Csenge Advisory Group Acquires New Position in Reddit Inc. (NYSE:RDDT)

Csenge Advisory Group bought a new position in shares of Reddit Inc. (NYSE:RDDT - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 3,969 shares of the company's stock, valued at approximately $382,000.

Other large investors also recently modified their holdings of the company. Farther Finance Advisors LLC raised its stake in Reddit by 148.5% during the fourth quarter. Farther Finance Advisors LLC now owns 246 shares of the company's stock worth $40,000 after acquiring an additional 147 shares in the last quarter. Natixis Advisors LLC acquired a new position in shares of Reddit during the 4th quarter worth about $2,549,000. Envestnet Portfolio Solutions Inc. acquired a new position in Reddit in the fourth quarter valued at about $609,000. Teacher Retirement System of Texas acquired a new position in shares of Reddit in the fourth quarter valued at approximately $2,814,000. Finally, Whittier Trust Co. of Nevada Inc. acquired a new position in shares of Reddit during the fourth quarter worth about $56,000.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on RDDT. The Goldman Sachs Group raised their target price on shares of Reddit from $124.00 to $140.00 and gave the company a "neutral" rating in a research note on Friday, May 2nd. Guggenheim reissued a "buy" rating and set a $165.00 price target on shares of Reddit in a report on Tuesday, June 24th. Roth Capital increased their price target on Reddit from $130.00 to $145.00 and gave the company a "neutral" rating in a research note on Monday. Bank of America dropped their price target on shares of Reddit from $190.00 to $110.00 and set a "neutral" rating for the company in a research note on Wednesday, April 9th. Finally, Needham & Company LLC lifted their price objective on Reddit from $145.00 to $165.00 and gave the stock a "buy" rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Reddit has an average rating of "Moderate Buy" and a consensus target price of $144.13.

Insider Buying and Selling

In other Reddit news, CEO Steve Ladd Huffman sold 124,409 shares of the firm's stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $124.45, for a total transaction of $15,482,700.05. Following the completion of the sale, the chief executive officer directly owned 546,133 shares in the company, valued at approximately $67,966,251.85. This trade represents a 18.55% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Christopher Brian Slowe sold 26,000 shares of Reddit stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $98.43, for a total value of $2,559,180.00. Following the completion of the sale, the chief technology officer directly owned 251,373 shares of the company's stock, valued at approximately $24,742,644.39. The trade was a 9.37% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 506,809 shares of company stock valued at $61,884,325 over the last ninety days. Insiders own 34.25% of the company's stock.

Reddit Trading Up 1.6%

NYSE RDDT traded up $2.40 during trading on Friday, hitting $150.53. The company had a trading volume of 1,022,249 shares, compared to its average volume of 7,725,457. Reddit Inc. has a one year low of $49.13 and a one year high of $230.41. The company has a market cap of $27.78 billion, a price-to-earnings ratio of 255.38, a price-to-earnings-growth ratio of 3.75 and a beta of 2.33. The company's fifty day moving average is $130.49 and its 200-day moving average is $139.14.

Reddit (NYSE:RDDT - Get Free Report) last posted its quarterly earnings data 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. Reddit had a return on equity of 5.69% and a net margin of 8.07%. The business had revenue of $392.36 million during the quarter, compared to the consensus estimate of $370.55 million. During the same quarter in the prior year, the company earned ($8.19) earnings per share. The firm's quarterly revenue was up 61.5% compared to the same quarter last year. As a group, equities analysts anticipate that Reddit Inc. will post 1.12 EPS for the current 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.