First Trust Advisors LP Sells 67,942 Shares of Reddit Inc. $RDDT

First Trust Advisors LP decreased its holdings in Reddit Inc. (NYSE:RDDT - Free Report) by 21.9% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 242,035 shares of the company's stock after selling 67,942 shares during the quarter. First Trust Advisors LP owned about 0.13% of Reddit worth $32,590,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in RDDT. NewEdge Advisors LLC raised its holdings in Reddit by 143.3% in the 1st quarter. NewEdge Advisors LLC now owns 7,982 shares of the company's stock worth $837,000 after purchasing an additional 4,701 shares in the last quarter. Empowered Funds LLC bought a new stake in shares of Reddit during the 1st quarter valued at about $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in shares of Reddit by 106.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 216,960 shares of the company's stock valued at $22,759,000 after purchasing an additional 111,780 shares in the last quarter. Focus Partners Wealth increased its position in shares of Reddit by 40.8% during the first quarter. Focus Partners Wealth now owns 10,224 shares of the company's stock valued at $1,073,000 after buying an additional 2,965 shares during the period. Finally, Geneos Wealth Management Inc. increased its position in shares of Reddit by 344.6% during the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company's stock valued at $39,000 after buying an additional 286 shares during the period.

Insider Activity

In other news, COO Jennifer L. Wong sold 39,167 shares of Reddit stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $158.52, for a total value of $6,208,752.84. Following the completion of the transaction, the chief operating officer owned 1,088,451 shares of the company's stock, valued at $172,541,252.52. The trade was a 3.47% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Steve Ladd Huffman sold 18,000 shares of the company's stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $178.26, for a total transaction of $3,208,680.00. Following the completion of the transaction, the chief executive officer owned 373,814 shares in the company, valued at approximately $66,636,083.64. The trade was a 4.59% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 169,141 shares of company stock worth $28,680,845 over the last three months. 28.48% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have commented on the stock. Bank of America lowered their price objective on shares of Reddit from $205.00 to $175.00 and set a "neutral" rating for the company in a report on Thursday, April 2nd. Oppenheimer reissued an "outperform" rating and issued a $225.00 target price on shares of Reddit in a research report on Friday, May 1st. Zacks Research cut Reddit from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, June 3rd. Truist Financial set a $265.00 price target on Reddit in a research report on Friday, May 1st. Finally, DA Davidson reaffirmed a "buy" rating and issued a $200.00 price target on shares of Reddit in a research note on Thursday, July 23rd. Nineteen investment analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company. Based on data from MarketBeat, Reddit presently has an average rating of "Moderate Buy" and an average target price of $232.48.

Reddit Stock Performance

RDDT stock opened at $178.73 on Wednesday. The firm has a 50 day moving average price of $175.55 and a 200-day moving average price of $166.09. Reddit Inc. has a 52-week low of $119.27 and a 52-week high of $282.95. The firm has a market capitalization of $34.41 billion, a price-to-earnings ratio of 51.07 and a beta of 1.93.

Reddit (NYSE:RDDT - Get Free Report) last posted its quarterly earnings data on Thursday, April 30th. The company reported $1.01 earnings per share for the quarter, beating analysts' consensus estimates of $0.62 by $0.39. The company had revenue of $663.41 million during the quarter, compared to analyst estimates of $607.74 million. Reddit had a return on equity of 25.48% and a net margin of 28.60%.The firm's revenue for the quarter was up 69.1% on a year-over-year basis. During the same quarter last year, the company earned $0.13 EPS. As a group, sell-side analysts forecast that Reddit Inc. will post 4.85 earnings per share for the current fiscal year.

About Reddit

Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called "subreddits," each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.

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