Frank Rimerman Advisors LLC Invests $1.48 Million in Reddit, Inc. (NYSE:RDDT)

Frank Rimerman Advisors LLC acquired a new position in Reddit, Inc. (NYSE:RDDT) during the third quarter, according to its most recent 13F filing with the SEC. The firm acquired 22,443 shares of the company’s stock, valued at approximately $1,479,000.

A number of other large investors also recently modified their holdings of the company. DekaBank Deutsche Girozentrale raised its holdings in shares of Reddit by 5.0% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 141,800 shares of the company’s stock worth $9,347,000 after purchasing an additional 6,800 shares during the period. Lyell Wealth Management LP purchased a new stake in shares of Reddit during the 3rd quarter valued at about $516,000. Brighton Jones LLC purchased a new stake in shares of Reddit during the 3rd quarter valued at about $2,898,000. Foundations Investment Advisors LLC purchased a new stake in shares of Reddit during the 3rd quarter valued at about $341,000. Finally, Whittier Trust Co. purchased a new stake in shares of Reddit during the 3rd quarter valued at about $42,000.

Insider Buying and Selling

In related news, CFO Andrew Vollero sold 11,287 shares of the firm’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $64.00, for a total value of $722,368.00. Following the sale, the chief financial officer now owns 840,379 shares of the company’s stock, valued at approximately $53,784,256. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Reddit news, insider Benjamin Seong Lee sold 45,807 shares of Reddit stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $53.99, for a total transaction of $2,473,119.93. Following the sale, the insider now owns 194,473 shares of the company’s stock, valued at $10,499,597.27. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Andrew Vollero sold 11,287 shares of Reddit stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $64.00, for a total value of $722,368.00. Following the sale, the chief financial officer now directly owns 840,379 shares in the company, valued at $53,784,256. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 390,327 shares of company stock valued at $23,503,224.

Reddit Trading Up 3.5 %

Shares of RDDT opened at $81.36 on Friday. The stock has a 50 day moving average of $65.57 and a 200-day moving average of $60.17. Reddit, Inc. has a 52 week low of $37.35 and a 52 week high of $81.72.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Tuesday, August 6th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.31) by $0.25. The company had revenue of $281.20 million during the quarter, compared to the consensus estimate of $253.86 million. The company’s revenue for the quarter was up 53.6% on a year-over-year basis. During the same period last year, the business posted ($0.70) EPS. Analysts expect that Reddit, Inc. will post -4.1 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts recently commented on RDDT shares. Piper Sandler raised their target price on Reddit from $65.00 to $70.00 and gave the company an “overweight” rating in a report on Wednesday, August 7th. B. Riley raised their target price on Reddit from $75.00 to $87.00 and gave the company a “buy” rating in a report on Monday, October 21st. The Goldman Sachs Group raised their target price on Reddit from $60.00 to $68.00 and gave the company a “neutral” rating in a report on Monday, October 14th. Raymond James raised their target price on Reddit from $70.00 to $80.00 and gave the company a “strong-buy” rating in a report on Thursday, October 10th. Finally, Cannonball Research assumed coverage on Reddit in a research note on Tuesday, August 6th. They set a “buy” rating and a $67.00 price objective for the company. One analyst has rated the stock with a sell rating, six have given a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $73.61.

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.