Envestnet Portfolio Solutions Inc. Invests $609,000 in Reddit, Inc. (NYSE:RDDT)

Envestnet Portfolio Solutions Inc. purchased a new stake in shares of Reddit, Inc. (NYSE:RDDT) during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,724 shares of the company’s stock, valued at approximately $609,000.

A number of other hedge funds and other institutional investors have also modified their holdings of RDDT. Ridgewood Investments LLC increased its stake in shares of Reddit by 100.0% in the 4th quarter. Ridgewood Investments LLC now owns 200 shares of the company’s stock valued at $33,000 after buying an additional 100 shares during the period. Proficio Capital Partners LLC boosted its holdings in Reddit by 2.1% in the fourth quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company’s stock valued at $966,000 after acquiring an additional 120 shares during the last quarter. Farther Finance Advisors LLC increased its position in Reddit by 148.5% in the fourth quarter. Farther Finance Advisors LLC now owns 246 shares of the company’s stock worth $40,000 after purchasing an additional 147 shares during the period. UMB Bank n.a. increased its position in Reddit by 10.8% in the fourth quarter. UMB Bank n.a. now owns 1,533 shares of the company’s stock worth $251,000 after purchasing an additional 150 shares during the period. Finally, Foundations Investment Advisors LLC lifted its position in Reddit by 3.0% during the 4th quarter. Foundations Investment Advisors LLC now owns 5,325 shares of the company’s stock valued at $870,000 after purchasing an additional 155 shares during the period.

Reddit Stock Up 8.0 %

Shares of RDDT stock opened at $124.96 on Tuesday. The firm has a market cap of $22.61 billion and a PE ratio of -16.17. Reddit, Inc. has a 12 month low of $37.35 and a 12 month high of $230.41. The company’s fifty day simple moving average is $170.39 and its 200-day simple moving average is $136.18.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Wednesday, February 12th. The company reported $0.36 EPS for the quarter, topping analysts’ consensus estimates 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 predict that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on RDDT shares. Redburn Atlantic started coverage on shares of Reddit in a research note on Monday, March 17th. They set a “sell” rating and a $75.00 price target for the company. Seaport Res Ptn raised Reddit to a “hold” rating in a research note on Thursday, February 6th. Guggenheim decreased their price objective on Reddit from $210.00 to $170.00 and set a “buy” rating for the company in a research note on Thursday, March 20th. B. Riley increased their target price on Reddit from $112.00 to $187.00 and gave the company a “buy” rating in a research note on Tuesday, January 14th. Finally, Jefferies Financial Group boosted their target price on Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a research report on Monday, November 25th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $162.68.

Insider Activity at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction on Tuesday, December 31st. The shares were sold at an average price of $165.33, for a total transaction of $2,314,620.00. Following the sale, the chief executive officer now directly owns 614,394 shares of the company’s stock, valued at approximately $101,577,760.02. This represents a 2.23 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, COO Jennifer L. Wong sold 33,333 shares of the stock in a transaction on Monday, March 17th. The shares were sold at an average price of $125.22, for a total transaction of $4,173,958.26. Following the completion of the sale, the chief operating officer now owns 1,466,119 shares of the company’s stock, valued at approximately $183,587,421.18. This represents a 2.22 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 492,794 shares of company stock valued at $76,482,524.

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.