West Branch Capital LLC Purchases New Shares in Reddit, Inc. (NYSE:RDDT)

West Branch Capital LLC acquired a new position in shares of Reddit, Inc. (NYSE:RDDT) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 1,500 shares of the company’s stock, valued at approximately $245,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Hsbc Holdings PLC acquired a new stake in shares of Reddit in the 2nd quarter valued at $203,000. Marshall Wace LLP raised its holdings in Reddit by 117.2% during the 2nd quarter. Marshall Wace LLP now owns 847,929 shares of the company’s stock worth $54,174,000 after purchasing an additional 457,588 shares during the last quarter. Alight Capital Management LP bought a new position in shares of Reddit in the 2nd quarter valued at about $3,194,000. Maverick Capital Ltd. grew its position in shares of Reddit by 147.4% during the 2nd quarter. Maverick Capital Ltd. now owns 742,145 shares of the company’s stock worth $47,416,000 after buying an additional 442,145 shares during the period. Finally, Scientech Research LLC lifted its holdings in Reddit by 120.0% in the second quarter. Scientech Research LLC now owns 19,432 shares of the company’s stock valued at $1,242,000 after buying an additional 10,601 shares during the period.

Analysts Set New Price Targets

A number of analysts have commented on RDDT shares. B. Riley upped their target price on shares of Reddit from $112.00 to $187.00 and gave the company a “buy” rating in a research report on Tuesday, January 14th. Jefferies Financial Group upped their price objective on Reddit from $120.00 to $175.00 and gave the company a “buy” rating in a report on Monday, November 25th. Raymond James raised their target price on Reddit from $150.00 to $200.00 and gave the stock a “strong-buy” rating in a report on Tuesday. Wells Fargo & Company began coverage on Reddit in a research note on Wednesday, December 11th. They issued an “overweight” rating and a $206.00 price target for the company. Finally, Guggenheim assumed coverage on shares of Reddit in a report on Friday, December 20th. They set a “buy” rating and a $210.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $158.20.

Insider Activity at Reddit

In other Reddit news, COO Jennifer L. Wong sold 33,334 shares of the stock in a transaction on Thursday, January 16th. The stock was sold at an average price of $173.93, for a total transaction of $5,797,782.62. Following the completion of the transaction, the chief operating officer now directly owns 1,504,297 shares of the company’s stock, valued at approximately $261,642,377.21. This represents a 2.17 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of the business’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $113.13, for a total value of $1,583,820.00. Following the completion of the sale, the chief executive officer now owns 651,775 shares in the company, valued at approximately $73,735,305.75. The trade was a 2.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 259,357 shares of company stock worth $39,528,738.

Reddit Price Performance

Shares of Reddit stock opened at $188.74 on Wednesday. Reddit, Inc. has a 52 week low of $37.35 and a 52 week high of $191.00. The business has a 50 day moving average price of $160.20 and a 200-day moving average price of $102.35.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $0.16 EPS for the quarter, beating the consensus estimate of ($0.07) by $0.23. The firm had revenue of $348.40 million during the quarter, compared to analyst estimates of $313.61 million. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The business’s revenue for the quarter was up 67.9% on a year-over-year basis. As a group, equities research analysts expect that Reddit, Inc. will post -3.48 EPS for the current year.

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.