Dakota Wealth Management Acquires Shares of 4,587 Reddit Inc. (NYSE:RDDT)

Dakota Wealth Management bought a new position in shares of Reddit Inc. (NYSE:RDDT - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 4,587 shares of the company's stock, valued at approximately $481,000.

A number of other large investors have also recently added to or reduced their stakes in RDDT. OVERSEA CHINESE BANKING Corp Ltd boosted its position in Reddit by 196.1% during the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 122,009 shares of the company's stock worth $12,799,000 after buying an additional 80,809 shares during the period. Apollon Wealth Management LLC boosted its holdings in shares of Reddit by 9.2% in the 1st quarter. Apollon Wealth Management LLC now owns 3,785 shares of the company's stock worth $397,000 after buying an additional 320 shares during the last quarter. Sigma Planning Corp lifted its holdings in shares of Reddit by 67.1% in the first quarter. Sigma Planning Corp now owns 16,799 shares of the company's stock worth $1,762,000 after buying an additional 6,747 shares in the last quarter. Signaturefd LLC increased its position in shares of Reddit by 3.5% in the first quarter. Signaturefd LLC now owns 2,859 shares of the company's stock worth $300,000 after purchasing an additional 97 shares during the last quarter. Finally, Left Brain Wealth Management LLC bought a new position in Reddit during the first quarter valued at approximately $210,000.

Reddit Trading Down 1.2%

RDDT stock opened at $142.62 on Friday. Reddit Inc. has a twelve month low of $49.13 and a twelve month high of $230.41. The business has a 50 day simple moving average of $127.19 and a 200-day simple moving average of $139.93. The company has a market capitalization of $26.32 billion, a P/E ratio of 241.73, a PEG ratio of 3.70 and a beta of 2.33.

Reddit (NYSE:RDDT - Get Free Report) last announced its earnings results on Thursday, May 1st. The company reported $0.13 EPS for the quarter, beating the consensus estimate of $0.02 by $0.11. The business had revenue of $392.36 million for the quarter, compared to the consensus estimate of $370.55 million. Reddit had a return on equity of 5.69% and a net margin of 8.07%. The company's revenue was up 61.5% on a year-over-year basis. During the same period last year, the business posted ($8.19) EPS. Research analysts predict that Reddit Inc. will post 1.12 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CTO Christopher Brian Slowe sold 16,000 shares of the stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $136.47, for a total value of $2,183,520.00. Following the completion of the transaction, the chief technology officer directly owned 246,373 shares in the company, valued at approximately $33,622,523.31. This represents a 6.10% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Jennifer L. Wong sold 33,333 shares of the stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $124.45, for a total value of $4,148,291.85. Following the sale, the chief operating officer owned 1,428,007 shares of the company's stock, valued at approximately $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. In the last three months, insiders sold 459,543 shares of company stock worth $54,442,014. 34.25% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. Piper Sandler reaffirmed 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. B. Riley reaffirmed a "buy" rating and set a $220.00 target price (down from $222.00) on shares of Reddit in a research report on Friday, May 2nd. Royal Bank Of Canada set a $125.00 price target on Reddit and gave the stock a "sector perform" rating in a research report on Wednesday, June 25th. Guggenheim reiterated a "buy" rating and set a $165.00 price objective on shares of Reddit in a research report on Tuesday, June 24th. Finally, Roth Mkm lifted their target price on Reddit from $120.00 to $130.00 and gave the company a "neutral" rating in a report on Friday, May 2nd. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have given a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $141.04.

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.

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