Momentum Wealth Planning LLC Invests $1.16 Million in Reddit Inc. $RDDT

Momentum Wealth Planning LLC purchased a new position in shares of Reddit Inc. (NYSE:RDDT) during the fourth quarter, HoldingsChannel reports. The fund purchased 5,060 shares of the company’s stock, valued at approximately $1,163,000. Reddit accounts for approximately 0.9% of Momentum Wealth Planning LLC’s holdings, making the stock its 20th biggest holding.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Raiffeisen Bank International AG bought a new position in shares of Reddit during the third quarter worth $25,000. GW&K Investment Management LLC acquired a new stake in shares of Reddit during the third quarter worth $30,000. Cornerstone Planning Group LLC raised its holdings 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 during the period. LOM Asset Management Ltd acquired a new stake in shares of Reddit during the fourth quarter worth $33,000. Finally, Noble Wealth Management PBC acquired a new stake in shares of Reddit during the fourth quarter worth $34,000.

Reddit Trading Down 5.6%

Reddit stock opened at $157.03 on Wednesday. The company has a market cap of $30.00 billion, a P/E ratio of 59.94, a price-to-earnings-growth ratio of 1.21 and a beta of 2.40. Reddit Inc. has a 1-year low of $94.89 and a 1-year high of $282.95. The company has a fifty day simple moving average of $142.26 and a 200 day simple moving average of $186.54.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Thursday, February 5th. The company reported $1.24 EPS for the quarter, beating analysts’ consensus estimates of $0.96 by $0.28. The firm had revenue of $725.61 million during the quarter, compared to analysts’ expectations of $665.80 million. Reddit had a net margin of 24.05% and a return on equity of 20.89%. The company’s revenue for the quarter was up 69.7% compared to the same quarter last year. During the same quarter last year, the company posted $0.36 earnings per share. On average, equities research analysts forecast that Reddit Inc. will post 4.02 EPS for the current year.

Insider Activity

In other news, Director Sarah E. Farrell purchased 10,500 shares of the business’s stock in a transaction on Friday, March 13th. The stock was purchased at an average price of $132.26 per share, for a total transaction of $1,388,730.00. Following the completion of the purchase, the director directly owned 61,000 shares in the company, valued at $8,067,860. The trade was a 20.79% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Steve Ladd Huffman sold 18,000 shares of the stock in a transaction on Wednesday, April 15th. The shares were sold at an average price of $158.40, for a total transaction of $2,851,200.00. Following the completion of the sale, the chief executive officer owned 411,195 shares of the company’s stock, valued at approximately $65,133,288. This represents a 4.19% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have bought 61,000 shares of company stock worth $8,870,815 and have sold 312,441 shares worth $47,147,539. 34.25% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on RDDT shares. Truist Financial dropped their price objective on shares of Reddit from $275.00 to $260.00 and set a “buy” rating on the stock in a report on Tuesday, April 7th. Zacks Research lowered shares of Reddit from a “strong-buy” rating to a “hold” rating in a report on Friday, December 26th. B. Riley Financial raised their price objective on shares of Reddit from $245.00 to $250.00 and gave the stock a “buy” rating in a report on Friday, February 6th. Evercore restated an “outperform” rating and set a $290.00 price objective on shares of Reddit in a report on Friday, February 6th. Finally, Bank of America decreased their target price on shares of Reddit from $205.00 to $175.00 and set a “neutral” rating for the company in a research report on Thursday, April 2nd. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and eleven have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $236.07.

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.