2,000 Shares in Reddit Inc. (NYSE:RDDT) Acquired by Left Brain Wealth Management LLC

Left Brain Wealth Management LLC purchased a new stake in Reddit Inc. (NYSE:RDDT - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 2,000 shares of the company's stock, valued at approximately $210,000.

Other hedge funds have also added to or reduced their stakes in the company. Ogborne Capital Management LLC acquired a new stake in Reddit during the 4th quarter worth approximately $11,539,000. Wells Fargo & Company MN raised its position in Reddit by 909.3% in the 4th quarter. Wells Fargo & Company MN now owns 97,183 shares of the company's stock valued at $15,884,000 after buying an additional 87,554 shares during the last quarter. Voloridge Investment Management LLC raised its position in Reddit by 46.3% in the 4th quarter. Voloridge Investment Management LLC now owns 963,516 shares of the company's stock valued at $157,477,000 after buying an additional 304,773 shares during the last quarter. FMR LLC raised its position in Reddit by 7.5% in the 4th quarter. FMR LLC now owns 13,070,780 shares of the company's stock valued at $2,136,288,000 after buying an additional 913,189 shares during the last quarter. Finally, Renaissance Capital LLC increased its position in shares of Reddit by 10.9% during the 1st quarter. Renaissance Capital LLC now owns 34,636 shares of the company's stock worth $3,633,000 after purchasing an additional 3,400 shares during the last quarter.

Insider Activity at Reddit

In other news, CTO Christopher Brian Slowe sold 26,000 shares of Reddit stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $98.43, for a total transaction of $2,559,180.00. Following the completion of the sale, the chief technology officer directly owned 251,373 shares in the company, valued at approximately $24,742,644.39. The trade was a 9.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Andrew Vollero sold 30,000 shares of the business's 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 transaction, the chief financial officer owned 333,806 shares of the company's stock, valued at $39,268,937.84. This represents a 8.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 617,285 shares of company stock valued at $69,599,110. 34.25% of the stock is owned by insiders.

Analysts Set New Price Targets

Several brokerages have recently commented on RDDT. Guggenheim reiterated a "buy" rating and set a $165.00 target price on shares of Reddit in a research note on Tuesday, June 24th. Royal Bank Of Canada set a $125.00 target price on Reddit and gave the stock a "sector perform" rating in a research note on Wednesday, June 25th. Roth Mkm lifted their target price on Reddit from $120.00 to $130.00 and gave the stock a "neutral" rating in a research note on Friday, May 2nd. Morgan Stanley reduced their target price on Reddit from $210.00 to $140.00 and set an "overweight" rating for the company in a research note on Thursday, April 17th. Finally, Robert W. Baird boosted their price target on Reddit from $120.00 to $151.00 and gave the company a "neutral" rating in a research note on Tuesday, July 8th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Reddit has a consensus rating of "Moderate Buy" and an average target price of $141.04.

Reddit Price Performance

RDDT stock traded up $3.93 during mid-day trading on Monday, hitting $149.52. 1,874,367 shares of the stock were exchanged, compared to its average volume of 6,693,840. Reddit Inc. has a 12 month low of $49.13 and a 12 month high of $230.41. The stock has a market capitalization of $27.59 billion, a price-to-earnings ratio of 253.37, a PEG ratio of 3.74 and a beta of 2.33. The business has a fifty day moving average price of $124.42 and a 200 day moving average price of $140.22.

Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The company reported $0.13 EPS for the quarter, topping analysts' consensus estimates 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 return on equity of 5.69% and a net margin of 8.07%. The business's revenue for the quarter was up 61.5% compared to the same quarter last year. During the same period in the previous year, the firm posted ($8.19) EPS. As a group, equities analysts forecast that Reddit Inc. will post 1.12 EPS for the current fiscal year.

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.