Aljian Capital Management LLC Takes $319,000 Position in Reddit Inc. (NYSE:RDDT)

Aljian Capital Management LLC acquired a new stake in shares of Reddit Inc. (NYSE:RDDT - Free Report) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 3,038 shares of the company's stock, valued at approximately $319,000.

A number of other institutional investors and hedge funds have also modified their holdings of RDDT. Plato Investment Management Ltd bought a new stake in Reddit in the fourth quarter valued at $27,000. EverSource Wealth Advisors LLC bought a new stake in Reddit in the fourth quarter valued at $28,000. Tucker Asset Management LLC bought a new stake in Reddit in the fourth quarter valued at $39,000. Farther Finance Advisors LLC grew its position in Reddit by 148.5% in the fourth quarter. Farther Finance Advisors LLC now owns 246 shares of the company's stock valued at $40,000 after acquiring an additional 147 shares during the period. Finally, Canton Hathaway LLC bought a new stake in Reddit in the first quarter valued at $43,000.

Insiders Place Their Bets

In other news, COO Jennifer L. Wong sold 33,334 shares of Reddit stock in a transaction dated 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 owns 1,466,119 shares in the company, valued at $137,800,524.81. The trade was a 2.22% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Michelle Marie Reynolds sold 3,500 shares of Reddit stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $150.64, for a total value of $527,240.00. Following the transaction, the chief accounting officer now owns 37,868 shares in the company, valued at $5,704,435.52. This trade represents a 8.46% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 617,285 shares of company stock worth $68,926,130. Insiders own 34.25% of the company's stock.

Reddit Trading Down 0.5%

Shares of RDDT opened at $143.21 on Friday. 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 $26.42 billion, a P/E ratio of 242.73, a price-to-earnings-growth ratio of 3.67 and a beta of 1.99. The stock's 50-day moving average price is $116.69 and its two-hundred day moving average price is $141.79.

Reddit (NYSE:RDDT - Get Free Report) last issued its 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. Reddit had a return on equity of 5.69% and a net margin of 8.07%. The firm had revenue of $392.36 million for the quarter, compared to analysts' expectations of $370.55 million. During the same quarter last year, the business earned ($8.19) earnings per share. The company's revenue was up 61.5% compared to the same quarter last year. As a group, equities analysts forecast that Reddit Inc. will post 1.12 EPS for the current year.

Wall Street Analysts Forecast Growth

RDDT has been the topic of a number of analyst reports. Royal Bank Of Canada set a $125.00 price target on Reddit and gave the company a "sector perform" rating in a research report on Wednesday. Guggenheim reissued a "buy" rating and issued a $165.00 price objective on shares of Reddit in a research note on Tuesday, June 24th. The Goldman Sachs Group boosted their price objective on Reddit from $124.00 to $140.00 and gave the stock a "neutral" rating in a research note on Friday, May 2nd. Bank of America reduced their price objective on Reddit from $190.00 to $110.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 9th. Finally, Sanford C. Bernstein raised Reddit from an "underperform" rating to a "market perform" rating and set a $130.00 price objective on the stock in a research note on Friday, May 2nd. 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 assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $139.57.

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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