Good Life Advisors LLC Makes New Investment in Reddit Inc. (NYSE:RDDT)

Good Life Advisors LLC bought a new position in shares of Reddit Inc. (NYSE:RDDT - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 10,304 shares of the company's stock, valued at approximately $1,081,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Plato Investment Management Ltd acquired a new position in Reddit during the 4th quarter worth $27,000. EverSource Wealth Advisors LLC purchased a new position in shares of Reddit in the 4th quarter valued at about $28,000. Allworth Financial LP grew its position in shares of Reddit by 970.0% during the fourth 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. Kestra Investment Management LLC purchased a new stake in shares of Reddit during the fourth quarter worth approximately $38,000. Finally, Tucker Asset Management LLC acquired a new stake in Reddit in the fourth quarter valued at approximately $39,000.

Reddit Trading Up 3.9%

Shares of RDDT traded up $5.18 during mid-day trading on Wednesday, hitting $139.02. 5,922,661 shares of the company's stock were exchanged, compared to its average volume of 7,925,948. Reddit Inc. has a fifty-two week low of $49.13 and a fifty-two week high of $230.41. The firm has a market capitalization of $25.65 billion, a P/E ratio of 235.63, a P/E/G ratio of 3.24 and a beta of 1.99. The business's 50 day moving average is $110.09 and its two-hundred day moving average is $142.66.

Reddit (NYSE:RDDT - Get Free Report) last posted 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. Reddit had a return on equity of 5.69% and a net margin of 8.07%. The firm had revenue of $392.36 million during the quarter, compared to the consensus estimate of $370.55 million. During the same period in the prior year, the business earned ($8.19) EPS. The firm's revenue was up 61.5% compared to the same quarter last year. On average, equities research analysts forecast that Reddit Inc. will post 1.12 earnings per share for the current year.

Analyst Upgrades and Downgrades

RDDT has been the topic of a number of recent analyst reports. Piper Sandler reissued an "overweight" rating and issued a $150.00 price objective (up from $140.00) on shares of Reddit in a research report on Friday, May 2nd. Robert W. Baird lowered their target price on shares of Reddit from $140.00 to $120.00 and set a "neutral" rating for the company in a research note on Wednesday, May 21st. Roth Capital reissued a "neutral" rating on shares of Reddit in a report on Friday, May 2nd. Roth Mkm lifted their price target on Reddit from $120.00 to $130.00 and gave the stock a "neutral" rating in a report on Friday, May 2nd. Finally, Oppenheimer assumed coverage on Reddit in a research report on Wednesday, April 16th. They set an "outperform" rating and a $125.00 price objective for the company. One equities research 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 company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $139.35.

Insider Transactions at Reddit

In other Reddit news, CFO Andrew Vollero sold 100,000 shares of Reddit stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $124.08, for a total value of $12,408,000.00. Following the sale, the chief financial officer now owns 499,295 shares of the company's stock, valued at approximately $61,952,523.60. The trade was a 16.69% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the business's stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $103.28, for a total value of $1,445,920.00. Following the transaction, the chief executive officer now owns 577,013 shares in the company, valued at $59,593,902.64. The trade was a 2.37% decrease in their position. The disclosure for this sale can be found here. Insiders sold 550,134 shares of company stock worth $60,243,633 over the last 90 days. 34.25% of the stock is currently 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.