Advisor OS LLC Sells 6,774 Shares of Reddit Inc. (NYSE:RDDT)

Advisor OS LLC lessened its holdings in Reddit Inc. (NYSE:RDDT - Free Report) by 35.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,347 shares of the company's stock after selling 6,774 shares during the quarter. Advisor OS LLC's holdings in Reddit were worth $1,295,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently bought and sold shares of the company. Ogborne Capital Management LLC bought a new position in Reddit in the 4th quarter valued at $11,539,000. Wells Fargo & Company MN grew its stake in shares of Reddit by 909.3% during the 4th quarter. Wells Fargo & Company MN now owns 97,183 shares of the company's stock worth $15,884,000 after acquiring an additional 87,554 shares during the period. Voloridge Investment Management LLC grew its stake in shares of Reddit by 46.3% during the 4th quarter. Voloridge Investment Management LLC now owns 963,516 shares of the company's stock worth $157,477,000 after acquiring an additional 304,773 shares during the period. FMR LLC grew its stake in shares of Reddit by 7.5% during the 4th quarter. FMR LLC now owns 13,070,780 shares of the company's stock worth $2,136,288,000 after acquiring an additional 913,189 shares during the period. Finally, Renaissance Capital LLC grew its stake 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 acquiring an additional 3,400 shares during the period.

Reddit Trading Up 1.1%

Reddit stock traded up $1.60 during mid-day trading on Friday, hitting $149.73. The company had a trading volume of 4,495,742 shares, compared to its average volume of 6,198,616. Reddit Inc. has a 12 month low of $49.13 and a 12 month high of $230.41. The stock's 50 day moving average price is $131.22 and its two-hundred day moving average price is $138.99. The company has a market capitalization of $27.63 billion, a PE ratio of 253.78, a price-to-earnings-growth ratio of 3.80 and a beta of 2.33.

Reddit (NYSE:RDDT - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The company reported $0.13 EPS for the quarter, beating analysts' consensus estimates of $0.02 by $0.11. The company had revenue of $392.36 million during 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%. 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 earned ($8.19) earnings per share. Equities research analysts anticipate that Reddit Inc. will post 1.12 EPS for the current year.

Analysts Set New Price Targets

Several research firms have recently weighed in on RDDT. JPMorgan Chase & Co. cut their price target on Reddit from $185.00 to $110.00 and set a "neutral" rating for the company in a research note on Tuesday, April 8th. Royal Bank Of Canada set a $125.00 price target on Reddit and gave the stock a "sector perform" rating in a research note on Wednesday, June 25th. Citigroup increased their price target on Reddit from $158.00 to $163.00 and gave the stock a "buy" rating in a research note on Tuesday, June 24th. Guggenheim reissued a "buy" rating and set a $165.00 price objective on shares of Reddit in a report on Tuesday, June 24th. Finally, Morgan Stanley increased their price objective on Reddit from $154.00 to $170.00 and gave the stock an "overweight" rating in a report on Monday. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $144.13.

Insider Activity at Reddit

In other Reddit news, CAO Michelle Marie Reynolds sold 3,500 shares of the company's stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $150.64, for a total value of $527,240.00. Following the completion of the sale, the chief accounting officer owned 37,868 shares in the company, valued at $5,704,435.52. This represents a 8.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Andrew Vollero sold 30,000 shares of the company's stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $117.64, for a total value of $3,529,200.00. Following the completion of the sale, the chief financial officer owned 333,806 shares of the company's stock, valued at approximately $39,268,937.84. The trade was a 8.25% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 506,809 shares of company stock valued at $61,884,325 in the last 90 days. 34.25% of the stock is owned by company insiders.

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.