Boltwood Capital Management Takes Position in Reddit, Inc. (NYSE:RDDT)

Boltwood Capital Management purchased a new stake in Reddit, Inc. (NYSE:RDDT - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 11,972 shares of the company's stock, valued at approximately $1,256,000.

Several other large investors have also modified their holdings of RDDT. Blue Trust Inc. acquired a new stake in shares of Reddit in the fourth quarter valued at approximately $59,000. Spire Wealth Management acquired a new stake in shares of Reddit in the fourth quarter valued at approximately $35,000. WT Asset Management Ltd acquired a new stake in shares of Reddit in the fourth quarter valued at approximately $8,188,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Reddit during the fourth quarter worth $4,330,000. Finally, Geneva Partners LLC acquired a new stake in shares of Reddit during the fourth quarter worth $908,000.

Insider Activity

In other Reddit news, Director David C. Habiger bought 774 shares of the business's stock in a transaction on Wednesday, March 12th. The shares were bought at an average cost of $130.36 per share, with a total value of $100,898.64. Following the transaction, the director now directly owns 30,808 shares in the company, valued at approximately $4,016,130.88. This trade represents a 2.58% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Benjamin Seong Lee sold 6,854 shares of the company's stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $98.42, for a total value of $674,570.68. Following the completion of the transaction, the insider now directly owns 99,277 shares in the company, valued at approximately $9,770,842.34. The trade was a 6.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 677,875 shares of company stock valued at $76,732,994 in the last three months. Corporate insiders own 34.25% of the company's stock.

Reddit Trading Up 8.0%

RDDT traded up $8.95 during midday trading on Friday, hitting $121.19. The company's stock had a trading volume of 6,742,922 shares, compared to its average volume of 6,230,487. The firm has a market cap of $22.36 billion, a P/E ratio of -15.68, a PEG ratio of 4.72 and a beta of 1.99. The firm has a 50-day moving average price of $106.67 and a two-hundred day moving average price of $143.66. Reddit, Inc. has a 52-week low of $49.13 and a 52-week high of $230.41.

Reddit (NYSE:RDDT - Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The company reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.02 by $0.11. The business had revenue of $392.36 million for the quarter, compared to analyst estimates of $370.55 million. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. The company's revenue was up 61.5% compared to the same quarter last year. During the same period in the previous year, the company posted ($8.19) EPS. On average, equities analysts expect that Reddit, Inc. will post 1.12 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on RDDT shares. Guggenheim decreased their price target on Reddit from $170.00 to $165.00 and set a "buy" rating for the company in a report on Friday, May 2nd. Royal Bank of Canada started coverage on Reddit in a report on Tuesday, June 3rd. They set a "sector perform" rating and a $125.00 price target for the company. Raymond James decreased their price target on Reddit from $250.00 to $200.00 and set a "strong-buy" rating for the company in a report on Wednesday, March 12th. Redburn Partners set a $75.00 price target on Reddit in a report on Monday, March 17th. Finally, Redburn Atlantic initiated coverage on Reddit in a report on Monday, March 17th. They set a "sell" rating and a $75.00 price target for the company. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, twelve 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 an average price target of $139.78.

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.