72,252 Shares in Reddit Inc. (NYSE:RDDT) Purchased by Jag Capital Management LLC

Jag Capital Management LLC acquired a new position in Reddit Inc. (NYSE:RDDT - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 72,252 shares of the company's stock, valued at approximately $7,579,000. Reddit makes up 1.0% of Jag Capital Management LLC's portfolio, making the stock its 29th largest position.

Other hedge funds have also recently bought and sold shares of the company. Proficio Capital Partners LLC increased its position in Reddit by 2.1% in the 4th quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company's stock worth $966,000 after purchasing an additional 120 shares during the last quarter. Farther Finance Advisors LLC increased its position in Reddit by 148.5% in the 4th quarter. Farther Finance Advisors LLC now owns 246 shares of the company's stock worth $40,000 after purchasing an additional 147 shares during the last quarter. Plato Investment Management Ltd acquired a new position in Reddit in the 4th quarter worth about $27,000. EverSource Wealth Advisors LLC acquired a new position in Reddit in the 4th quarter worth about $28,000. Finally, Scotia Capital Inc. increased its position in Reddit by 5.5% in the 4th quarter. Scotia Capital Inc. now owns 3,500 shares of the company's stock worth $572,000 after purchasing an additional 182 shares during the last quarter.

Reddit Stock Down 0.5%

RDDT opened at $143.21 on Friday. The stock's 50 day moving average price is $116.69 and its two-hundred day moving average price is $141.95. Reddit Inc. has a 12-month low of $49.13 and a 12-month high of $230.41. The firm has a market capitalization of $26.42 billion, a P/E ratio of 242.73, a price-to-earnings-growth ratio of 3.70 and a beta of 1.99.

Reddit (NYSE:RDDT - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The company reported $0.13 EPS for the quarter, topping analysts' consensus estimates of $0.02 by $0.11. Reddit had a return on equity of 5.69% and a net margin of 8.07%. The company had revenue of $392.36 million during the quarter, compared to the consensus estimate of $370.55 million. During the same quarter last year, the company earned ($8.19) EPS. The company's quarterly revenue was up 61.5% on a year-over-year basis. As a group, analysts anticipate that Reddit Inc. will post 1.12 earnings per share for the current year.

Analyst Ratings Changes

RDDT has been the topic of several research reports. Citigroup upped their target price on Reddit from $158.00 to $163.00 and gave the stock a "buy" rating in a research report on Tuesday. Bank of America dropped their target price on Reddit from $190.00 to $110.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 9th. Piper Sandler reissued an "overweight" rating and set a $150.00 price objective (up previously from $140.00) on shares of Reddit in a report on Friday, May 2nd. Wells Fargo & Company set a $115.00 price objective on Reddit and gave the company an "equal weight" rating in a report on Monday, May 19th. Finally, Raymond James Financial lowered their price objective on Reddit from $250.00 to $200.00 and set a "strong-buy" rating on the stock in a report on Wednesday, March 12th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $139.57.

Insiders Place Their Bets

In related news, CTO Christopher Brian Slowe sold 16,000 shares of the firm's stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $136.47, for a total transaction of $2,183,520.00. Following the completion of the transaction, the chief technology officer now owns 246,373 shares in the company, valued at $33,622,523.31. This trade represents a 6.10% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Michelle Marie Reynolds sold 909 shares of the firm's stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $125.00, for a total value of $113,625.00. Following the transaction, the chief accounting officer now owns 41,368 shares of the company's stock, valued at $5,171,000. This trade represents a 2.15% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 617,285 shares of company stock worth $68,926,130. 34.25% of the stock is currently owned by company insiders.

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.

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