Atria Wealth Solutions Inc. Raises Stock Holdings in Reddit Inc. (NYSE:RDDT)

Atria Wealth Solutions Inc. raised its stake in shares of Reddit Inc. (NYSE:RDDT - Free Report) by 108.7% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 4,718 shares of the company's stock after buying an additional 2,457 shares during the quarter. Atria Wealth Solutions Inc.'s holdings in Reddit were worth $495,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Blair William & Co. IL bought a new stake in Reddit in the first quarter valued at about $238,000. Bank of Nova Scotia bought a new position in shares of Reddit in the first quarter valued at $245,000. R Squared Ltd raised its stake in Reddit by 48,560.0% during the 1st quarter. R Squared Ltd now owns 4,866 shares of the company's stock valued at $510,000 after purchasing an additional 4,856 shares during the period. PNC Financial Services Group Inc. raised its stake in Reddit by 37.9% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,003 shares of the company's stock valued at $315,000 after purchasing an additional 825 shares during the period. Finally, Jupiter Asset Management Ltd. grew its holdings in shares of Reddit by 237.6% during the 1st quarter. Jupiter Asset Management Ltd. now owns 104,556 shares of the company's stock valued at $10,968,000 after acquiring an additional 73,583 shares in the last quarter.

Insider Buying and Selling at Reddit

In related news, CTO Christopher Brian Slowe sold 26,000 shares of the stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $98.43, for a total value of $2,559,180.00. Following the completion of the transaction, the chief technology officer directly owned 251,373 shares of the company's stock, valued at $24,742,644.39. This trade represents a 9.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Jennifer L. Wong sold 33,334 shares of the firm's stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $142.06, for a total transaction of $4,735,428.04. Following the sale, the chief operating officer directly owned 1,428,007 shares in the company, valued at $202,862,674.42. The trade was a 2.28% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 352,568 shares of company stock valued at $45,798,117 in the last 90 days. Insiders own 34.25% of the company's stock.

Reddit Stock Performance

Shares of RDDT traded up $2.93 during mid-day trading on Friday, hitting $246.40. 6,421,788 shares of the company traded hands, compared to its average volume of 8,277,376. The stock has a 50-day moving average price of $159.01 and a two-hundred day moving average price of $141.03. The stock has a market cap of $46.12 billion, a price-to-earnings ratio of 224.00, a P/E/G ratio of 3.91 and a beta of 2.30. Reddit Inc. has a 1 year low of $52.39 and a 1 year high of $248.02.

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

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Roth Mkm upped their price target on shares of Reddit from $120.00 to $130.00 and gave the company a "neutral" rating in a report on Friday, May 2nd. JPMorgan Chase & Co. raised their price target on shares of Reddit from $145.00 to $190.00 and gave the company a "neutral" rating in a report on Friday, August 1st. Wall Street Zen raised shares of Reddit from a "hold" rating to a "buy" rating in a research note on Saturday, June 14th. Raymond James Financial restated a "strong-buy" rating and set a $225.00 price objective (up from $175.00) on shares of Reddit in a report on Friday, August 1st. Finally, Royal Bank Of Canada set a $125.00 price objective on shares of Reddit and gave the stock a "sector perform" rating in a report on Wednesday, June 25th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $168.43.

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.