Sendero Wealth Management LLC Buys Shares of 20,251 Reddit Inc. $RDDT

by · The Cerbat Gem

Sendero Wealth Management LLC acquired a new stake in shares of Reddit Inc. (NYSE:RDDT – Free Report) during the third quarter, Holdings Channel reports. The fund acquired 20,251 shares of the company’s stock, valued at approximately $4,658,000.

Other hedge funds also recently added to or reduced their stakes in the company. Financial Perspectives Inc bought a new position in shares of Reddit during the second quarter worth about $34,000. Geneos Wealth Management Inc. raised its stake in Reddit by 344.6% during the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock valued at $39,000 after buying an additional 286 shares in the last quarter. GAMMA Investing LLC lifted its holdings in Reddit by 8,650.0% during the 3rd quarter. GAMMA Investing LLC now owns 175 shares of the company’s stock worth $40,000 after buying an additional 173 shares during the last quarter. Advisors Asset Management Inc. lifted its holdings in Reddit by 68.2% during the 2nd quarter. Advisors Asset Management Inc. now owns 365 shares of the company’s stock worth $55,000 after buying an additional 148 shares during the last quarter. Finally, Western Pacific Wealth Management LP acquired a new position in shares of Reddit in the 2nd quarter worth approximately $60,000.

Reddit Trading Up 1.6%

RDDT stock opened at $227.47 on Thursday. The firm’s 50-day moving average is $207.44 and its two-hundred day moving average is $194.00. The company has a market capitalization of $43.11 billion, a price-to-earnings ratio of 130.73, a price-to-earnings-growth ratio of 2.47 and a beta of 2.17. Reddit Inc. has a 52 week low of $79.75 and a 52 week high of $282.95.

Reddit (NYSE:RDDT – Get Free Report) last posted its quarterly earnings data on Thursday, October 30th. The company reported $0.80 EPS for the quarter, topping analysts’ consensus estimates of $0.50 by $0.30. Reddit had a return on equity of 14.94% and a net margin of 18.33%.The company had revenue of $584.91 million for the quarter, compared to the consensus estimate of $546.65 million. During the same quarter in the previous year, the business earned $0.16 EPS. The company’s quarterly revenue was up 67.9% compared to the same quarter last year. On average, equities research analysts predict that Reddit Inc. will post 1.12 earnings per share for the current year.

Insider Activity at Reddit

In other news, CEO Steve Ladd Huffman sold 18,000 shares of the company’s stock in a transaction on Monday, December 15th. The stock was sold at an average price of $220.28, for a total transaction of $3,965,040.00. Following the completion of the sale, the chief executive officer directly owned 448,576 shares of the company’s stock, valued at $98,812,321.28. This represents a 3.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Benjamin Seong Lee sold 6,427 shares of the stock in a transaction on Monday, November 24th. The shares were sold at an average price of $192.68, for a total value of $1,238,354.36. Following the completion of the transaction, the insider owned 67,613 shares of the company’s stock, valued at $13,027,672.84. This trade represents a 8.68% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 405,619 shares of company stock worth $85,005,978. 34.25% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Reddit in a report on Monday. Jefferies Financial Group increased their target price on shares of Reddit from $300.00 to $325.00 and gave the stock a “buy” rating in a report on Thursday, December 11th. JMP Securities reaffirmed a “market outperform” rating and issued a $300.00 price target on shares of Reddit in a report on Friday, October 3rd. Wall Street Zen upgraded shares of Reddit from a “hold” rating to a “buy” rating in a research note on Sunday. Finally, Cannonball Research reissued a “buy” rating on shares of Reddit in a report on Tuesday, September 23rd. Three analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, nine have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $230.28.

Read Our Latest Research Report on RDDT

Reddit Profile

(Free Report)

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.

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