SBI Securities Co. Ltd. Purchases New Holdings in Reddit, Inc. (NYSE:RDDT)

SBI Securities Co. Ltd. purchased a new stake in Reddit, Inc. (NYSE:RDDT) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 22,424 shares of the company’s stock, valued at approximately $3,665,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Ridgewood Investments LLC grew its holdings 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 acquiring an additional 100 shares during the period. Farmers & Merchants Investments Inc. acquired a new stake in Reddit during the 4th quarter worth $33,000. Bogart Wealth LLC acquired a new stake in Reddit during the 4th quarter worth $33,000. Spire Wealth Management acquired a new stake in Reddit during the 4th quarter worth $35,000. Finally, Allworth Financial LP grew its holdings in Reddit by 970.0% during the 4th quarter. Allworth Financial LP now owns 214 shares of the company’s stock worth $35,000 after acquiring an additional 194 shares during the period.

Reddit Price Performance

Reddit stock opened at $162.13 on Friday. The firm has a market capitalization of $29.33 billion and a PE ratio of -20.97. The company’s 50-day moving average is $183.57 and its 200-day moving average is $127.49. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $230.41.

Reddit (NYSE:RDDT) last released its quarterly earnings data 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 net margin of 37.25% and a negative return on equity of 24.71%. As a group, analysts expect that Reddit, Inc. will post 1.12 EPS for the current year.

Analyst Upgrades and Downgrades

RDDT has been the subject of a number of analyst reports. Roth Mkm lowered shares of Reddit from a “buy” rating to a “neutral” rating and lifted their target price for the stock from $116.00 to $195.00 in a report on Wednesday, January 22nd. Roth Capital lowered shares of Reddit from a “strong-buy” rating to a “hold” rating in a report on Wednesday, January 22nd. JMP Securities lifted their price target on shares of Reddit from $190.00 to $200.00 and gave the stock a “market outperform” rating in a research report on Thursday, February 13th. Robert W. Baird lifted their price target on shares of Reddit from $160.00 to $185.00 and gave the stock a “neutral” rating in a research report on Thursday, February 13th. Finally, Piper Sandler lifted their price target on shares of Reddit from $210.00 to $220.00 and gave the stock an “overweight” rating in a research report on Friday, February 21st. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $175.95.

Insider Transactions at Reddit

In related news, Director Mary Porter Gale sold 20,000 shares of the company’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $169.71, for a total value 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. This represents a 43.19 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Christopher Brian Slowe sold 5,000 shares of the business’s stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $184.15, for a total transaction of $920,750.00. Following the completion of the sale, the chief technology officer now directly owns 35,252 shares of the company’s stock, valued at $6,491,655.80. This represents a 12.42 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 275,122 shares of company stock worth $48,022,530 in the last ninety days.

About Reddit

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.