Catalyst Capital Advisors LLC acquired a new position in Reddit Inc. (NYSE:RDDT - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 15,500 shares of the company's stock, valued at approximately $1,626,000.
A number of other hedge funds have also recently made changes to their positions in RDDT. Plato Investment Management Ltd purchased a new position in shares of Reddit in the fourth quarter worth $27,000. EverSource Wealth Advisors LLC purchased a new position in shares of Reddit in the fourth quarter worth $28,000. Tucker Asset Management LLC purchased a new position in shares of Reddit in the fourth quarter worth $39,000. Farther Finance Advisors LLC increased its stake in shares of Reddit by 148.5% in the fourth quarter. Farther Finance Advisors LLC now owns 246 shares of the company's stock worth $40,000 after buying an additional 147 shares during the period. Finally, Canton Hathaway LLC purchased a new position in shares of Reddit in the first quarter worth $43,000.
Insider Activity
In other Reddit news, CTO Christopher Brian Slowe sold 26,000 shares of the company's stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $98.43, for a total transaction of $2,559,180.00. Following the transaction, the chief technology officer owned 251,373 shares in the company, valued at approximately $24,742,644.39. This represents a 9.37% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Andrew Vollero sold 30,000 shares of the company's stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $117.64, for a total transaction of $3,529,200.00. Following the transaction, the chief financial officer owned 333,806 shares in the company, valued at $39,268,937.84. This represents a 8.25% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 617,285 shares of company stock worth $69,599,110. 34.25% of the stock is currently owned by company insiders.
Wall Street Analysts Forecast Growth
A number of research analysts have issued reports on RDDT shares. B. Riley reissued a "buy" rating and set a $220.00 price objective (down from $222.00) on shares of Reddit in a research report on Friday, May 2nd. Redburn Atlantic started coverage on shares of Reddit in a research report on Monday, March 17th. They set a "sell" rating and a $75.00 price objective on the stock. Citigroup boosted their price objective on shares of Reddit from $158.00 to $163.00 and gave the company a "buy" rating in a research report on Tuesday, June 24th. Piper Sandler reissued an "overweight" rating and set a $150.00 price objective (up from $140.00) on shares of Reddit in a research report on Friday, May 2nd. Finally, Seaport Res Ptn raised shares of Reddit from a "hold" rating to a "strong-buy" rating in a research report on Monday, May 5th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, Reddit has a consensus rating of "Moderate Buy" and a consensus target price of $139.70.
Check Out Our Latest Stock Analysis on Reddit
Reddit Price Performance
Reddit stock traded down $3.53 during mid-day trading on Monday, reaching $153.50. The stock had a trading volume of 6,303,044 shares, compared to its average volume of 6,659,893. The company has a market capitalization of $28.32 billion, a price-to-earnings ratio of 260.17, a PEG ratio of 4.03 and a beta of 2.33. The company has a 50-day moving average price of $121.57 and a two-hundred day moving average price of $141.17. Reddit Inc. has a one year low of $49.13 and a one year high of $230.41.
Reddit (NYSE:RDDT - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The company reported $0.13 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.02 by $0.11. The company had revenue of $392.36 million for the quarter, compared to analysts' expectations of $370.55 million. Reddit had a net margin of 8.07% and a return on equity of 5.69%. Reddit's revenue was up 61.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($8.19) EPS. On average, equities research analysts anticipate that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.
Reddit Company Profile
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Free Report)
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.
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