Integrated Advisors Network LLC Purchases New Shares in Reddit, Inc. (NYSE:RDDT)

Integrated Advisors Network LLC acquired a new position in shares of Reddit, Inc. (NYSE:RDDT - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 3,007 shares of the company's stock, valued at approximately $491,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Plato Investment Management Ltd acquired a new position in shares of Reddit during the 4th quarter worth about $27,000. EverSource Wealth Advisors LLC purchased a new stake in shares of Reddit during the fourth quarter worth approximately $28,000. Farmers & Merchants Investments Inc. purchased a new position in shares of Reddit in the 4th quarter valued at about $33,000. Bogart Wealth LLC purchased a new position in shares of Reddit in the 4th quarter valued at $33,000. Finally, Spire Wealth Management purchased a new position in Reddit during the 4th quarter worth approximately $35,000.

Insider Activity at Reddit

In other news, COO Jennifer L. Wong sold 33,334 shares of the stock in a transaction that occurred on Wednesday, April 16th. The stock was sold at an average price of $93.99, for a total value of $3,133,062.66. Following the completion of the transaction, the chief operating officer now directly owns 1,466,119 shares of the company's stock, valued at approximately $137,800,524.81. This represents a 2.22% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Michelle Marie Reynolds sold 2,729 shares of the stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $98.85, for a total value of $269,761.65. Following the transaction, the chief accounting officer now owns 42,277 shares of the company's stock, valued at $4,179,081.45. This represents a 6.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 768,139 shares of company stock worth $91,598,952.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on RDDT shares. JPMorgan Chase & Co. lowered their price objective on shares of Reddit from $185.00 to $110.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 8th. Truist Financial assumed coverage on Reddit in a research note on Monday, April 7th. They issued a "buy" rating and a $150.00 price target on the stock. Redburn Atlantic started coverage on shares of Reddit in a report on Monday, March 17th. They issued a "sell" rating and a $75.00 price target on the stock. B. Riley reaffirmed a "buy" rating and set a $220.00 price target (down previously from $222.00) on shares of Reddit in a research note on Friday, May 2nd. Finally, Guggenheim lowered their price objective on Reddit from $170.00 to $165.00 and set a "buy" rating for the company in a report on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $140.45.

Reddit Stock Up 3.2%

Shares of NYSE:RDDT traded up $3.51 during trading on Friday, reaching $112.54. 7,538,474 shares of the company traded hands, compared to its average volume of 6,158,169. The firm has a market cap of $20.77 billion, a P/E ratio of -14.56, a price-to-earnings-growth ratio of 4.72 and a beta of 2.90. Reddit, Inc. has a 1-year low of $49.13 and a 1-year high of $230.41. The firm has a fifty day simple moving average of $106.24 and a 200 day simple moving average of $144.43.

Reddit (NYSE:RDDT - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The company reported $0.13 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.11. The business had revenue of $392.36 million during the quarter, compared to analysts' expectations of $370.55 million. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. The firm's revenue was up 61.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($8.19) EPS. As a group, research analysts anticipate that Reddit, Inc. will post 1.12 EPS for the current year.

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.