Tanager Wealth Management LLP Has $1.12 Million Stake in Reddit Inc. $RDDT

Tanager Wealth Management LLP reduced its holdings in Reddit Inc. (NYSE:RDDT) by 69.2% in the 4th quarter, Holdings Channel reports. The fund owned 4,879 shares of the company’s stock after selling 10,944 shares during the quarter. Tanager Wealth Management LLP’s holdings in Reddit were worth $1,122,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Raiffeisen Bank International AG acquired a new position in shares of Reddit in the 3rd quarter valued at approximately $25,000. GW&K Investment Management LLC acquired a new position in shares of Reddit in the third quarter valued at approximately $30,000. Cornerstone Planning Group LLC increased its position in shares of Reddit by 13,500.0% during the third quarter. Cornerstone Planning Group LLC now owns 136 shares of the company’s stock worth $31,000 after acquiring an additional 135 shares in the last quarter. LOM Asset Management Ltd acquired a new stake in shares of Reddit during the fourth quarter worth $33,000. Finally, Noble Wealth Management PBC bought a new stake in Reddit in the 4th quarter valued at $34,000.

Reddit Price Performance

Reddit stock opened at $163.41 on Friday. The firm has a 50-day moving average of $141.63 and a 200-day moving average of $187.55. Reddit Inc. has a one year low of $90.78 and a one year high of $282.95. The company has a market cap of $31.22 billion, a price-to-earnings ratio of 62.37, a P/E/G ratio of 1.18 and a beta of 2.40.

Reddit (NYSE:RDDT) last released its earnings results on Thursday, February 5th. The company reported $1.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.28. The business had revenue of $725.61 million for the quarter, compared to the consensus estimate of $665.80 million. Reddit had a return on equity of 20.89% and a net margin of 24.05%.Reddit’s quarterly revenue was up 69.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.36 earnings per share. As a group, sell-side analysts expect that Reddit Inc. will post 1.12 earnings per share for the current year.

Insider Buying and Selling

In other news, CTO Christopher Brian Slowe sold 19,036 shares of the company’s stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $144.05, for a total transaction of $2,742,135.80. Following the sale, the chief technology officer owned 185,057 shares in the company, valued at $26,657,460.85. This represents a 9.33% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, COO Jennifer L. Wong sold 33,507 shares of the stock in a transaction that occurred on Wednesday, March 18th. The shares were sold at an average price of $143.41, for a total value of $4,805,238.87. Following the completion of the sale, the chief operating officer directly owned 1,088,451 shares of the company’s stock, valued at approximately $156,094,757.91. The trade was a 2.99% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have bought 61,000 shares of company stock valued at $8,870,815 and have sold 312,441 shares valued at $49,664,410. 34.25% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on RDDT. Wells Fargo & Company began coverage on Reddit in a research note on Tuesday, April 7th. They issued an “equal weight” rating and a $149.00 price target on the stock. Robert W. Baird set a $200.00 price objective on Reddit in a report on Friday, February 6th. Zacks Research lowered Reddit from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 26th. Bank of America cut their target price on Reddit from $205.00 to $175.00 and set a “neutral” rating on the stock in a research note on Thursday, April 2nd. Finally, Oppenheimer reduced their price target on Reddit from $300.00 to $250.00 and set an “outperform” rating for the company in a research report on Friday, February 6th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and eleven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $237.46.

Reddit Company Profile

Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called “subreddits,” each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.