Los Angeles Capital Management LLC Purchases Shares of 2,318 Reddit, Inc. (NYSE:RDDT)

Los Angeles Capital Management LLC acquired a new position in shares of Reddit, Inc. (NYSE:RDDT) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 2,318 shares of the company’s stock, valued at approximately $379,000.

A number of other large investors have also recently made changes to their positions in the stock. Ridgewood Investments LLC lifted its position 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. purchased a new position in shares of Reddit in the fourth quarter worth about $33,000. Bogart Wealth LLC purchased a new position in shares of Reddit in the fourth quarter worth about $33,000. Allworth Financial LP lifted its holdings in shares of Reddit by 970.0% during the fourth quarter. Allworth Financial LP now owns 214 shares of the company’s stock worth $35,000 after purchasing an additional 194 shares during the period. Finally, Spire Wealth Management purchased a new stake in Reddit in the fourth quarter valued at approximately $35,000.

Reddit Stock Up 0.4 %

RDDT opened at $162.37 on Tuesday. The firm’s fifty day simple moving average is $183.45 and its two-hundred day simple moving average is $128.76. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $230.41. The company has a market cap of $29.37 billion and a price-to-earnings ratio of -21.01.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share 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%. On average, research analysts forecast that Reddit, Inc. will post 1.12 EPS for the current year.

Wall Street Analyst Weigh In

RDDT has been the subject of a number of recent research reports. JMP Securities raised 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. Wells Fargo & Company raised their target price on shares of Reddit from $206.00 to $215.00 and gave the stock an “overweight” rating in a report on Thursday, February 13th. Roth Mkm lowered shares of Reddit from a “buy” rating to a “neutral” rating and upped their price target for the company from $116.00 to $195.00 in a report on Wednesday, January 22nd. Guggenheim assumed coverage on Reddit in a research report on Friday, December 20th. They set a “buy” rating and a $210.00 price target on the stock. Finally, Raymond James boosted their price objective on Reddit from $200.00 to $250.00 and gave the company a “strong-buy” rating in a report on Monday, February 10th. One analyst has rated the stock with a sell rating, nine have given a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $175.95.

Insider Activity

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction dated Friday, January 31st. The shares were sold at an average price of $201.96, for a total value of $2,827,440.00. Following the completion of the sale, the chief executive officer now directly owns 614,394 shares in the company, valued at $124,083,012.24. This represents a 2.23 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CTO Christopher Brian Slowe sold 5,000 shares of the firm’s stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $184.15, for a total transaction of $920,750.00. Following the completion of the transaction, the chief technology officer now directly owns 35,252 shares in the company, valued at approximately $6,491,655.80. This represents a 12.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 275,122 shares of company stock worth $48,022,530 over the last quarter.

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.