Fishman Jay A Ltd. MI Purchases Shares of 97,630 Reddit Inc. (NYSE:RDDT)

Fishman Jay A Ltd. MI purchased a new stake in Reddit Inc. (NYSE:RDDT - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 97,630 shares of the company's stock, valued at approximately $10,241,000. Reddit makes up about 1.1% of Fishman Jay A Ltd. MI's portfolio, making the stock its 18th largest position. Fishman Jay A Ltd. MI owned about 0.05% of Reddit as of its most recent SEC filing.

Several other large investors also recently modified their holdings of RDDT. Plato Investment Management Ltd acquired a new position in Reddit during the 4th quarter worth $27,000. EverSource Wealth Advisors LLC acquired a new position in shares of Reddit in the 4th quarter valued at $28,000. Allworth Financial LP lifted its stake in shares of Reddit by 970.0% in the 4th quarter. Allworth Financial LP now owns 214 shares of the company's stock valued at $35,000 after purchasing an additional 194 shares during the period. Kestra Investment Management LLC acquired a new position in shares of Reddit in the 4th quarter valued at $38,000. Finally, Tucker Asset Management LLC acquired a new position in shares of Reddit in the 4th quarter valued at $39,000.

Reddit Trading Down 1.1%

NYSE RDDT opened at $139.58 on Friday. Reddit Inc. has a 1-year low of $49.13 and a 1-year high of $230.41. The company has a 50 day moving average of $112.26 and a 200-day moving average of $142.57. The company has a market cap of $25.76 billion, a price-to-earnings ratio of 236.59, a PEG ratio of 3.62 and a beta of 1.99.

Reddit (NYSE:RDDT - Get Free Report) last announced its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $370.55 million. Reddit had a net margin of 8.07% and a return on equity of 5.69%. The company's revenue was up 61.5% on a year-over-year basis. During the same period in the previous year, the business earned ($8.19) earnings per share. On average, equities research analysts forecast that Reddit Inc. will post 1.12 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages recently commented on RDDT. Redburn Partners set a $75.00 price objective on Reddit in a research note on Monday, March 17th. Citigroup raised their price objective on Reddit from $150.00 to $158.00 and gave the stock a "buy" rating in a research note on Friday, May 2nd. B. Riley reiterated a "buy" rating and set a $220.00 target price (down previously from $222.00) on shares of Reddit in a report on Friday, May 2nd. Royal Bank Of Canada assumed coverage on Reddit in a report on Tuesday, June 3rd. They set a "sector perform" rating and a $125.00 target price for the company. Finally, Roth Mkm raised their price objective on Reddit from $120.00 to $130.00 and gave the company a "neutral" rating in a report on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Reddit currently has a consensus rating of "Moderate Buy" and a consensus target price of $139.35.

Insider Buying and Selling

In other Reddit news, CTO Christopher Brian Slowe sold 5,068 shares of the company's stock in a transaction on Thursday, April 24th. The shares were sold at an average price of $111.28, for a total transaction of $563,967.04. Following the sale, the chief technology officer now owns 20,184 shares of the company's stock, valued at approximately $2,246,075.52. This represents a 20.07% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Michelle Marie Reynolds sold 909 shares of the company's stock in a transaction on Monday, June 16th. The shares were sold at an average price of $125.00, for a total transaction of $113,625.00. Following the sale, the chief accounting officer now directly owns 41,368 shares in the company, valued at $5,171,000. This trade represents a 2.15% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 708,785 shares of company stock valued at $79,988,250 over the last 90 days. 34.25% of the stock is owned by insiders.

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.

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