Brooklyn FI LLC Makes New $6.34 Million Investment in Reddit, Inc. (NYSE:RDDT)

Brooklyn FI LLC purchased a new position in shares of Reddit, Inc. (NYSE:RDDT - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 38,786 shares of the company's stock, valued at approximately $6,339,000. Reddit accounts for about 1.0% of Brooklyn FI LLC's portfolio, making the stock its 26th largest holding.

A number of other large investors have also recently added to or reduced their stakes in RDDT. Janney Montgomery Scott LLC lifted its position in shares of Reddit by 31.3% during the fourth quarter. Janney Montgomery Scott LLC now owns 8,786 shares of the company's stock worth $1,436,000 after purchasing an additional 2,096 shares in the last quarter. Arkfeld Wealth Strategies L.L.C. acquired a new stake in Reddit during the 4th quarter worth approximately $373,000. Blue Trust Inc. acquired a new stake in Reddit during the 4th quarter worth approximately $59,000. Apexium Financial LP acquired a new stake in shares of Reddit in the fourth quarter valued at $213,000. Finally, KBC Group NV acquired a new stake in shares of Reddit in the fourth quarter valued at $391,000.

Reddit Trading Up 0.9%

Shares of NYSE RDDT traded up $0.89 during mid-day trading on Wednesday, reaching $105.51. The company had a trading volume of 5,225,719 shares, compared to its average volume of 6,081,378. The stock has a market cap of $19.47 billion, a PE ratio of -13.65, a P/E/G ratio of 4.72 and a beta of 2.90. The company has a 50-day moving average price of $106.82 and a two-hundred day moving average price of $144.50. Reddit, Inc. has a 1-year low of $49.13 and a 1-year high of $230.41.

Reddit (NYSE:RDDT - Get Free Report) last issued 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. The firm had revenue of $392.36 million for the quarter, compared to analysts' expectations of $370.55 million. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. Reddit's revenue was up 61.5% on a year-over-year basis. During the same quarter last year, the business posted ($8.19) EPS. On average, research analysts expect that Reddit, Inc. will post 1.12 EPS for the current year.

Wall Street Analysts Forecast Growth

RDDT has been the topic of a number of analyst reports. Truist Financial initiated coverage on Reddit in a research note on Monday, April 7th. They issued a "buy" rating and a $150.00 price target on the stock. Sanford C. Bernstein raised Reddit from an "underperform" rating to a "market perform" rating and set a $130.00 target price on the stock in a research report on Friday, May 2nd. Morgan Stanley cut their target price on Reddit from $210.00 to $140.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. The Goldman Sachs Group raised their price objective on shares of Reddit from $124.00 to $140.00 and gave the stock a "neutral" rating in a report on Friday, May 2nd. Finally, Robert W. Baird cut their price objective 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 analyst has rated the stock with a sell rating, eight have assigned a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, Reddit currently has a consensus rating of "Moderate Buy" and an average price target of $140.45.

Insiders Place Their Bets

In related news, CAO Michelle Marie Reynolds sold 11,965 shares of the business's stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $157.41, for a total value of $1,883,410.65. Following the completion of the sale, the chief accounting officer now owns 48,418 shares of the company's stock, valued at approximately $7,621,477.38. The trade was a 19.82% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Benjamin Seong Lee sold 92,299 shares of the business's stock in a transaction that occurred on Tuesday, March 4th. The shares were sold at an average price of $157.35, for a total value of $14,523,247.65. Following the completion of the sale, the insider now directly owns 115,001 shares of the company's stock, valued at approximately $18,095,407.35. The trade was a 44.52% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 782,139 shares of company stock worth $93,843,152.

Reddit Company 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.