Jefferies Financial Group Inc. Buys New Shares in Reddit, Inc. (NYSE:RDDT)

Jefferies Financial Group Inc. acquired a new position in shares of Reddit, Inc. (NYSE:RDDT - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 5,611 shares of the company's stock, valued at approximately $917,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of RDDT. FMR LLC boosted its holdings in shares of Reddit by 7.5% in the fourth quarter. FMR LLC now owns 13,070,780 shares of the company's stock valued at $2,136,288,000 after acquiring an additional 913,189 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of Reddit by 184.2% in the fourth quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company's stock valued at $1,500,606,000 after acquiring an additional 5,950,909 shares in the last quarter. Jennison Associates LLC purchased a new stake in shares of Reddit in the fourth quarter valued at about $494,861,000. Alliancebernstein L.P. boosted its holdings in shares of Reddit by 1,011.1% in the fourth quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company's stock valued at $455,795,000 after acquiring an additional 2,537,768 shares in the last quarter. Finally, Lord Abbett & CO. LLC boosted its holdings in shares of Reddit by 12.8% in the fourth quarter. Lord Abbett & CO. LLC now owns 1,861,998 shares of the company's stock valued at $304,325,000 after acquiring an additional 211,636 shares in the last quarter.

Insider Activity

In related news, CEO Steve Ladd Huffman sold 124,408 shares of the business's stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $127.36, for a total value of $15,844,602.88. Following the completion of the sale, the chief executive officer now directly owns 583,515 shares in the company, valued at approximately $74,316,470.40. The trade was a 17.57% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Benjamin Seong Lee sold 92,299 shares of the business's stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $157.35, for a total transaction of $14,523,247.65. Following the completion of the sale, the insider now owns 115,001 shares of the company's stock, valued at approximately $18,095,407.35. The trade was a 44.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 768,139 shares of company stock valued at $91,598,952 over the last 90 days.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on RDDT. Robert W. Baird lowered their target price on shares of Reddit from $140.00 to $120.00 and set a "neutral" rating on the stock in a report on Wednesday, May 21st. B. Riley reaffirmed a "buy" rating and issued a $220.00 target price (down previously from $222.00) on shares of Reddit in a report on Friday, May 2nd. JPMorgan Chase & Co. reduced 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. Roth Mkm raised their price objective on shares of Reddit from $120.00 to $130.00 and gave the company a "neutral" rating in a research note on Friday, May 2nd. Finally, Bank of America reduced their price objective on shares of Reddit from $190.00 to $110.00 and set a "neutral" rating for the company in a research note on Wednesday, April 9th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, twelve have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $140.45.

Reddit Price Performance

RDDT traded down $0.57 during midday trading on Monday, reaching $111.78. 4,517,744 shares of the company's stock were exchanged, compared to its average volume of 6,151,694. The stock has a market capitalization of $20.63 billion, a PE ratio of -14.46, a P/E/G ratio of 4.72 and a beta of 2.90. The business's 50-day moving average price is $106.07 and its 200 day moving average price is $144.34. 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 data on Thursday, May 1st. The company reported $0.13 earnings per share for the quarter, beating 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 net margin of 37.25% and a negative return on equity of 24.71%. The company's revenue was up 61.5% on a year-over-year basis. During the same quarter in the previous year, the business posted ($8.19) earnings per share. As a group, 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.