Mindset Wealth Management LLC Purchases Shares of 2,000 Reddit, Inc. (NYSE:RDDT)

Mindset Wealth Management LLC purchased a new stake in Reddit, Inc. (NYSE:RDDT) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,000 shares of the company’s stock, valued at approximately $327,000.

Other hedge funds also recently added to or reduced their stakes in the company. FMR LLC boosted its stake in shares of 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 acquiring an additional 9,139,196 shares in the last quarter. Jennison Associates LLC purchased a new stake in shares of Reddit during the 4th quarter worth about $494,861,000. Point72 Asset Management L.P. boosted its stake in shares of Reddit by 3,172.0% during the 3rd quarter. Point72 Asset Management L.P. now owns 2,296,068 shares of the company’s stock worth $151,357,000 after acquiring an additional 2,225,895 shares in the last quarter. Holocene Advisors LP boosted its stake in shares of Reddit by 177.6% during the 3rd quarter. Holocene Advisors LP now owns 3,005,977 shares of the company’s stock worth $198,154,000 after acquiring an additional 1,923,109 shares in the last quarter. Finally, Brooklyn FI LLC purchased a new stake in shares of Reddit during the 4th quarter worth about $303,082,000.

Insider Buying and Selling at Reddit

In other Reddit news, CTO Christopher Brian Slowe sold 11,000 shares of the firm’s stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $169.85, for a total value of $1,868,350.00. Following the completion of the transaction, the chief technology officer now owns 324,837 shares of the company’s stock, valued at $55,173,564.45. This trade represents a 3.28 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, COO Jennifer L. Wong sold 33,333 shares of the firm’s stock in a transaction on Monday, March 17th. The shares were sold at an average price of $125.22, for a total transaction of $4,173,958.26. Following the completion of the sale, the chief operating officer now owns 1,466,119 shares in the company, valued at $183,587,421.18. The trade was a 2.22 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 503,794 shares of company stock valued at $78,350,874 in the last 90 days.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on RDDT. Redburn Partners set a $75.00 target price on shares of Reddit in a research note on Monday. 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. Wells Fargo & Company increased their target price on shares of Reddit from $206.00 to $215.00 and gave the stock an “overweight” rating in a research note on Thursday, February 13th. Bank of America upped their price target on shares of Reddit from $180.00 to $190.00 and gave the stock a “neutral” rating in a research report on Thursday, February 13th. Finally, Jefferies Financial Group upped their price target on shares of Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $162.68.

Reddit Stock Performance

NYSE:RDDT opened at $108.68 on Friday. The stock has a market capitalization of $19.66 billion and a P/E ratio of -14.06. The company has a 50 day moving average price of $172.23 and a 200 day moving average price of $134.23. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $230.41.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share 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%. Research analysts forecast that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

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.