Cetera Investment Advisers Purchases 11,349 Shares of Reddit Inc. (NYSE:RDDT)

Key Points

• Cetera Investment Advisers increased its stake in Reddit Inc. by 156.4% during the first quarter, acquiring an additional 11,349 shares, bringing its total holdings to 18,607 shares worth approximately $1.95 million.
• Reddit reported earnings per share of $0.45, significantly exceeding analysts' expectations of $0.20, with a revenue increase of 77.9% year-over-year for the quarter.
• Several major investors, including Wells Fargo and Voloridge Investment Management, have significantly boosted their positions in Reddit during the fourth quarter.

Cetera Investment Advisers lifted its position in shares of Reddit Inc. (NYSE:RDDT - Free Report) by 156.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 18,607 shares of the company's stock after acquiring an additional 11,349 shares during the period. Cetera Investment Advisers' holdings in Reddit were worth $1,952,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the company. CWM LLC increased its holdings in shares of Reddit by 100.0% during the first quarter. CWM LLC now owns 256 shares of the company's stock valued at $27,000 after purchasing an additional 128 shares during the period. Fourth Dimension Wealth LLC acquired a new position in shares of Reddit during the fourth quarter valued at $49,000. Chelsea Counsel Co. acquired a new position in shares of Reddit during the fourth quarter valued at $49,000. Quarry LP acquired a new position in shares of Reddit during the fourth quarter valued at $59,000. Finally, CoreCap Advisors LLC increased its holdings in shares of Reddit by 3,500.0% during the fourth quarter. CoreCap Advisors LLC now owns 360 shares of the company's stock valued at $59,000 after purchasing an additional 350 shares during the period.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on RDDT shares. Roth Mkm raised their price target on Reddit from $120.00 to $130.00 and gave the company a "neutral" rating in a report on Friday, May 2nd. Piper Sandler raised their target price on Reddit from $150.00 to $210.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Wolfe Research raised Reddit to an "outperform" rating in a research note on Sunday, August 3rd. Roth Capital raised their target price on Reddit from $130.00 to $145.00 and gave the company a "neutral" rating in a research note on Monday, July 21st. Finally, Raymond James Financial reaffirmed a "strong-buy" rating and set a $225.00 target price (up previously from $175.00) on shares of Reddit in a research note on Friday, August 1st. One research 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 stock. Based on data from MarketBeat.com, Reddit presently has an average rating of "Moderate Buy" and an average target price of $168.43.

Insiders Place Their Bets

In other news, COO Jennifer L. Wong sold 33,334 shares of Reddit stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $142.06, for a total transaction of $4,735,428.04. Following the sale, the chief operating officer owned 1,428,007 shares of the company's stock, valued at approximately $202,862,674.42. This trade represents a 2.28% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Christopher Brian Slowe sold 16,000 shares of the business's stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $145.58, for a total value of $2,329,280.00. Following the completion of the sale, the chief technology officer directly owned 241,373 shares in the company, valued at approximately $35,139,081.34. This represents a 6.22% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 510,309 shares of company stock worth $63,881,845. Corporate insiders own 34.25% of the company's stock.

Reddit Stock Up 1.4%

Shares of RDDT traded up $3.13 during midday trading on Tuesday, reaching $223.88. 4,439,641 shares of the stock were exchanged, compared to its average volume of 7,910,730. Reddit Inc. has a 12-month low of $52.39 and a 12-month high of $230.41. The firm has a 50 day simple moving average of $149.30 and a 200-day simple moving average of $139.41. The company has a market cap of $41.90 billion, a price-to-earnings ratio of 203.52, a P/E/G ratio of 3.42 and a beta of 2.30.

Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The company reported $0.45 earnings per share for the quarter, beating analysts' consensus estimates of $0.20 by $0.25. Reddit had a return on equity of 9.93% and a net margin of 12.97%. The business had revenue of $499.63 million for the quarter, compared to the consensus estimate of $424.07 million. During the same period last year, the business earned ($0.06) EPS. The firm's revenue was up 77.9% compared to the same quarter last year. Research analysts expect that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

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.