Somnio Financial Group LLC Invests $640,000 in Reddit, Inc. (NYSE:RDDT)

Somnio Financial Group LLC bought a new position in Reddit, Inc. (NYSE:RDDT) during the fourth quarter, according to its most recent disclosure with the SEC. The firm bought 3,914 shares of the company’s stock, valued at approximately $640,000. Reddit accounts for about 0.5% of Somnio Financial Group LLC’s investment portfolio, making the stock its 12th biggest holding.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Lord Abbett & CO. LLC boosted its position in shares of Reddit by 1,519.4% during the third quarter. Lord Abbett & CO. LLC now owns 1,650,362 shares of the company’s stock worth $108,792,000 after acquiring an additional 1,548,450 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in shares of Reddit in the third quarter worth about $3,929,000. Sanctuary Advisors LLC bought a new position in Reddit during the third quarter valued at approximately $144,000. SOA Wealth Advisors LLC. grew its holdings in Reddit by 56.3% during the 3rd quarter. SOA Wealth Advisors LLC. now owns 1,919 shares of the company’s stock valued at $126,000 after buying an additional 691 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in Reddit by 176.0% in the 3rd quarter. Geode Capital Management LLC now owns 824,200 shares of the company’s stock worth $54,355,000 after acquiring an additional 525,619 shares during the last quarter.

Insider Activity

In other news, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $75.43, for a total value of $1,056,020.00. Following the sale, the chief executive officer now directly owns 651,775 shares of the company’s stock, valued at $49,163,388.25. The trade was a 2.10 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Mary Porter Gale sold 5,000 shares of Reddit stock in a transaction on Friday, November 1st. The stock was sold at an average price of $114.40, for a total transaction of $572,000.00. Following the sale, the director now directly owns 46,459 shares in the company, valued at approximately $5,314,909.60. This trade represents a 9.72 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 250,357 shares of company stock worth $32,983,080 in the last quarter.

Reddit Trading Up 0.5 %

Shares of Reddit stock traded up $0.87 during trading on Thursday, hitting $164.31. 3,004,206 shares of the company’s stock were exchanged, compared to its average volume of 5,147,248. The business has a 50-day simple moving average of $142.69 and a 200-day simple moving average of $91.44. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $182.20.

Reddit (NYSE:RDDT) last announced its quarterly 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. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The company had revenue of $348.40 million during the quarter, compared to the consensus estimate of $313.61 million. The firm’s revenue was up 67.9% compared to the same quarter last year. Equities research analysts predict that Reddit, Inc. will post -3.46 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages have recently issued reports on RDDT. Citigroup upped their target price on shares of Reddit from $120.00 to $200.00 and gave the company a “buy” rating in a research report on Friday, December 20th. Piper Sandler restated an “overweight” rating and set a $150.00 price objective (up from $115.00) on shares of Reddit in a research report on Tuesday, November 19th. Jefferies Financial Group lifted their target price on Reddit from $120.00 to $175.00 and gave the stock a “buy” rating in a report on Monday, November 25th. Raymond James increased their price target on Reddit from $70.00 to $80.00 and gave the company a “strong-buy” rating in a report on Thursday, October 10th. Finally, Needham & Company LLC raised their price target on Reddit from $120.00 to $190.00 and gave the stock a “buy” rating in a research report on Wednesday, December 11th. One research analyst has rated the stock with a sell rating, five have given a hold rating, fourteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Reddit currently has an average rating of “Moderate Buy” and an average target price of $132.70.

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.