Monetta Financial Services Inc. Acquires Shares of 4,700 Reddit, Inc. (NYSE:RDDT)

by · The Cerbat Gem

Monetta Financial Services Inc. acquired a new stake in Reddit, Inc. (NYSE:RDDT – Free Report) in the fourth quarter, Holdings Channel reports. The institutional investor acquired 4,700 shares of the company’s stock, valued at approximately $768,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Plato Investment Management Ltd purchased a new position in Reddit in the fourth quarter valued at $27,000. EverSource Wealth Advisors LLC purchased a new stake in shares of Reddit during the fourth quarter worth about $28,000. Ridgewood Investments LLC increased its stake in shares of Reddit by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after purchasing an additional 100 shares in the last quarter. Farmers & Merchants Investments Inc. purchased a new stake in shares of Reddit during the fourth quarter worth about $33,000. Finally, Bogart Wealth LLC purchased a new stake in shares of Reddit during the fourth quarter worth about $33,000.

Insider Activity

In related news, CAO Michelle Marie Reynolds sold 11,965 shares of the company’s stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $157.41, for a total transaction of $1,883,410.65. Following the sale, the chief accounting officer now directly owns 48,418 shares of the company’s stock, valued at $7,621,477.38. This represents a 19.82 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction that occurred on Tuesday, December 31st. The stock was sold at an average price of $165.33, for a total transaction of $2,314,620.00. Following the sale, the chief executive officer now directly owns 614,394 shares in the company, valued at approximately $101,577,760.02. The trade was a 2.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 503,794 shares of company stock valued at $78,350,874.

Analyst Upgrades and Downgrades

RDDT has been the subject of a number of research reports. JMP Securities boosted their target price on shares of Reddit from $190.00 to $200.00 and gave the stock a “market outperform” rating in a research note on Thursday, February 13th. Piper Sandler boosted their target price on shares of Reddit from $210.00 to $220.00 and gave the stock an “overweight” rating in a research note on Friday, February 21st. The Goldman Sachs Group boosted their target price on shares of Reddit from $105.00 to $176.00 and gave the stock a “neutral” rating in a research note on Tuesday, January 14th. Jefferies Financial Group boosted their target price on shares of Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a research note on Monday, November 25th. Finally, Morgan Stanley boosted their price target on shares of Reddit from $200.00 to $210.00 and gave the stock an “overweight” rating in a research report on Thursday, February 13th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $162.68.

View Our Latest Report on RDDT

Reddit Stock Performance

Reddit stock opened at $108.68 on Friday. The company’s 50 day simple moving average is $172.23 and its 200-day simple moving average is $134.23. The company has a market capitalization of $19.66 billion and a price-to-earnings ratio of -14.06. Reddit, Inc. has a 1 year low of $37.35 and a 1 year high of $230.41.

Reddit (NYSE:RDDT – Get Free Report) last released its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 earnings per share (EPS) 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%. Equities analysts expect that Reddit, Inc. will post 1.12 earnings per share for the current year.

Reddit Company 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.

Further Reading

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