15,274 Shares in Reddit Inc. $RDDT Bought by IFC Advisors LLC

Key Points

• IFC Advisors LLC disclosed a new first-quarter stake in Reddit, buying 15,274 shares valued at about $2.06 million. The filing also showed several other institutional investors adding to their RDDT positions.
• Reddit insiders have been selling shares recently, including CEO Steve Huffman and CAO Michelle Marie Reynolds. Over the last 90 days, insiders sold 226,308 shares worth about $37.9 million.
• Analysts remain generally positive on Reddit, with a consensus rating of Moderate Buy and an average price target of $231.14. The company also recently beat earnings and revenue expectations, with quarterly revenue up 69.1% year over year.

IFC Advisors LLC purchased a new stake in shares of Reddit Inc. (NYSE:RDDT - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 15,274 shares of the company's stock, valued at approximately $2,057,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in RDDT. NewEdge Advisors LLC boosted its stake in shares of Reddit by 143.3% during the 1st quarter. NewEdge Advisors LLC now owns 7,982 shares of the company's stock worth $837,000 after acquiring an additional 4,701 shares in the last quarter. Empowered Funds LLC purchased a new position in shares of Reddit in the 1st quarter valued at about $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Reddit by 106.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 216,960 shares of the company's stock valued at $22,759,000 after purchasing an additional 111,780 shares in the last quarter. Focus Partners Wealth increased its stake in shares of Reddit by 40.8% in the 1st quarter. Focus Partners Wealth now owns 10,224 shares of the company's stock valued at $1,073,000 after purchasing an additional 2,965 shares in the last quarter. Finally, Geneos Wealth Management Inc. raised its holdings in Reddit by 344.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 369 shares of the company's stock worth $39,000 after purchasing an additional 286 shares during the period.

Insider Activity at Reddit

In related news, CAO Michelle Marie Reynolds sold 808 shares of Reddit stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $200.00, for a total transaction of $161,600.00. Following the transaction, the chief accounting officer owned 15,060 shares in the company, valued at approximately $3,012,000. This trade represents a 5.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Steve Ladd Huffman sold 18,000 shares of the business's stock in a transaction on Tuesday, June 30th. The stock was sold at an average price of $173.13, for a total value of $3,116,340.00. Following the transaction, the chief executive officer directly owned 373,814 shares in the company, valued at $64,718,417.82. This trade represents a 4.59% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 226,308 shares of company stock valued at $37,856,340. 28.48% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on RDDT shares. Loop Capital reiterated a "buy" rating and set a $260.00 price target on shares of Reddit in a research report on Thursday, June 4th. DA Davidson restated a "buy" rating and issued a $200.00 price objective on shares of Reddit in a research report on Friday, May 1st. The Goldman Sachs Group reaffirmed a "neutral" rating and set a $200.00 target price on shares of Reddit in a research note on Friday, May 1st. Wall Street Zen lowered Reddit from a "buy" rating to a "hold" rating in a research report on Sunday, May 10th. Finally, Jefferies Financial Group set a $250.00 price target on shares of Reddit in a research note on Friday. Eighteen investment analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. According to MarketBeat.com, Reddit has an average rating of "Moderate Buy" and a consensus target price of $231.14.

Reddit Trading Down 0.1%

RDDT opened at $195.09 on Monday. Reddit Inc. has a twelve month low of $119.27 and a twelve month high of $282.95. The firm has a market capitalization of $37.56 billion, a PE ratio of 55.74 and a beta of 1.93. The firm's 50-day moving average price is $169.48 and its 200 day moving average price is $170.48.

Reddit (NYSE:RDDT - Get Free Report) last released its quarterly earnings data on Thursday, April 30th. The company reported $1.01 EPS for the quarter, beating analysts' consensus estimates of $0.62 by $0.39. Reddit had a net margin of 28.60% and a return on equity of 25.48%. The company had revenue of $663.41 million during the quarter, compared to the consensus estimate of $607.74 million. During the same quarter in the prior year, the firm earned $0.13 EPS. Reddit's quarterly revenue was up 69.1% on a year-over-year basis. As a group, analysts predict that Reddit Inc. will post 4.83 earnings per share for the current fiscal year.

About Reddit

Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called "subreddits," each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.

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