Harvest Portfolios Group Inc. Boosts Stock Position in Reddit Inc. $RDDT

Key Points

• Harvest Portfolios Group dramatically increased its Reddit stake in Q4, boosting holdings by 4,883.7% to 225,064 shares worth about $51.7 million.
• Reddit’s latest quarterly results beat expectations, with EPS of $1.01 versus $0.62 expected and revenue of $663.4 million, up 69.1% year over year.
• Analysts remain generally bullish on the stock, with a Moderate Buy consensus and an average price target of $228.61, though insider selling has been notable in recent months.

Harvest Portfolios Group Inc. boosted its holdings in shares of Reddit Inc. (NYSE:RDDT - Free Report) by 4,883.7% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 225,064 shares of the company's stock after purchasing an additional 220,548 shares during the quarter. Harvest Portfolios Group Inc. owned approximately 0.12% of Reddit worth $51,735,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of RDDT. NewEdge Advisors LLC increased its holdings in Reddit by 143.3% during 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 during the last quarter. Empowered Funds LLC purchased a new stake in Reddit during the 1st quarter worth approximately $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Reddit by 106.3% in 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 acquiring an additional 111,780 shares during the last quarter. Focus Partners Wealth increased its holdings in shares of Reddit by 40.8% in the 1st quarter. Focus Partners Wealth now owns 10,224 shares of the company's stock valued at $1,073,000 after acquiring an additional 2,965 shares during the last quarter. Finally, Geneos Wealth Management Inc. increased its holdings in shares of Reddit by 344.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 369 shares of the company's stock valued at $39,000 after acquiring an additional 286 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Truist Financial set a $265.00 price target on Reddit in a report on Friday, May 1st. Needham & Company LLC reiterated a "buy" rating and issued a $300.00 price target on shares of Reddit in a report on Friday, May 1st. Evercore reiterated an "outperform" rating and issued a $290.00 price target on shares of Reddit in a report on Friday, February 6th. Wells Fargo & Company boosted their price target on Reddit from $149.00 to $176.00 and gave the company an "equal weight" rating in a report on Friday, May 1st. Finally, Raymond James Financial set a $180.00 price target on Reddit and gave the company a "market perform" rating in a report on Friday, May 1st. One analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and eleven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $228.61.

Reddit Price Performance

Shares of RDDT opened at $154.76 on Wednesday. The company has a market cap of $29.79 billion, a P/E ratio of 44.22 and a beta of 1.85. The stock has a fifty day moving average price of $147.08 and a 200 day moving average price of $180.52. Reddit Inc. has a 12 month low of $94.89 and a 12 month high of $282.95.

Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings data on Thursday, April 30th. The company reported $1.01 EPS for the quarter, topping analysts' consensus estimates of $0.62 by $0.39. The firm had revenue of $663.41 million during the quarter, compared to the consensus estimate of $607.74 million. Reddit had a return on equity of 25.48% and a net margin of 28.60%.The firm's revenue was up 69.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.13 EPS. As a group, research analysts anticipate that Reddit Inc. will post 4.83 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Steve Ladd Huffman sold 18,000 shares of the company's stock in a transaction on Friday, February 27th. The stock was sold at an average price of $145.12, for a total transaction of $2,612,160.00. Following the completion of the transaction, the chief executive officer directly owned 411,195 shares in the company, valued at $59,672,618.40. This represents a 4.19% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Christopher Brian Slowe sold 19,036 shares of the company's stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $144.05, for a total value of $2,742,135.80. Following the transaction, the chief technology officer owned 185,057 shares of the company's stock, valued at approximately $26,657,460.85. The trade was a 9.33% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 286,977 shares of company stock worth $42,579,659 in the last three months. 34.25% of the stock is owned by insiders.

Reddit Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.