Zevenbergen Capital Investments LLC Acquires Shares of 16,050 Reddit Inc. $RDDT

Zevenbergen Capital Investments LLC bought a new position in Reddit Inc. (NYSE:RDDT) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 16,050 shares of the company’s stock, valued at approximately $3,689,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Huntington National Bank increased its position in shares of Reddit by 25.6% in the third quarter. Huntington National Bank now owns 270 shares of the company’s stock valued at $62,000 after acquiring an additional 55 shares during the period. Roxbury Financial LLC boosted its holdings in shares of Reddit by 7.4% during the fourth quarter. Roxbury Financial LLC now owns 929 shares of the company’s stock worth $214,000 after purchasing an additional 64 shares during the period. AdvisorNet Financial Inc grew its stake in shares of Reddit by 2.8% in the third quarter. AdvisorNet Financial Inc now owns 2,464 shares of the company’s stock worth $567,000 after purchasing an additional 66 shares during the last quarter. Kingswood Wealth Advisors LLC grew its stake in shares of Reddit by 5.0% in the third quarter. Kingswood Wealth Advisors LLC now owns 1,439 shares of the company’s stock worth $331,000 after purchasing an additional 69 shares during the last quarter. Finally, IFP Advisors Inc increased its holdings in Reddit by 9.9% during the 3rd quarter. IFP Advisors Inc now owns 796 shares of the company’s stock valued at $183,000 after purchasing an additional 72 shares during the period.

Insider Buying and Selling at Reddit

In related news, insider Benjamin Seong Lee sold 27,930 shares of the firm’s stock in a transaction that occurred on Wednesday, January 7th. The stock was sold at an average price of $260.08, for a total transaction of $7,264,034.40. Following the completion of the transaction, the insider owned 62,608 shares of the company’s stock, valued at $16,283,088.64. This trade represents a 30.85% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Sarah E. Farrell acquired 43,800 shares of the stock in a transaction on Tuesday, February 10th. The shares were bought at an average price of $149.52 per share, with a total value of $6,548,976.00. Following the purchase, the director directly owned 43,800 shares of the company’s stock, valued at $6,548,976. The trade was a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders have purchased 61,000 shares of company stock valued at $8,870,815 and have sold 355,078 shares valued at $65,408,023. Company insiders own 34.25% of the company’s stock.

Reddit Stock Up 2.2%

Shares of RDDT stock opened at $124.54 on Tuesday. The business’s fifty day moving average is $153.54 and its 200 day moving average is $197.23. The stock has a market cap of $23.79 billion, a price-to-earnings ratio of 47.54, a PEG ratio of 0.89 and a beta of 2.41. Reddit Inc. has a twelve month low of $79.75 and a twelve month high of $282.95.

Reddit (NYSE:RDDT) last announced its earnings results on Thursday, February 5th. The company reported $1.24 EPS for the quarter, beating analysts’ consensus estimates of $0.96 by $0.28. Reddit had a net margin of 24.05% and a return on equity of 20.89%. The firm had revenue of $725.61 million for the quarter, compared to analysts’ expectations of $665.80 million. During the same quarter in the previous year, the business posted $0.36 EPS. The company’s quarterly revenue was up 69.7% on a year-over-year basis. Equities research analysts expect that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have weighed in on RDDT. Piper Sandler reiterated an “overweight” rating and issued a $205.00 price objective (down from $290.00) on shares of Reddit in a report on Friday, February 6th. Zacks Research lowered Reddit from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 26th. China Renaissance began coverage on shares of Reddit in a report on Tuesday, December 9th. They issued a “buy” rating and a $300.00 price target on the stock. B. Riley Financial boosted their price objective on shares of Reddit from $245.00 to $250.00 and gave the company a “buy” rating in a research report on Friday, February 6th. Finally, Jefferies Financial Group dropped their target price on shares of Reddit from $285.00 to $250.00 and set a “buy” rating for the company in a research report on Tuesday, March 10th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and eleven have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Reddit currently has a consensus rating of “Moderate Buy” and an average price target of $242.19.

Reddit Company Profile

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.