Balboa Wealth Partners Makes New $1.14 Million Investment in Reddit Inc. (NYSE:RDDT)

Balboa Wealth Partners acquired a new stake in shares of Reddit Inc. (NYSE:RDDT - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 10,895 shares of the company's stock, valued at approximately $1,143,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in Reddit by 184.2% in the fourth quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company's stock valued at $1,500,606,000 after buying an additional 5,950,909 shares during the period. Alliancebernstein L.P. raised its holdings in Reddit by 1,011.1% in the fourth quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company's stock valued at $455,795,000 after buying an additional 2,537,768 shares during the period. Brooklyn FI LLC purchased a new position in Reddit in the fourth quarter valued at approximately $303,082,000. GQG Partners LLC purchased a new position in Reddit in the fourth quarter valued at approximately $271,539,000. Finally, Whale Rock Capital Management LLC purchased a new position in Reddit in the fourth quarter valued at approximately $204,054,000.

Analysts Set New Price Targets

RDDT has been the topic of several research reports. Royal Bank Of Canada set a $125.00 price target on shares of Reddit and gave the company a "sector perform" rating in a report on Wednesday. Citigroup raised their price target on shares of Reddit from $158.00 to $163.00 and gave the company a "buy" rating in a report on Tuesday. Piper Sandler restated an "overweight" rating and issued a $150.00 price target (up previously from $140.00) on shares of Reddit in a report on Friday, May 2nd. Wells Fargo & Company set a $115.00 price target on shares of Reddit and gave the company an "equal weight" rating in a report on Monday, May 19th. Finally, Robert W. Baird cut their price target on shares of Reddit from $140.00 to $120.00 and set a "neutral" rating on the stock in a report on Wednesday, May 21st. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $139.57.

Reddit Stock Performance

Shares of RDDT stock traded down $0.74 during mid-day trading on Friday, reaching $143.21. 17,682,969 shares of the company were exchanged, compared to its average volume of 6,567,720. Reddit Inc. has a fifty-two week low of $49.13 and a fifty-two week high of $230.41. The company has a market capitalization of $26.42 billion, a P/E ratio of 242.73, a P/E/G ratio of 3.70 and a beta of 1.99. The business's 50 day simple moving average is $116.69 and its 200 day simple moving average is $141.95.

Reddit (NYSE:RDDT - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The company reported $0.13 earnings per share for the quarter, topping analysts' consensus estimates of $0.02 by $0.11. Reddit had a net margin of 8.07% and a return on equity of 5.69%. The business 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) earnings per share. The business's quarterly revenue was up 61.5% compared to the same quarter last year. On average, analysts forecast that Reddit Inc. will post 1.12 EPS for the current year.

Insider Transactions at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 124,408 shares of Reddit stock in a transaction on Tuesday, April 15th. The shares were sold at an average price of $96.65, for a total value of $12,024,033.20. Following the completion of the transaction, the chief executive officer now owns 577,013 shares of the company's stock, valued at $55,768,306.45. The trade was a 17.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, COO Jennifer L. Wong sold 33,334 shares of Reddit stock in a transaction on 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 completion of the transaction, the chief operating officer now directly owns 1,466,119 shares of the company's stock, valued at approximately $137,800,524.81. This represents a 2.22% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 617,285 shares of company stock valued at $68,926,130. 34.25% of the stock is currently owned by corporate insiders.

Reddit 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.