Oppenheimer & Co. Inc. Takes $1.61 Million Position in Reddit, Inc. (NYSE:RDDT)

Oppenheimer & Co. Inc. acquired a new stake in shares of Reddit, Inc. (NYSE:RDDT) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 9,860 shares of the company’s stock, valued at approximately $1,612,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Whipplewood Advisors LLC bought a new stake in shares of Reddit during the fourth quarter valued at approximately $125,000. Los Angeles Capital Management LLC bought a new stake in shares of Reddit during the fourth quarter valued at approximately $379,000. IFP Advisors Inc bought a new stake in shares of Reddit during the fourth quarter valued at approximately $75,000. Wealthspire Advisors LLC bought a new stake in shares of Reddit during the fourth quarter valued at approximately $326,000. Finally, Sigma Planning Corp bought a new stake in shares of Reddit during the fourth quarter valued at approximately $1,643,000.

Reddit Trading Up 0.4 %

Shares of RDDT opened at $162.37 on Tuesday. The firm has a market capitalization of $29.37 billion and a P/E ratio of -21.01. Reddit, Inc. has a 12-month low of $37.35 and a 12-month high of $230.41. The firm has a fifty day moving average price of $183.45 and a 200-day moving average price of $128.76.

Reddit (NYSE:RDDT) last issued its earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.12. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. Analysts predict that Reddit, Inc. will post 1.12 earnings per share for the current year.

Insider Buying and Selling

In other Reddit news, CFO Andrew Vollero sold 48,122 shares of the stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $162.80, for a total transaction of $7,834,261.60. Following the transaction, the chief financial officer now directly owns 599,295 shares in the company, valued at $97,565,226. This represents a 7.43 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Mary Porter Gale sold 20,000 shares of the stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $169.71, for a total transaction of $3,394,200.00. Following the transaction, the director now owns 26,309 shares in the company, valued at approximately $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 275,122 shares of company stock valued at $48,022,530 over the last three months.

Wall Street Analysts Forecast Growth

RDDT has been the topic of several research reports. B. Riley boosted their price target on shares of Reddit from $112.00 to $187.00 and gave the stock a “buy” rating in a research report on Tuesday, January 14th. Citigroup restated a “neutral” rating on shares of Reddit in a research report on Thursday, February 13th. Guggenheim initiated coverage on shares of Reddit in a research report on Friday, December 20th. They issued a “buy” rating and a $210.00 price target on the stock. Morgan Stanley boosted their price target on shares of Reddit from $200.00 to $210.00 and gave the stock an “overweight” rating in a research report on Thursday, February 13th. Finally, The Goldman Sachs Group boosted their price target on shares of Reddit from $105.00 to $176.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 14th. One analyst has 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 stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $175.95.

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.