “overweight” rating in a research note on Thursday. JPMorgan Chase & Co. boosted their target price on Reddit from $142.00 to $185.00 and gave the stock a “neutral” rating in a research report on Thursday. Finally, Piper Sandler restated an “overweight” rating and issued a $210.00 price target (up previously from $197.00) on shares of Reddit in a research report on Thursday. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $175.45.

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.