14,022 Shares in Reddit Inc. (NYSE:RDDT) Purchased by Dupree Financial Group LLC

Dupree Financial Group LLC acquired a new stake in Reddit Inc. (NYSE:RDDT - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 14,022 shares of the company's stock, valued at approximately $1,471,000.

A number of other institutional investors have also modified their holdings of RDDT. Charles Schwab Investment Management Inc. grew its holdings in Reddit by 27.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 642,456 shares of the company's stock valued at $105,003,000 after purchasing an additional 139,135 shares during the period. EPIQ Capital Group LLC purchased a new stake in Reddit in the fourth quarter valued at approximately $26,658,000. Ogborne Capital Management LLC purchased a new stake in Reddit in the fourth quarter valued at approximately $11,539,000. Wells Fargo & Company MN grew its holdings in Reddit by 909.3% in the fourth quarter. Wells Fargo & Company MN now owns 97,183 shares of the company's stock valued at $15,884,000 after purchasing an additional 87,554 shares during the period. Finally, Voloridge Investment Management LLC grew its stake in Reddit by 46.3% during the fourth quarter. Voloridge Investment Management LLC now owns 963,516 shares of the company's stock worth $157,477,000 after buying an additional 304,773 shares during the period.

Wall Street Analysts Forecast Growth

RDDT has been the subject of several research reports. Roth Capital reiterated a "neutral" rating on shares of Reddit in a research note on Friday, May 2nd. Redburn Partners set a $75.00 price objective on shares of Reddit in a research note on Monday, March 17th. Seaport Res Ptn upgraded shares of Reddit from a "hold" rating to a "strong-buy" rating in a research note on Monday, May 5th. JPMorgan Chase & Co. decreased their price objective on shares of Reddit from $185.00 to $110.00 and set a "neutral" rating for the company in a research note on Tuesday, April 8th. Finally, Guggenheim reiterated a "buy" rating and set a $165.00 price objective on shares of Reddit in a research note on Tuesday, June 24th. One analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Reddit has a consensus rating of "Moderate Buy" and an average target price of $139.70.

Insider Activity at Reddit

In other Reddit news, CFO Andrew Vollero sold 30,000 shares of the stock in a transaction on Friday, June 13th. The shares were sold at an average price of $117.64, for a total transaction of $3,529,200.00. Following the sale, the chief financial officer directly owned 333,806 shares of the company's stock, valued at approximately $39,268,937.84. This represents a 8.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction on Monday, June 30th. The stock was sold at an average price of $151.35, for a total transaction of $2,118,900.00. Following the sale, the chief executive officer directly owned 539,631 shares in the company, valued at $81,673,151.85. This trade represents a 2.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 617,285 shares of company stock valued at $69,599,110 in the last ninety days. 34.25% of the stock is owned by insiders.

Reddit Price Performance

RDDT traded down $3.53 during trading on Monday, hitting $153.50. The company had a trading volume of 6,303,044 shares, compared to its average volume of 6,659,883. The company has a market cap of $28.32 billion, a PE ratio of 260.17, a P/E/G ratio of 4.03 and a beta of 2.33. The business has a 50-day moving average of $121.57 and a 200-day moving average of $141.17. Reddit Inc. has a 1-year low of $49.13 and a 1-year high of $230.41.

Reddit (NYSE:RDDT - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.11. The firm had revenue of $392.36 million for the quarter, compared to analysts' expectations of $370.55 million. Reddit had a net margin of 8.07% and a return on equity of 5.69%. The firm's quarterly revenue was up 61.5% on a year-over-year basis. During the same period in the prior year, the company posted ($8.19) earnings per share. Research analysts forecast that Reddit Inc. will post 1.12 earnings per share for the current year.

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.