Simplicity Wealth LLC Buys Shares of 10,776 Reddit Inc. $RDDT

Simplicity Wealth LLC purchased a new position in Reddit Inc. (NYSE:RDDT) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 10,776 shares of the company’s stock, valued at approximately $2,478,000.

Other large investors have also recently made changes to their positions in the company. Financial Perspectives Inc purchased a new position in Reddit in the 2nd quarter valued at $34,000. Geneos Wealth Management Inc. grew its position in shares of Reddit by 344.6% in the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock valued at $39,000 after purchasing an additional 286 shares in the last quarter. GAMMA Investing LLC grew its position in shares of Reddit by 8,650.0% in the third quarter. GAMMA Investing LLC now owns 175 shares of the company’s stock valued at $40,000 after purchasing an additional 173 shares in the last quarter. Advisors Asset Management Inc. increased its holdings in shares of Reddit by 68.2% in the second quarter. Advisors Asset Management Inc. now owns 365 shares of the company’s stock valued at $55,000 after purchasing an additional 148 shares during the last quarter. Finally, E Fund Management Hong Kong Co. Ltd. purchased a new position in Reddit during the second quarter worth approximately $76,000.

Insider Buying and Selling at Reddit

In other Reddit news, insider Benjamin Seong Lee sold 55,005 shares of the firm’s stock in a transaction that occurred on Tuesday, December 16th. The shares were sold at an average price of $221.21, for a total value of $12,167,656.05. Following the completion of the transaction, the insider owned 62,608 shares of the company’s stock, valued at $13,849,515.68. This trade represents a 46.77% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CTO Christopher Brian Slowe sold 24,000 shares of the company’s stock in a transaction on Monday, November 24th. The stock was sold at an average price of $192.72, for a total value of $4,625,280.00. Following the sale, the chief technology officer directly owned 175,694 shares in the company, valued at $33,859,747.68. This represents a 12.02% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 509,511 shares of company stock worth $111,394,344. 34.25% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Evercore ISI assumed coverage on Reddit in a report on Monday, January 12th. They issued an “outperform” rating and a $320.00 target price for the company. Zacks Research cut shares of Reddit from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 26th. JMP Securities reissued a “market outperform” rating and issued a $300.00 price objective on shares of Reddit in a report on Friday, October 3rd. UBS Group set a $265.00 target price on shares of Reddit in a research note on Tuesday, January 13th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $300.00 target price on shares of Reddit in a report on Monday, December 29th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $244.11.

Reddit Price Performance

Shares of RDDT opened at $214.96 on Friday. Reddit Inc. has a 1-year low of $79.75 and a 1-year high of $282.95. The stock has a market cap of $40.73 billion, a PE ratio of 123.54, a P/E/G ratio of 1.41 and a beta of 2.17. The firm has a 50-day simple moving average of $224.95 and a two-hundred day simple moving average of $212.09.

Reddit (NYSE:RDDT) last announced its earnings results on Thursday, October 30th. The company reported $0.80 EPS for the quarter, beating analysts’ consensus estimates of $0.50 by $0.30. The company had revenue of $584.91 million during the quarter, compared to analysts’ expectations of $546.65 million. Reddit had a return on equity of 14.94% and a net margin of 18.33%.Reddit’s revenue for the quarter was up 67.9% on a year-over-year basis. During the same period last year, the business posted $0.16 EPS. As a group, sell-side analysts expect that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

About Reddit

Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called “subreddits,” each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.