Level Four Advisory Services LLC Purchases Shares of 1,416 Reddit, Inc. (NYSE:RDDT)

Level Four Advisory Services LLC acquired a new position in shares of Reddit, Inc. (NYSE:RDDT) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,416 shares of the company’s stock, valued at approximately $231,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in RDDT. Plato Investment Management Ltd bought a new position in Reddit during the 4th quarter worth about $27,000. EverSource Wealth Advisors LLC acquired a new position in shares of Reddit during the fourth quarter worth about $28,000. Ridgewood Investments LLC grew its holdings 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 buying an additional 100 shares in the last quarter. Farmers & Merchants Investments Inc. acquired a new stake in Reddit in the 4th quarter valued at approximately $33,000. Finally, Bogart Wealth LLC bought a new stake in Reddit in the 4th quarter valued at approximately $33,000.

Reddit Price Performance

Shares of NYSE RDDT opened at $110.17 on Wednesday. The firm has a market cap of $19.93 billion and a price-to-earnings ratio of -14.25. The stock’s fifty day moving average price is $162.96 and its two-hundred day moving average price is $138.49. Reddit, Inc. has a one year low of $37.35 and a one year high of $230.41.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, beating 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%. On average, equities analysts anticipate that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on RDDT. Raymond James decreased their price target on shares of Reddit from $250.00 to $200.00 and set a “strong-buy” rating for the company in a research note on Wednesday, March 12th. Piper Sandler raised their target price on shares of Reddit from $210.00 to $220.00 and gave the company an “overweight” rating in a research report on Friday, February 21st. Needham & Company LLC reissued a “buy” rating and set a $220.00 price target on shares of Reddit in a research report on Friday, March 21st. Loop Capital restated a “buy” rating and issued a $210.00 price objective on shares of Reddit in a report on Tuesday, March 11th. Finally, Roth Capital lowered Reddit from a “strong-buy” rating to a “hold” rating in a report on Wednesday, January 22nd. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $163.00.

Insider Transactions at Reddit

In other Reddit news, CFO Andrew Vollero sold 100,000 shares of the firm’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $124.08, for a total transaction of $12,408,000.00. Following the transaction, the chief financial officer now owns 499,295 shares in the company, valued at $61,952,523.60. This trade represents a 16.69 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $172.79, for a total value of $2,419,060.00. Following the sale, the chief executive officer now directly owns 614,394 shares in the company, valued at approximately $106,161,139.26. This trade represents a 2.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 589,794 shares of company stock valued at $87,940,784.

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.