Envestnet Asset Management Inc. Sells 7,221 Shares of Reddit Inc. (NYSE:RDDT)

Envestnet Asset Management Inc. lessened its position in Reddit Inc. (NYSE:RDDT - Free Report) by 8.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 74,515 shares of the company's stock after selling 7,221 shares during the period. Envestnet Asset Management Inc.'s holdings in Reddit were worth $7,817,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Ogborne Capital Management LLC bought a new position in shares of Reddit in the 4th quarter valued at about $11,539,000. Wells Fargo & Company MN boosted its holdings in shares of Reddit by 909.3% during the 4th quarter. Wells Fargo & Company MN now owns 97,183 shares of the company's stock worth $15,884,000 after buying an additional 87,554 shares during the period. Voloridge Investment Management LLC boosted its holdings in shares of Reddit by 46.3% during the 4th quarter. Voloridge Investment Management LLC now owns 963,516 shares of the company's stock worth $157,477,000 after buying an additional 304,773 shares during the period. FMR LLC boosted its holdings in shares of Reddit by 7.5% during the 4th quarter. FMR LLC now owns 13,070,780 shares of the company's stock worth $2,136,288,000 after buying an additional 913,189 shares during the period. Finally, Renaissance Capital LLC boosted its holdings in shares of Reddit by 10.9% during the 1st quarter. Renaissance Capital LLC now owns 34,636 shares of the company's stock worth $3,633,000 after buying an additional 3,400 shares during the period.

Wall Street Analysts Forecast Growth

RDDT has been the subject of several research analyst reports. Wall Street Zen raised shares of Reddit from a "hold" rating to a "buy" rating in a report on Saturday, June 14th. Guggenheim reiterated a "buy" rating and issued a $165.00 price objective on shares of Reddit in a research note on Tuesday, June 24th. Bank of America dropped their price objective 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. Seaport Res Ptn upgraded shares of Reddit from a "hold" rating to a "strong-buy" rating in a research note on Monday, May 5th. Finally, Roth Capital lifted their price objective on shares of Reddit from $130.00 to $145.00 and gave the stock a "neutral" rating in a research note on Monday, July 21st. 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 issued a strong buy rating to the stock. Based on data from MarketBeat, Reddit currently has a consensus rating of "Moderate Buy" and a consensus price target of $144.13.

Insider Buying and Selling

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction dated Tuesday, July 15th. The shares were sold at an average price of $145.63, for a total transaction of $2,038,820.00. Following the completion of the transaction, the chief executive officer owned 539,631 shares in the company, valued at $78,586,462.53. This trade represents a 2.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Jennifer L. Wong sold 33,334 shares of the firm's stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $142.06, for a total transaction of $4,735,428.04. Following the completion of the transaction, the chief operating officer owned 1,428,007 shares of the company's stock, valued at $202,862,674.42. This trade represents a 2.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 506,809 shares of company stock valued at $61,884,325 over the last 90 days. 34.25% of the stock is currently owned by company insiders.

Reddit Stock Performance

Shares of NYSE:RDDT traded up $1.60 during trading on Friday, reaching $149.73. The stock had a trading volume of 4,495,742 shares, compared to its average volume of 6,198,616. The firm's fifty day moving average is $131.22 and its 200 day moving average is $138.76. Reddit Inc. has a 52 week low of $49.13 and a 52 week high of $230.41. The stock has a market cap of $27.63 billion, a price-to-earnings ratio of 253.78, a P/E/G ratio of 3.84 and a beta of 2.33.

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, beating analysts' consensus estimates of $0.02 by $0.11. Reddit had a net margin of 8.07% and a return on equity of 5.69%. The company had revenue of $392.36 million for the quarter, compared to the consensus estimate of $370.55 million. During the same quarter in the previous year, the company earned ($8.19) EPS. Reddit's quarterly revenue was up 61.5% compared to the same quarter last year. On average, research analysts forecast that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

About Reddit

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.