Harbour Investments Inc. Makes New $540,000 Investment in Reddit, Inc. (NYSE:RDDT)

Harbour Investments Inc. acquired a new stake in Reddit, Inc. (NYSE:RDDT) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,306 shares of the company’s stock, valued at approximately $540,000.

A number of other hedge funds also recently modified their holdings of the stock. Envestnet Portfolio Solutions Inc. bought a new position in Reddit in the 4th quarter valued at about $609,000. Natixis Advisors LLC bought a new position in shares of Reddit during the fourth quarter worth approximately $2,549,000. Picton Mahoney Asset Management acquired a new stake in Reddit during the 4th quarter worth approximately $19,673,000. Commonwealth Equity Services LLC boosted its stake in Reddit by 18.5% in the 4th quarter. Commonwealth Equity Services LLC now owns 31,325 shares of the company’s stock valued at $5,120,000 after purchasing an additional 4,898 shares during the period. Finally, Tredje AP fonden acquired a new position in Reddit in the 4th quarter valued at $13,132,000.

Reddit Price Performance

Shares of Reddit stock opened at $108.68 on Friday. The company’s 50 day moving average price is $172.23 and its two-hundred day moving average price is $134.23. The firm has a market capitalization of $19.66 billion and a P/E ratio of -14.06. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $230.41.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.12. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. On average, analysts expect that Reddit, Inc. will post 1.12 earnings per share for the current year.

Analyst Ratings Changes

RDDT has been the subject of a number of recent research reports. Redburn Partners set a $75.00 target price on shares of Reddit in a research report on Monday. Needham & Company LLC boosted their price objective on shares of Reddit from $190.00 to $220.00 and gave the company a “buy” rating in a report on Thursday, February 13th. Robert W. Baird raised their target price on shares of Reddit from $160.00 to $185.00 and gave the stock a “neutral” rating in a report on Thursday, February 13th. JPMorgan Chase & Co. increased their price target on Reddit from $142.00 to $185.00 and gave the stock a “neutral” rating in a research report on Thursday, February 13th. Finally, The Goldman Sachs Group lifted their price objective on Reddit from $105.00 to $176.00 and gave the company a “neutral” rating in a report on Tuesday, January 14th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Reddit has a consensus rating of “Hold” and a consensus price target of $162.68.

Insider Activity

In other Reddit news, CFO Andrew Vollero sold 48,122 shares of Reddit stock in a transaction dated Monday, February 24th. The stock was sold at an average price of $162.80, for a total transaction of $7,834,261.60. Following the transaction, the chief financial officer now directly owns 599,295 shares of the company’s stock, valued at approximately $97,565,226. The trade was a 7.43 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Benjamin Seong Lee sold 92,299 shares of the stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $157.35, for a total value of $14,523,247.65. Following the completion of the sale, the insider now directly owns 115,001 shares of the company’s stock, valued at approximately $18,095,407.35. The trade was a 44.52 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 503,794 shares of company stock valued at $78,350,874 over the last quarter.

About Reddit

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.