TD Private Client Wealth LLC Takes Position in Reddit, Inc. (NYSE:RDDT)

TD Private Client Wealth LLC acquired a new position in Reddit, Inc. (NYSE:RDDT) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 796 shares of the company’s stock, valued at approximately $130,000.

Other large investors have also modified their holdings of the company. Jennison Associates LLC acquired a new position in Reddit during the 4th quarter worth $494,861,000. Renaissance Capital LLC increased its stake in shares of Reddit by 14.2% in the fourth quarter. Renaissance Capital LLC now owns 31,236 shares of the company’s stock worth $5,105,000 after purchasing an additional 3,892 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of Reddit by 27.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 642,456 shares of the company’s stock worth $105,003,000 after purchasing an additional 139,135 shares during the last quarter. Assetmark Inc. lifted its position in shares of Reddit by 1,537,566.7% during the 4th quarter. Assetmark Inc. now owns 46,130 shares of the company’s stock worth $7,539,000 after purchasing an additional 46,127 shares during the last quarter. Finally, Wellington Management Group LLP boosted its stake in Reddit by 3,640.5% during the 3rd quarter. Wellington Management Group LLP now owns 255,325 shares of the company’s stock valued at $16,831,000 after purchasing an additional 248,499 shares during the period.

Reddit Stock Performance

RDDT opened at $125.76 on Wednesday. The firm has a market cap of $22.75 billion and a price-to-earnings ratio of -16.27. The firm’s 50-day simple moving average is $169.60 and its 200-day simple moving average is $136.66. Reddit, Inc. has a twelve month low of $37.35 and a twelve month 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 the consensus estimate of $0.24 by $0.12. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. As a group, sell-side analysts anticipate that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $172.79, for a total transaction of $2,419,060.00. Following the transaction, the chief executive officer now owns 614,394 shares in the company, valued at $106,161,139.26. This represents a 2.23 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Jennifer L. Wong sold 33,333 shares of the stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $187.72, for a total transaction of $6,257,270.76. Following the sale, the chief operating officer now directly owns 1,504,297 shares in the company, valued at approximately $282,386,632.84. This represents a 2.17 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 492,794 shares of company stock worth $76,482,524 in the last three months.

Analysts Set New Price Targets

Several research analysts have commented on RDDT shares. Needham & Company LLC reaffirmed a “buy” rating and issued a $220.00 price target on shares of Reddit in a research report on Friday, March 21st. Robert W. Baird upped their target price on shares of Reddit from $160.00 to $185.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th. JMP Securities raised their price target on shares of Reddit from $190.00 to $200.00 and gave the stock a “market outperform” rating in a research report on Thursday, February 13th. Loop Capital restated a “buy” rating and set a $210.00 price objective on shares of Reddit in a report on Tuesday, March 11th. Finally, Roth Mkm cut shares of Reddit from a “buy” rating to a “neutral” rating and increased their target price for the company from $116.00 to $195.00 in a research note on Wednesday, January 22nd. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $162.68.

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.