10,304 Shares in Reddit Inc. (NYSE:RDDT) Purchased by Good Life Advisors LLC

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

Other large investors have also recently bought and sold shares of the company. Plato Investment Management Ltd bought a new stake in Reddit in the 4th quarter valued at $27,000. EverSource Wealth Advisors LLC acquired a new stake in Reddit during the fourth quarter worth about $28,000. Allworth Financial LP raised its position in Reddit by 970.0% during the fourth quarter. Allworth Financial LP now owns 214 shares of the company's stock valued at $35,000 after purchasing an additional 194 shares in the last quarter. Kestra Investment Management LLC bought a new stake in shares of Reddit during the 4th quarter worth $38,000. Finally, Tucker Asset Management LLC bought a new stake in shares of Reddit during the fourth quarter worth $39,000.

Reddit Price Performance

RDDT traded down $1.58 during trading on Friday, hitting $139.58. 8,693,835 shares of the stock traded hands, compared to its average volume of 6,425,854. The firm has a market capitalization of $25.76 billion, a P/E ratio of 236.59, a price-to-earnings-growth ratio of 3.62 and a beta of 1.99. Reddit Inc. has a 12-month low of $49.13 and a 12-month high of $230.41. The firm has a 50-day moving average of $111.48 and a 200 day moving average of $142.64.

Reddit (NYSE:RDDT - Get Free Report) last posted its 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 analysts' expectations of $370.55 million. Reddit had a return on equity of 5.69% and a net margin of 8.07%. Reddit's quarterly revenue was up 61.5% on a year-over-year basis. During the same period last year, the firm earned ($8.19) earnings per share. As a group, equities analysts predict that Reddit Inc. will post 1.12 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on RDDT. Roth Capital restated a "neutral" rating on shares of Reddit in a research report on Friday, May 2nd. Bank of America dropped their price target on shares of Reddit from $190.00 to $110.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 9th. JMP Securities reiterated a "market outperform" rating and set a $180.00 price objective on shares of Reddit in a research report on Friday, May 2nd. Guggenheim dropped their price objective on Reddit from $170.00 to $165.00 and set a "buy" rating on the stock in a research note on Friday, May 2nd. Finally, Redburn Partners set a $75.00 price target on shares of Reddit in a report on Monday, March 17th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $139.35.

Insider Activity at Reddit

In other news, CAO Michelle Marie Reynolds sold 909 shares of the firm's stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $125.00, for a total value of $113,625.00. Following the completion of the transaction, the chief accounting officer now owns 41,368 shares in the company, valued at $5,171,000. This trade represents a 2.15% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Jennifer L. Wong sold 33,334 shares of Reddit stock in a transaction that occurred on Wednesday, April 16th. The shares were sold at an average price of $93.99, for a total value of $3,133,062.66. Following the sale, the chief operating officer now owns 1,466,119 shares in the company, valued at $137,800,524.81. This represents a 2.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 708,785 shares of company stock worth $79,988,250 over the last quarter. 34.25% of the stock is owned by corporate insiders.

Reddit Company Profile

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.