Wealth High Governance Capital Ltda Makes New Investment in Reddit, Inc. (NYSE:RDDT)

Wealth High Governance Capital Ltda purchased a new position in shares of Reddit, Inc. (NYSE:RDDT) during the 4th quarter, Holdings Channel.com reports. The fund purchased 37,200 shares of the company’s stock, valued at approximately $6,080,000. Reddit accounts for 2.2% of Wealth High Governance Capital Ltda’s investment portfolio, making the stock its 22nd biggest position.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Wealthfront Advisers LLC acquired a new stake in Reddit during the 4th quarter worth about $696,000. Daiwa Securities Group Inc. grew its position in Reddit by 2,858.8% during the 4th quarter. Daiwa Securities Group Inc. now owns 38,021 shares of the company’s stock worth $6,215,000 after purchasing an additional 36,736 shares during the period. EPIQ Capital Group LLC acquired a new stake in Reddit during the 4th quarter worth about $26,658,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Reddit by 173.5% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,486 shares of the company’s stock worth $2,368,000 after acquiring an additional 9,189 shares in the last quarter. Finally, SLT Holdings LLC purchased a new stake in shares of Reddit during the 4th quarter worth about $870,000.

Insider Transactions at Reddit

In other news, CFO Andrew Vollero sold 48,122 shares of the firm’s stock in a transaction that occurred on 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 completion of the sale, the chief financial officer now owns 599,295 shares in the company, valued at $97,565,226. This trade represents a 7.43 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the firm’s stock in a transaction that occurred 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 sale, the chief executive officer now owns 620,971 shares of the company’s stock, valued at $109,415,090.20. This represents a 2.20 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 393,386 shares of company stock worth $66,673,388 in the last 90 days.

Reddit Trading Up 14.6 %

RDDT stock opened at $123.01 on Wednesday. The company has a market cap of $22.25 billion and a price-to-earnings ratio of -15.91. Reddit, Inc. has a 12 month low of $37.35 and a 12 month high of $230.41. The firm has a 50-day moving average of $179.61 and a two-hundred day moving average of $132.31.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) for the quarter, topping 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%. As a group, equities analysts forecast that Reddit, Inc. will post 1.12 earnings per share for the current year.

Wall Street Analysts Forecast Growth

RDDT has been the topic of several recent analyst reports. B. Riley increased their target price on shares of Reddit from $112.00 to $187.00 and gave the stock a “buy” rating in a research note on Tuesday, January 14th. JMP Securities increased their target price on shares of Reddit from $190.00 to $200.00 and gave the stock a “market outperform” rating in a research note on Thursday, February 13th. Loop Capital increased their target price on shares of Reddit from $180.00 to $210.00 and gave the stock a “buy” rating in a research note on Thursday, February 13th. Citigroup reissued a “neutral” rating on shares of Reddit in a research note on Thursday, February 13th. Finally, Bank of America increased their target price on shares of Reddit from $180.00 to $190.00 and gave the stock a “neutral” rating in a research note on Thursday, February 13th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $175.95.

Reddit Company 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.