Grove Bank & Trust Takes $384,000 Position in Reddit, Inc. (NYSE:RDDT)

Grove Bank & Trust bought a new position in shares of Reddit, Inc. (NYSE:RDDT) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund bought 2,350 shares of the company’s stock, valued at approximately $384,000.

Other large investors also recently bought and sold shares of the company. Ridgewood Investments LLC grew its position 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. Whittier Trust Co. purchased a new position in Reddit in the third quarter worth approximately $42,000. Daiwa Securities Group Inc. acquired a new position in Reddit during the 3rd quarter worth approximately $85,000. AdvisorNet Financial Inc increased its position in shares of Reddit by 41.9% in the 4th quarter. AdvisorNet Financial Inc now owns 681 shares of the company’s stock valued at $111,000 after purchasing an additional 201 shares during the last quarter. Finally, SOA Wealth Advisors LLC. raised its holdings in shares of Reddit by 56.3% in the 3rd quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company’s stock valued at $126,000 after purchasing an additional 691 shares in the last quarter.

Insider Buying and Selling at Reddit

In related news, CFO Andrew Vollero sold 19,838 shares of the company’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $143.22, for a total transaction of $2,841,198.36. Following the transaction, the chief financial officer now owns 703,615 shares of the company’s stock, valued at approximately $100,771,740.30. This represents a 2.74 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, 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 transaction, the chief executive officer now directly owns 614,394 shares in the company, valued at approximately $106,161,139.26. This represents a 2.23 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 231,023 shares of company stock valued at $34,118,355.

Analyst Ratings Changes

Several equities analysts recently commented on RDDT shares. Robert W. Baird increased their target price on Reddit from $100.00 to $160.00 and gave the company a “neutral” rating in a report on Wednesday, December 11th. Citigroup raised their target price on Reddit from $120.00 to $200.00 and gave the stock a “buy” rating in a research report on Friday, December 20th. Morgan Stanley raised Reddit from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $70.00 to $200.00 in a report on Monday, December 9th. Wells Fargo & Company initiated coverage on shares of Reddit in a report on Wednesday, December 11th. They set an “overweight” rating and a $206.00 price objective on the stock. Finally, Jefferies Financial Group upped their target price on shares of Reddit from $120.00 to $175.00 and gave the company a “buy” rating in a report on Monday, November 25th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, fourteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $148.25.

Reddit Price Performance

NYSE RDDT opened at $175.57 on Monday. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $187.69. The firm has a 50-day moving average price of $158.06 and a 200 day moving average price of $100.62.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.23. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The firm had revenue of $348.40 million for the quarter, compared to the consensus estimate of $313.61 million. Reddit’s revenue for the quarter was up 67.9% on a year-over-year basis. On average, analysts predict that Reddit, Inc. will post -3.46 EPS for the current year.

Reddit Company 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.