Jefferies Financial Group Inc. Invests $917,000 in Reddit, Inc. (NYSE:RDDT)

Jefferies Financial Group Inc. bought a new stake in Reddit, Inc. (NYSE:RDDT - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 5,611 shares of the company's stock, valued at approximately $917,000.

A number of other large investors also recently bought and sold shares of RDDT. Janney Montgomery Scott LLC increased its stake in Reddit by 31.3% in the fourth quarter. Janney Montgomery Scott LLC now owns 8,786 shares of the company's stock valued at $1,436,000 after purchasing an additional 2,096 shares during the last quarter. Blue Trust Inc. purchased a new stake in Reddit during the 4th quarter worth about $59,000. KBC Group NV purchased a new stake in Reddit during the 4th quarter worth about $391,000. Foundations Investment Advisors LLC increased its stake in shares of Reddit by 3.0% during the 4th quarter. Foundations Investment Advisors LLC now owns 5,325 shares of the company's stock valued at $870,000 after acquiring an additional 155 shares during the last quarter. Finally, BOCHK Asset Management Ltd acquired a new position in shares of Reddit during the 4th quarter valued at about $25,219,000.

Insider Activity

In related news, insider Benjamin Seong Lee sold 6,854 shares of Reddit stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $98.42, for a total value of $674,570.68. Following the sale, the insider now directly owns 99,277 shares in the company, valued at approximately $9,770,842.34. The trade was a 6.46% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Michelle Marie Reynolds sold 11,965 shares of the company's stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $157.41, for a total value of $1,883,410.65. Following the completion of the transaction, the chief accounting officer now owns 48,418 shares in the company, valued at $7,621,477.38. This represents a 19.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 768,139 shares of company stock valued at $91,598,952.

Reddit Price Performance

NYSE RDDT traded up $3.51 during mid-day trading on Friday, reaching $112.54. The stock had a trading volume of 7,538,474 shares, compared to its average volume of 6,141,741. Reddit, Inc. has a 1 year low of $49.13 and a 1 year high of $230.41. The stock has a market cap of $20.77 billion, a PE ratio of -14.56, a price-to-earnings-growth ratio of 4.72 and a beta of 2.90. The company has a fifty day moving average price of $106.24 and a 200 day moving average price of $144.26.

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

Analysts Set New Price Targets

A number of equities analysts have weighed in on RDDT shares. Morgan Stanley decreased their price target on Reddit from $210.00 to $140.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Raymond James decreased their price target on Reddit from $250.00 to $200.00 and set a "strong-buy" rating for the company in a research note on Wednesday, March 12th. Truist Financial initiated coverage on Reddit in a research note on Monday, April 7th. They set a "buy" rating and a $150.00 target price for the company. Sanford C. Bernstein raised Reddit from an "underperform" rating to a "market perform" rating and set a $130.00 target price for the company in a report on Friday, May 2nd. Finally, B. Riley reissued a "buy" rating and issued a $220.00 price objective (down from $222.00) on shares of Reddit in a research note on Friday, May 2nd. One analyst has rated the stock with a sell rating, eight have issued a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $140.45.

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.