Meridian Wealth Management LLC Buys 1,979 Shares of Reddit Inc. (NYSE:RDDT)

Key Points

• Meridian Wealth Management LLC increased its stake in Reddit Inc. by 2.9% in the first quarter, owning 69,116 shares valued at approximately $7.25 million.
• Other institutions such as JPMorgan Chase & Co. and Invesco Ltd. also significantly increased their shares in Reddit, with JPMorgan's stake rising by 98.2% to 1.9 million shares valued at around $200 million.
• Reddit's recent earnings report revealed an EPS of $0.45, outpacing estimates and showing a revenue increase of 77.9% year-over-year, suggesting strong financial performance.

Meridian Wealth Management LLC raised its stake in shares of Reddit Inc. (NYSE:RDDT - Free Report) by 2.9% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 69,116 shares of the company's stock after purchasing an additional 1,979 shares during the period. Meridian Wealth Management LLC's holdings in Reddit were worth $7,250,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Signaturefd LLC boosted its stake in shares of Reddit by 3.5% in the first quarter. Signaturefd LLC now owns 2,859 shares of the company's stock valued at $300,000 after purchasing an additional 97 shares during the period. CWM LLC boosted its stake in Reddit by 100.0% during the 1st quarter. CWM LLC now owns 256 shares of the company's stock valued at $27,000 after acquiring an additional 128 shares during the last quarter. Scotia Capital Inc. boosted its stake in Reddit by 5.5% during the 4th quarter. Scotia Capital Inc. now owns 3,500 shares of the company's stock valued at $572,000 after acquiring an additional 182 shares during the last quarter. Morling Financial Advisors LLC boosted its stake in Reddit by 3.8% during the 1st quarter. Morling Financial Advisors LLC now owns 5,487 shares of the company's stock valued at $576,000 after acquiring an additional 202 shares during the last quarter. Finally, Wedbush Securities Inc. boosted its stake in Reddit by 10.3% during the 1st quarter. Wedbush Securities Inc. now owns 2,487 shares of the company's stock valued at $261,000 after acquiring an additional 233 shares during the last quarter.

Insider Buying and Selling at Reddit

In related news, 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 transaction, the chief financial officer owned 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Jennifer L. Wong sold 33,334 shares of the firm's stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $142.06, for a total transaction of $4,735,428.04. Following the transaction, the chief operating officer directly owned 1,428,007 shares in the company, valued at approximately $202,862,674.42. The trade was a 2.28% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 510,309 shares of company stock worth $63,881,845 in the last ninety days. Insiders own 34.25% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. Morgan Stanley raised their price target on shares of Reddit from $170.00 to $230.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. Citigroup raised their price target on shares of Reddit from $158.00 to $163.00 and gave the stock a "buy" rating in a research report on Tuesday, June 24th. Wells Fargo & Company raised their price target on shares of Reddit from $115.00 to $118.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 1st. Loop Capital reduced their price target on shares of Reddit from $210.00 to $200.00 and set a "buy" rating on the stock in a research report on Thursday, June 12th. Finally, B. Riley restated a "buy" rating and issued a $220.00 price target (down from $222.00) on shares of Reddit in a research report on Friday, May 2nd. 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. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $168.43.

Reddit Stock Performance

Shares of RDDT stock traded up $10.97 during trading on Wednesday, hitting $234.99. 7,454,707 shares of the company were exchanged, compared to its average volume of 8,040,439. The firm has a market capitalization of $43.98 billion, a price-to-earnings ratio of 213.63, a P/E/G ratio of 3.55 and a beta of 2.30. The business's 50-day simple moving average is $153.89 and its 200 day simple moving average is $140.65. Reddit Inc. has a twelve month low of $52.39 and a twelve month high of $237.35.

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