Generate Investment Management Ltd acquired a new position in Reddit Inc. (NYSE:RDDT - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 22,380 shares of the company's stock, valued at approximately $2,348,000.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Plato Investment Management Ltd purchased a new stake in Reddit in the 4th quarter worth approximately $27,000. EverSource Wealth Advisors LLC purchased a new stake in Reddit in the 4th quarter worth approximately $28,000. Allworth Financial LP lifted its position in Reddit by 970.0% in the 4th quarter. Allworth Financial LP now owns 214 shares of the company's stock worth $35,000 after buying an additional 194 shares in the last quarter. Tucker Asset Management LLC purchased a new stake in Reddit in the 4th quarter worth approximately $39,000. Finally, Farther Finance Advisors LLC lifted its position in Reddit by 148.5% in the 4th quarter. Farther Finance Advisors LLC now owns 246 shares of the company's stock worth $40,000 after buying an additional 147 shares in the last quarter.
Reddit Trading Down 0.5%
RDDT traded down $0.74 during trading on Friday, hitting $143.21. The stock had a trading volume of 17,682,969 shares, compared to its average volume of 6,567,720. The firm has a market cap of $26.42 billion, a PE ratio of 242.73, a P/E/G ratio of 3.70 and a beta of 1.99. The company has a 50 day simple moving average of $116.69 and a 200-day simple moving average of $141.95. Reddit Inc. has a 12 month low of $49.13 and a 12 month high of $230.41.
Reddit (NYSE:RDDT - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.11. The company had revenue of $392.36 million for the quarter, compared to analyst estimates of $370.55 million. Reddit had a net margin of 8.07% and a return on equity of 5.69%. The business's quarterly revenue was up 61.5% on a year-over-year basis. During the same period last year, the business posted ($8.19) EPS. As a group, sell-side analysts anticipate that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.
Insiders Place Their Bets
In other news, COO Jennifer L. Wong sold 33,334 shares of Reddit stock in a transaction dated Wednesday, April 16th. The shares were sold at an average price of $93.99, for a total transaction of $3,133,062.66. Following the sale, the chief operating officer now directly owns 1,466,119 shares in the company, valued at approximately $137,800,524.81. The trade was a 2.22% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Steve Ladd Huffman sold 124,408 shares of Reddit stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $96.65, for a total transaction of $12,024,033.20. Following the sale, the chief executive officer now owns 577,013 shares in the company, valued at approximately $55,768,306.45. This trade represents a 17.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 617,285 shares of company stock worth $68,926,130 in the last ninety days. Insiders own 34.25% of the company's stock.
Wall Street Analyst Weigh In
A number of equities research analysts have issued reports on the stock. Wells Fargo & Company set a $115.00 target price on shares of Reddit and gave the stock an "equal weight" rating in a research report on Monday, May 19th. Citigroup increased their target price on shares of Reddit from $158.00 to $163.00 and gave the stock a "buy" rating in a research report on Tuesday. Loop Capital cut their price target on shares of Reddit from $210.00 to $200.00 and set a "buy" rating on the stock in a report on Thursday, June 12th. Morgan Stanley cut their price target on shares of Reddit from $210.00 to $140.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. Finally, JPMorgan Chase & Co. cut their price target on shares of Reddit from $185.00 to $110.00 and set a "neutral" rating on the stock in a report on Tuesday, April 8th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $139.57.
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Reddit Company Profile
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Free Report)
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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