Catalyst Capital Advisors LLC Takes Position in Reddit Inc. (NYSE:RDDT)

Catalyst Capital Advisors LLC bought a new stake in Reddit Inc. (NYSE:RDDT - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 15,500 shares of the company's stock, valued at approximately $1,626,000.

Several other institutional investors have also modified their holdings of RDDT. Rhumbline Advisers purchased a new stake in Reddit during the 4th quarter valued at about $739,000. IFP Advisors Inc purchased a new stake in Reddit during the 4th quarter valued at about $75,000. Fisher Asset Management LLC purchased a new stake in Reddit during the 4th quarter valued at about $201,000. US Bancorp DE grew its stake in Reddit by 2,106.7% during the 4th quarter. US Bancorp DE now owns 2,648 shares of the company's stock valued at $433,000 after acquiring an additional 2,528 shares in the last quarter. Finally, Jones Financial Companies Lllp grew its stake in Reddit by 81.8% during the 4th quarter. Jones Financial Companies Lllp now owns 3,142 shares of the company's stock valued at $514,000 after acquiring an additional 1,414 shares in the last quarter.

Insider Activity at Reddit

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the firm's stock in a transaction on Monday, June 30th. The shares were sold at an average price of $151.35, for a total value of $2,118,900.00. Following the sale, the chief executive officer directly owned 539,631 shares in the company, valued at approximately $81,673,151.85. This trade represents a 2.53% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Jennifer L. Wong sold 33,333 shares of the firm's stock in a transaction on Monday, June 16th. The shares were sold at an average price of $124.45, for a total transaction of $4,148,291.85. Following the completion of the sale, the chief operating officer owned 1,428,007 shares in the company, valued at $177,715,471.15. The trade was a 2.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 617,285 shares of company stock worth $69,599,110 over the last 90 days. 34.25% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several equities analysts have weighed in on RDDT shares. Citigroup boosted their target price on shares of Reddit from $158.00 to $163.00 and gave the company a "buy" rating in a report on Tuesday, June 24th. JPMorgan Chase & Co. decreased their target price on shares of Reddit from $185.00 to $110.00 and set a "neutral" rating on the stock in a report on Tuesday, April 8th. Wall Street Zen upgraded shares of Reddit from a "hold" rating to a "buy" rating in a report on Saturday, June 14th. The Goldman Sachs Group boosted their target price on shares of Reddit from $124.00 to $140.00 and gave the company a "neutral" rating in a report on Friday, May 2nd. Finally, Redburn Atlantic started coverage on shares of Reddit in a report on Monday, March 17th. They issued a "sell" rating and a $75.00 target price on the stock. One investment 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 company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $139.70.

Reddit Stock Down 1.2%

Reddit stock traded down $1.99 during mid-day trading on Friday, reaching $157.35. 4,041,162 shares of the company's stock were exchanged, compared to its average volume of 6,661,320. The company has a market cap of $29.03 billion, a P/E ratio of 266.70, a P/E/G ratio of 4.03 and a beta of 2.33. Reddit Inc. has a twelve month low of $49.13 and a twelve month high of $230.41. The company has a fifty day moving average of $121.57 and a 200-day moving average of $141.33.

Reddit (NYSE:RDDT - Get Free Report) last released its 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 analyst estimates of $370.55 million. Reddit had a net margin of 8.07% and a return on equity of 5.69%. The firm's quarterly revenue was up 61.5% on a year-over-year basis. During the same period in the prior year, the business earned ($8.19) EPS. Equities research analysts expect that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

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.