Bellwether Advisors LLC Buys 11,201 Shares of Reddit Inc. $RDDT

Key Points

• Bellwether Advisors LLC increased its Reddit stake by 118.8% in the fourth quarter, buying 11,201 additional shares and bringing its total holdings to 20,629 shares worth about $4.74 million.
• Several other institutional investors also boosted positions in Reddit, while analysts remain generally bullish: the stock has a consensus Moderate Buy rating with an average price target of $228.61.
• Reddit reported strong quarterly results, with EPS of $1.01 versus $0.62 expected and revenue of $663.41 million, up 69.1% year over year; shares were trading around $144.83 after rising 2.2%.

Bellwether Advisors LLC increased its stake in shares of Reddit Inc. (NYSE:RDDT - Free Report) by 118.8% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 20,629 shares of the company's stock after buying an additional 11,201 shares during the period. Bellwether Advisors LLC's holdings in Reddit were worth $4,742,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of RDDT. NewEdge Advisors LLC boosted its holdings in shares of Reddit by 143.3% during the 1st quarter. NewEdge Advisors LLC now owns 7,982 shares of the company's stock worth $837,000 after buying an additional 4,701 shares during the period. Empowered Funds LLC acquired a new stake in Reddit in the 1st quarter worth about $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Reddit by 106.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 216,960 shares of the company's stock worth $22,759,000 after purchasing an additional 111,780 shares in the last quarter. Focus Partners Wealth raised its stake in Reddit by 40.8% in the 1st quarter. Focus Partners Wealth now owns 10,224 shares of the company's stock worth $1,073,000 after purchasing an additional 2,965 shares in the last quarter. Finally, Geneos Wealth Management Inc. raised its stake in Reddit by 344.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 369 shares of the company's stock worth $39,000 after purchasing an additional 286 shares in the last quarter.

Analysts Set New Price Targets

RDDT has been the subject of several analyst reports. Citigroup reiterated a "market outperform" rating on shares of Reddit in a research note on Tuesday. Citizens Jmp dropped their price objective on shares of Reddit from $250.00 to $240.00 and set a "market outperform" rating for the company in a research note on Friday, May 1st. Evercore reiterated an "outperform" rating and issued a $290.00 price objective on shares of Reddit in a research note on Friday, February 6th. Roth Mkm lifted their price objective on shares of Reddit from $210.00 to $215.00 and gave the stock a "neutral" rating in a research note on Friday, January 30th. Finally, B. Riley Financial lifted their price objective on shares of Reddit from $245.00 to $250.00 and gave the stock a "buy" rating in a research note on Friday, February 6th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and eleven have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $228.61.

Reddit Trading Up 2.2%

Shares of NYSE:RDDT opened at $144.83 on Wednesday. The firm has a 50 day moving average of $148.11 and a 200-day moving average of $178.64. The stock has a market capitalization of $27.88 billion, a PE ratio of 41.38 and a beta of 1.85. Reddit Inc. has a 12 month low of $99.14 and a 12 month high of $282.95.

Reddit (NYSE:RDDT - Get Free Report) last issued its earnings results on Thursday, April 30th. The company reported $1.01 EPS for the quarter, beating the consensus estimate of $0.62 by $0.39. The company had revenue of $663.41 million during the quarter, compared to analysts' expectations of $607.74 million. Reddit had a net margin of 28.60% and a return on equity of 25.48%. The business's revenue for the quarter was up 69.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.13 EPS. On average, research analysts predict that Reddit Inc. will post 4.83 EPS for the current fiscal year.

Insider Activity

In related news, CEO Steve Ladd Huffman sold 18,000 shares of Reddit stock in a transaction that occurred on Friday, February 27th. The shares were sold at an average price of $145.12, for a total transaction of $2,612,160.00. Following the sale, the chief executive officer directly owned 411,195 shares of the company's stock, valued at approximately $59,672,618.40. The trade was a 4.19% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Christopher Brian Slowe sold 15,500 shares of Reddit stock in a transaction that occurred on Wednesday, April 8th. The shares were sold at an average price of $150.67, for a total transaction of $2,335,385.00. Following the sale, the chief technology officer directly owned 38,413 shares in the company, valued at $5,787,686.71. This trade represents a 28.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 259,999 shares of company stock worth $39,290,328. 34.25% of the stock is currently owned by corporate insiders.

About Reddit

Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called "subreddits," each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.

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