Arkfeld Wealth Strategies L.L.C. Takes $373,000 Position in Reddit, Inc. (NYSE:RDDT)

Arkfeld Wealth Strategies L.L.C. bought a new stake in shares of Reddit, Inc. (NYSE:RDDT) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm bought 2,266 shares of the company’s stock, valued at approximately $373,000.

Other large investors also recently modified their holdings of the company. Ridgewood Investments LLC grew its stake in shares of Reddit by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock valued at $33,000 after acquiring an additional 100 shares in the last quarter. Whittier Trust Co. bought a new stake in Reddit in the third quarter valued at about $42,000. AdvisorNet Financial Inc raised its stake in Reddit by 41.9% during the fourth quarter. AdvisorNet Financial Inc now owns 681 shares of the company’s stock valued at $111,000 after buying an additional 201 shares in the last quarter. Harbor Investment Advisory LLC bought a new position in Reddit during the 4th quarter worth approximately $147,000. Finally, Daiwa Securities Group Inc. acquired a new position in shares of Reddit in the 3rd quarter worth approximately $85,000.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on RDDT shares. JMP Securities upped their price target on Reddit from $118.00 to $160.00 and gave the company a “market outperform” rating in a research report on Monday, November 25th. Jefferies Financial Group upped their price target on Reddit from $120.00 to $175.00 and gave the company a “buy” rating in a research report on Monday, November 25th. JPMorgan Chase & Co. upped their price target on Reddit from $59.00 to $77.00 and gave the company a “neutral” rating in a research report on Monday, October 7th. Roth Mkm lowered Reddit from a “buy” rating to a “neutral” rating and upped their price target for the company from $116.00 to $195.00 in a research report on Wednesday. Finally, Guggenheim started coverage on Reddit in a research report on Friday, December 20th. They set a “buy” rating and a $210.00 price target on the stock. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $158.20.

Reddit Trading Up 0.1 %

NYSE RDDT opened at $182.24 on Friday. The company has a 50 day moving average price of $163.38 and a two-hundred day moving average price of $104.22. Reddit, Inc. has a 12-month low of $37.35 and a 12-month high of $191.00.

Reddit (NYSE:RDDT) last posted its earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.23. The firm had revenue of $348.40 million during the quarter, compared to analysts’ expectations of $313.61 million. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The firm’s revenue for the quarter was up 67.9% compared to the same quarter last year. As a group, analysts anticipate that Reddit, Inc. will post -3.48 EPS for the current fiscal year.

Insider Transactions at Reddit

In other news, Director Mary Porter Gale sold 5,000 shares of the business’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $114.40, for a total value of $572,000.00. Following the completion of the sale, the director now directly owns 46,459 shares in the company, valued at approximately $5,314,909.60. The trade was a 9.72 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Jennifer L. Wong sold 33,334 shares of the company’s stock in a transaction on Thursday, January 16th. The shares were sold at an average price of $173.93, for a total transaction of $5,797,782.62. Following the transaction, the chief operating officer now owns 1,504,297 shares of the company’s stock, valued at approximately $261,642,377.21. The trade was a 2.17 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 264,357 shares of company stock worth $40,449,488.

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.