3,286 Shares in Reddit Inc. (NYSE:RDDT) Bought by Meridian Financial LLC

Meridian Financial LLC purchased a new stake in shares of Reddit Inc. (NYSE:RDDT - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 3,286 shares of the company's stock, valued at approximately $345,000.

A number of other institutional investors have also bought and sold shares of RDDT. Vanguard Group Inc. boosted its position in shares of Reddit by 184.2% during the 4th quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company's stock worth $1,500,606,000 after purchasing an additional 5,950,909 shares in the last quarter. Alliancebernstein L.P. boosted its position in shares of Reddit by 1,011.1% during the 4th quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company's stock worth $455,795,000 after purchasing an additional 2,537,768 shares in the last quarter. Brooklyn FI LLC bought a new position in shares of Reddit during the 4th quarter worth about $303,082,000. GQG Partners LLC bought a new position in shares of Reddit during the 4th quarter worth about $271,539,000. Finally, Whale Rock Capital Management LLC bought a new position in shares of Reddit during the 4th quarter worth about $204,054,000.

Wall Street Analyst Weigh In

RDDT has been the topic of a number of research analyst reports. Piper Sandler reissued an "overweight" rating and set a $150.00 price objective (up previously from $140.00) on shares of Reddit in a research report on Friday, May 2nd. Needham & Company LLC upped their target price on shares of Reddit from $135.00 to $145.00 and gave the stock a "buy" rating in a report on Friday, May 2nd. Loop Capital lowered their target price on shares of Reddit from $210.00 to $200.00 and set a "buy" rating on the stock in a report on Thursday, June 12th. Citigroup increased their price objective on shares of Reddit from $158.00 to $163.00 and gave the company a "buy" rating in a research note on Tuesday, June 24th. Finally, The Goldman Sachs Group increased their price objective on shares of Reddit from $124.00 to $140.00 and gave the company a "neutral" rating in a research note on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have given a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $139.57.

Insiders Place Their Bets

In other news, COO Jennifer L. Wong sold 33,334 shares of the stock in a transaction that occurred on Wednesday, April 16th. The shares were sold at an average price of $93.99, for a total transaction of $3,133,062.66. Following the transaction, the chief operating officer now directly owns 1,466,119 shares in the company, valued at approximately $137,800,524.81. This trade represents a 2.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Andrew Vollero sold 30,000 shares of the firm's stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $117.64, for a total transaction of $3,529,200.00. Following the completion of the sale, the chief financial officer now owns 333,806 shares of the company's stock, valued at approximately $39,268,937.84. This trade represents a 8.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 617,285 shares of company stock worth $68,926,130 in the last 90 days. 34.25% of the stock is currently owned by corporate insiders.

Reddit Stock Performance

Shares of RDDT traded down $0.74 on Friday, hitting $143.21. 17,682,969 shares of the stock traded hands, compared to its average volume of 6,586,378. The company has a market capitalization of $26.42 billion, a PE ratio of 242.73, a P/E/G ratio of 3.67 and a beta of 1.99. The business has a 50 day simple moving average of $116.69 and a 200 day simple moving average of $141.79. Reddit Inc. has a one year low of $49.13 and a one year high of $230.41.

Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The company reported $0.13 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.02 by $0.11. Reddit had a net margin of 8.07% and a return on equity of 5.69%. The firm had revenue of $392.36 million during the quarter, compared to the consensus estimate of $370.55 million. During the same quarter in the previous year, the firm posted ($8.19) EPS. The company's revenue for the quarter was up 61.5% compared to the same quarter last year. On average, equities analysts expect that Reddit Inc. will post 1.12 earnings per share for the current year.

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.