Integrated Advisors Network LLC Takes $491,000 Position in Reddit, Inc. (NYSE:RDDT)

Integrated Advisors Network LLC acquired a new stake in shares of Reddit, Inc. (NYSE:RDDT - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 3,007 shares of the company's stock, valued at approximately $491,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in RDDT. FMR LLC raised its stake in Reddit by 7.5% during the 4th quarter. FMR LLC now owns 13,070,780 shares of the company's stock valued at $2,136,288,000 after purchasing an additional 913,189 shares during the last quarter. Vanguard Group Inc. increased its holdings in Reddit by 184.2% in the 4th quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company's stock valued at $1,500,606,000 after buying an additional 5,950,909 shares during the period. Jennison Associates LLC bought a new stake in Reddit in the 4th quarter valued at $494,861,000. Alliancebernstein L.P. raised its stake in shares of Reddit by 1,011.1% in the 4th quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company's stock valued at $455,795,000 after buying an additional 2,537,768 shares in the last quarter. Finally, Lord Abbett & CO. LLC lifted its holdings in shares of Reddit by 12.8% during the 4th quarter. Lord Abbett & CO. LLC now owns 1,861,998 shares of the company's stock worth $304,325,000 after acquiring an additional 211,636 shares during the period.

Analysts Set New Price Targets

RDDT has been the topic of a number of analyst reports. Bank of America lowered their price target on 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 target price on shares of Reddit in a research report on Friday, May 2nd. Truist Financial initiated coverage on shares of Reddit in a research report on Monday, April 7th. They set a "buy" rating and a $150.00 target price for the company. Morgan Stanley lowered their price objective on shares of Reddit from $210.00 to $140.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. Finally, Redburn Atlantic assumed coverage on shares of Reddit in a research note on Monday, March 17th. They issued a "sell" rating and a $75.00 target price on the stock. One research analyst has rated the stock with a sell rating, eight have given a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $140.45.

Reddit Price Performance

RDDT traded up $3.51 during trading on Friday, reaching $112.54. The company had a trading volume of 7,538,474 shares, compared to its average volume of 6,124,675. The company has a market cap of $20.77 billion, a P/E ratio of -14.56, a PEG ratio of 4.72 and a beta of 2.90. The business's fifty day moving average price is $106.50 and its 200 day moving average price is $144.36. 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. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. The firm had revenue of $392.36 million for the quarter, compared to analyst estimates of $370.55 million. During the same period in the prior year, the firm posted ($8.19) earnings per share. The company's quarterly revenue was up 61.5% compared to the same quarter last year. As a group, sell-side analysts predict that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Insider Buying and Selling at Reddit

In related news, CAO Michelle Marie Reynolds sold 11,965 shares of the company's stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $157.41, for a total value of $1,883,410.65. Following the transaction, the chief accounting officer now directly owns 48,418 shares in the company, valued at approximately $7,621,477.38. This represents a 19.82% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Benjamin Seong Lee sold 92,299 shares of the company's stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $157.35, for a total transaction of $14,523,247.65. Following the completion of the transaction, the insider now owns 115,001 shares in the company, valued at $18,095,407.35. This trade represents a 44.52% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 768,139 shares of company stock worth $91,598,952 over the last ninety days.

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.