Reddit Inc. (NYSE:RDDT) Holdings Raised by LPL Financial LLC

Key Points

• LPL Financial LLC increased its stake in Reddit Inc. by 58.4%, purchasing an additional 38,446 shares in the first quarter, bringing its total ownership to 104,230 shares valued at approximately $10.9 million.
• Several institutional investors have also increased their positions in Reddit, with notable acquisitions including Cresset Asset Management LLC boosting its stake by 159.6% in the fourth quarter.
• Reddit's most recent earnings report showed earnings per share of $0.45, significantly exceeding analysts' estimates, alongside a 77.9% year-over-year revenue increase, totaling $499.63 million.

LPL Financial LLC boosted its position in Reddit Inc. (NYSE:RDDT - Free Report) by 58.4% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 104,230 shares of the company's stock after purchasing an additional 38,446 shares during the quarter. LPL Financial LLC owned about 0.06% of Reddit worth $10,934,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Signaturefd LLC grew its holdings in shares of Reddit by 3.5% during the 1st quarter. Signaturefd LLC now owns 2,859 shares of the company's stock worth $300,000 after purchasing an additional 97 shares during the period. CWM LLC grew its holdings in shares of Reddit by 100.0% during the 1st quarter. CWM LLC now owns 256 shares of the company's stock worth $27,000 after purchasing an additional 128 shares during the period. Scotia Capital Inc. grew its holdings in shares of Reddit by 5.5% during the 4th quarter. Scotia Capital Inc. now owns 3,500 shares of the company's stock worth $572,000 after purchasing an additional 182 shares during the period. Morling Financial Advisors LLC grew its holdings in shares of Reddit by 3.8% during the 1st quarter. Morling Financial Advisors LLC now owns 5,487 shares of the company's stock worth $576,000 after purchasing an additional 202 shares during the period. Finally, Wedbush Securities Inc. grew its holdings in shares of Reddit by 10.3% during the 1st quarter. Wedbush Securities Inc. now owns 2,487 shares of the company's stock worth $261,000 after purchasing an additional 233 shares during the period.

Insider Transactions at Reddit

In related news, CEO Steve Ladd Huffman sold 124,409 shares of the firm's stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $124.45, for a total transaction of $15,482,700.05. Following the completion of the transaction, the chief executive officer owned 546,133 shares of the company's stock, valued at $67,966,251.85. This trade represents a 18.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Andrew Vollero sold 30,000 shares of the firm's stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $117.64, for a total value of $3,529,200.00. Following the transaction, the chief financial officer directly owned 333,806 shares of the company's stock, valued at $39,268,937.84. This represents a 8.25% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 510,309 shares of company stock worth $63,881,845. Corporate insiders own 34.25% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on RDDT shares. Seaport Res Ptn upgraded Reddit from a "hold" rating to a "strong-buy" rating in a report on Monday, May 5th. Wells Fargo & Company upped their price target on Reddit from $115.00 to $118.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 1st. Citigroup upped their price target on Reddit from $158.00 to $163.00 and gave the stock a "buy" rating in a report on Tuesday, June 24th. JPMorgan Chase & Co. upped their price target on Reddit from $145.00 to $190.00 and gave the stock a "neutral" rating in a report on Friday, August 1st. Finally, Bank of America upped their price target on Reddit from $130.00 to $150.00 and gave the stock a "neutral" rating in a report on Wednesday, July 30th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have issued a buy rating and two have issued a strong buy 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 $168.43.

Reddit Stock Performance

Shares of NYSE:RDDT traded up $5.35 on Monday, hitting $220.79. The company's stock had a trading volume of 5,554,395 shares, compared to its average volume of 7,937,809. Reddit Inc. has a 12 month low of $50.80 and a 12 month high of $230.41. The company has a market capitalization of $41.32 billion, a price-to-earnings ratio of 200.72, a price-to-earnings-growth ratio of 3.42 and a beta of 2.30. The stock's 50-day moving average is $147.12 and its two-hundred day moving average is $139.14.

Reddit (NYSE:RDDT - Get Free Report) last announced its earnings results on Thursday, July 31st. The company reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.25. Reddit had a return on equity of 9.93% and a net margin of 12.97%. The business had revenue of $499.63 million during the quarter, compared to analysts' expectations of $424.07 million. During the same quarter last year, the business posted ($0.06) earnings per share. The company's quarterly revenue was up 77.9% on a year-over-year basis. Equities analysts expect that Reddit Inc. will post 1.12 earnings per share for the current fiscal 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.