Simplicity Wealth LLC Purchases New Shares in Reddit, Inc. (NYSE:RDDT)

Simplicity Wealth LLC bought a new stake in Reddit, Inc. (NYSE:RDDT - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 20,797 shares of the company's stock, valued at approximately $2,182,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Plato Investment Management Ltd bought a new stake in shares of Reddit during the fourth quarter worth about $27,000. EverSource Wealth Advisors LLC bought a new stake in shares of Reddit during the fourth quarter worth about $28,000. Bogart Wealth LLC bought a new stake in shares of Reddit during the fourth quarter worth about $33,000. Allworth Financial LP grew its holdings in shares of Reddit by 970.0% during the fourth quarter. Allworth Financial LP now owns 214 shares of the company's stock worth $35,000 after purchasing an additional 194 shares during the last quarter. Finally, Kestra Investment Management LLC bought a new stake in shares of Reddit during the fourth quarter worth about $38,000.

Analyst Ratings Changes

Several analysts have recently weighed in on the company. Sanford C. Bernstein upgraded Reddit from an "underperform" rating to a "market perform" rating and set a $130.00 price target on the stock in a report on Friday, May 2nd. Morgan Stanley reduced their target price on Reddit from $210.00 to $140.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. Wall Street Zen upgraded Reddit from a "hold" rating to a "buy" rating in a report on Saturday. Redburn Atlantic initiated coverage on Reddit in a report on Monday, March 17th. They issued a "sell" rating and a $75.00 target price on the stock. Finally, B. Riley reiterated a "buy" rating and issued a $220.00 target price (down from $222.00) on shares of Reddit in a report on Friday, May 2nd. One analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $139.35.

Insider Transactions at Reddit

In other news, COO Jennifer L. Wong sold 33,334 shares of the company's stock in a transaction that occurred on Wednesday, April 16th. The stock was sold at an average price of $93.99, for a total transaction of $3,133,062.66. Following the transaction, the chief operating officer now directly owns 1,466,119 shares of the company's stock, valued at $137,800,524.81. This represents a 2.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Steve Ladd Huffman sold 124,408 shares of the stock in a transaction on Tuesday, April 15th. The shares were sold at an average price of $96.65, for a total value of $12,024,033.20. Following the completion of the sale, the chief executive officer now directly owns 577,013 shares of the company's stock, valued at $55,768,306.45. The trade was a 17.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 553,467 shares of company stock valued at $60,888,391 over the last ninety days. 34.25% of the stock is owned by company insiders.

Reddit Stock Performance

Shares of Reddit stock traded up $1.85 on Friday, reaching $118.05. 6,495,666 shares of the company's stock were exchanged, compared to its average volume of 6,282,498. Reddit, Inc. has a 52 week low of $49.13 and a 52 week high of $230.41. The firm's 50-day moving average is $108.87 and its two-hundred day moving average is $142.78. The company has a market capitalization of $21.78 billion, a P/E ratio of -15.27, a price-to-earnings-growth ratio of 4.72 and a beta of 1.99.

Reddit (NYSE:RDDT - Get Free Report) last issued its earnings results on Thursday, May 1st. The company reported $0.13 earnings per share for the quarter, topping analysts' consensus estimates of $0.02 by $0.11. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. The company had revenue of $392.36 million for the quarter, compared to analyst estimates of $370.55 million. During the same period in the prior year, the firm earned ($8.19) earnings per share. Reddit's revenue for the quarter was up 61.5% on a year-over-year basis. On average, analysts expect that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Reddit Company 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.