10,120 Shares in Reddit Inc. (NYSE:RDDT) Purchased by Arkadios Wealth Advisors

Key Points

• Arkadios Wealth Advisors acquired 10,120 shares of Reddit Inc. (NYSE: RDDT), valued at approximately $1,062,000, marking a significant investment in the company during the first quarter.
• CEO Steve Ladd Huffman sold 124,409 shares for $15.48 million, reducing his ownership in Reddit by 18.55%, while CTO Christopher Brian Slowe also sold 26,000 shares.
• Reddit's stock has recently seen upgrades in price targets from several analysts, now carrying an average target of $164.21 and a consensus rating of "Moderate Buy."

Arkadios Wealth Advisors acquired a new stake in Reddit Inc. (NYSE:RDDT - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 10,120 shares of the company's stock, valued at approximately $1,062,000.

A number of other hedge funds have also recently bought and sold shares of RDDT. Whale Rock Capital Management LLC purchased a new position in shares of Reddit in the 4th quarter worth $204,054,000. Renaissance Technologies LLC increased its stake in Reddit by 265.4% during the fourth quarter. Renaissance Technologies LLC now owns 1,650,500 shares of the company's stock worth $269,758,000 after acquiring an additional 1,198,800 shares during the last quarter. Voya Investment Management LLC purchased a new position in shares of Reddit in the 4th quarter worth about $157,984,000. FMR LLC raised its holdings in shares of Reddit by 7.5% in the 4th quarter. FMR LLC now owns 13,070,780 shares of the company's stock worth $2,136,288,000 after purchasing an additional 913,189 shares during the period. Finally, Cresset Asset Management LLC lifted its stake in shares of Reddit by 159.6% in the 4th quarter. Cresset Asset Management LLC now owns 1,308,797 shares of the company's stock valued at $213,910,000 after purchasing an additional 804,591 shares in the last quarter.

Wall Street Analyst Weigh In

RDDT has been the subject of a number of research analyst reports. Guggenheim increased their target price on shares of Reddit from $165.00 to $215.00 and gave the stock a "buy" rating in a research report on Friday. Wall Street Zen raised shares of Reddit from a "hold" rating to a "buy" rating in a research report on Saturday, June 14th. The Goldman Sachs Group restated a "neutral" rating and set a $212.00 target price on shares of Reddit in a report on Friday. Royal Bank Of Canada set a $125.00 price target on shares of Reddit and gave the stock a "sector perform" rating in a research report on Wednesday, June 25th. Finally, JPMorgan Chase & Co. raised their price objective on Reddit from $145.00 to $190.00 and gave the company a "neutral" rating in a research report on Friday. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, fourteen have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $164.21.

Reddit Price Performance

Shares of RDDT stock traded down $3.08 on Tuesday, hitting $198.68. 10,537,273 shares of the stock traded hands, compared to its average volume of 7,446,712. The company's fifty day moving average is $138.97 and its 200 day moving average is $138.38. Reddit Inc. has a 1-year low of $49.13 and a 1-year high of $230.41. The company has a market capitalization of $36.66 billion, a PE ratio of 180.62, a PEG ratio of 4.60 and a beta of 2.30.

Reddit (NYSE:RDDT - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The company reported $0.45 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.20 by $0.25. Reddit had a net margin of 12.97% and a return on equity of 9.93%. The company had revenue of $499.63 million for the quarter, compared to the consensus estimate of $424.07 million. During the same period last year, the firm posted ($0.06) EPS. The company's revenue for the quarter was up 77.9% on a year-over-year basis. As a group, equities research analysts expect that Reddit Inc. will post 1.12 EPS for the current year.

Insider Buying and Selling

In other Reddit news, CFO Andrew Vollero sold 30,000 shares of Reddit stock in a transaction on Friday, June 13th. The stock was sold at an average price of $117.64, for a total transaction of $3,529,200.00. Following the sale, the chief financial officer owned 333,806 shares of the company's stock, valued at $39,268,937.84. The trade was a 8.25% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Christopher Brian Slowe sold 26,000 shares of the firm's stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $98.43, for a total transaction of $2,559,180.00. Following the transaction, the chief technology officer owned 251,373 shares in the company, valued at $24,742,644.39. This represents a 9.37% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 492,809 shares of company stock valued at $60,334,945 over the last three months. 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.