Destiny Wealth Partners LLC Has $10.34 Million Holdings in Reddit, Inc. (NYSE:RDDT)

Destiny Wealth Partners LLC boosted its holdings in Reddit, Inc. (NYSE:RDDT) by 71.5% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 63,238 shares of the company’s stock after purchasing an additional 26,367 shares during the quarter. Reddit accounts for about 1.7% of Destiny Wealth Partners LLC’s portfolio, making the stock its 19th largest holding. Destiny Wealth Partners LLC’s holdings in Reddit were worth $10,336,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Ridgewood Investments LLC grew its stake in Reddit by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock worth $33,000 after buying an additional 100 shares in the last quarter. Whittier Trust Co. bought a new position in Reddit in the third quarter valued at approximately $42,000. Blue Trust Inc. acquired a new position in Reddit during the fourth quarter valued at approximately $59,000. New Wave Wealth Advisors LLC acquired a new stake in shares of Reddit in the 4th quarter valued at $69,000. Finally, Daiwa Securities Group Inc. acquired a new position in shares of Reddit during the 3rd quarter worth $85,000.

Insiders Place Their Bets

In other news, insider Benjamin Seong Lee sold 18,519 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $146.06, for a total value of $2,704,885.14. Following the completion of the transaction, the insider now directly owns 138,401 shares of the company’s stock, valued at $20,214,850.06. This represents a 11.80 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CTO Christopher Brian Slowe sold 5,000 shares of the business’s stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $184.15, for a total transaction of $920,750.00. Following the completion of the transaction, the chief technology officer now directly owns 35,252 shares in the company, valued at $6,491,655.80. This trade represents a 12.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 245,357 shares of company stock valued at $38,293,668 in the last three months.

Analyst Ratings Changes

A number of research firms recently issued reports on RDDT. Roth Capital cut shares of Reddit from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, January 22nd. Sanford C. Bernstein increased their price target on Reddit from $65.00 to $85.00 and gave the company an “underperform” rating in a research note on Wednesday, October 30th. Citigroup boosted their price objective on Reddit from $120.00 to $200.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Loop Capital increased their target price on Reddit from $120.00 to $180.00 and gave the company a “buy” rating in a research report on Monday, December 2nd. Finally, B. Riley boosted their price target on Reddit from $112.00 to $187.00 and gave the stock a “buy” rating in a report on Tuesday, January 14th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $159.70.

Reddit Stock Up 0.5 %

Shares of NYSE RDDT opened at $199.91 on Friday. The firm’s 50-day simple moving average is $168.76 and its 200 day simple moving average is $108.52. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $208.62.

Reddit (NYSE:RDDT) last announced its earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.23. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The company had revenue of $348.40 million for the quarter, compared to analysts’ expectations of $313.61 million. The business’s revenue was up 67.9% on a year-over-year basis. Sell-side analysts forecast that Reddit, Inc. will post -3.45 earnings per share for the current fiscal year.

Reddit Profile

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.