Tucker Asset Management LLC Makes New $39,000 Investment in Reddit, Inc. (NYSE:RDDT)

Tucker Asset Management LLC bought a new stake in shares of Reddit, Inc. (NYSE:RDDT) in the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 239 shares of the company’s stock, valued at approximately $39,000.

A number of other hedge funds have also made changes to their positions in RDDT. Plato Investment Management Ltd bought a new stake in Reddit in the fourth quarter valued at about $27,000. EverSource Wealth Advisors LLC acquired a new position in shares of Reddit in the 4th quarter worth approximately $28,000. Ridgewood Investments LLC increased its holdings in shares of Reddit by 100.0% in 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 during the last quarter. Farmers & Merchants Investments Inc. acquired a new stake in shares of Reddit during the 4th quarter valued at approximately $33,000. Finally, Bogart Wealth LLC bought a new position in Reddit during the fourth quarter worth $33,000.

Reddit Trading Down 2.4 %

NYSE:RDDT opened at $107.57 on Friday. The company has a 50-day moving average of $165.95 and a 200-day moving average of $137.27. The firm has a market cap of $19.46 billion and a price-to-earnings ratio of -13.92. Reddit, Inc. has a twelve month low of $37.35 and a twelve month high of $230.41.

Reddit (NYSE:RDDT) last issued its earnings results 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%. On average, research analysts forecast that Reddit, Inc. will post 1.12 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Andrew Vollero sold 100,000 shares of Reddit stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $124.08, for a total value of $12,408,000.00. Following the transaction, the chief financial officer now owns 499,295 shares of the company’s stock, valued at approximately $61,952,523.60. This trade represents a 16.69 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $172.79, for a total transaction of $2,419,060.00. Following the sale, the chief executive officer now directly owns 614,394 shares of the company’s stock, valued at $106,161,139.26. This represents a 2.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 603,794 shares of company stock worth $90,255,404 in the last three months.

Analyst Ratings Changes

RDDT has been the topic of a number of research reports. Redburn Partners set a $75.00 target price on shares of Reddit in a report on Monday, March 17th. JPMorgan Chase & Co. increased their price objective on shares of Reddit from $142.00 to $185.00 and gave the stock a “neutral” rating in a research note on Thursday, February 13th. Loop Capital restated a “buy” rating and issued a $210.00 target price on shares of Reddit in a research note on Tuesday, March 11th. Wells Fargo & Company increased their price target on Reddit from $206.00 to $215.00 and gave the stock an “overweight” rating in a research report on Thursday, February 13th. Finally, Robert W. Baird boosted their price objective on Reddit from $160.00 to $185.00 and gave the company a “neutral” rating in a research report on Thursday, February 13th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $165.71.

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.