Reddit Inc. (NYSE:RDDT) Shares Sold by MJP Associates Inc. ADV

MJP Associates Inc. ADV trimmed its holdings in shares of Reddit Inc. (NYSE:RDDT - Free Report) by 35.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 12,347 shares of the company's stock after selling 6,774 shares during the quarter. MJP Associates Inc. ADV's holdings in Reddit were worth $1,295,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Vanguard Group Inc. grew its position 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 acquiring an additional 5,950,909 shares in the last quarter. Alliancebernstein L.P. grew its position in 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 acquiring an additional 2,537,768 shares in the last quarter. Brooklyn FI LLC acquired a new position in Reddit in the 4th quarter valued at about $303,082,000. GQG Partners LLC acquired a new position in Reddit in the 4th quarter valued at about $271,539,000. Finally, Whale Rock Capital Management LLC acquired a new position in Reddit in the 4th quarter valued at about $204,054,000.

Reddit Price Performance

Reddit stock traded up $2.89 during trading hours on Friday, hitting $145.89. The stock had a trading volume of 3,611,798 shares, compared to its average volume of 6,699,449. The stock has a market capitalization of $26.92 billion, a price-to-earnings ratio of 247.28, a PEG ratio of 3.67 and a beta of 2.33. Reddit Inc. has a 1-year low of $49.13 and a 1-year high of $230.41. The stock's fifty day moving average is $124.42 and its two-hundred day moving average is $140.72.

Reddit (NYSE:RDDT - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The company reported $0.13 EPS for the quarter, topping analysts' consensus estimates of $0.02 by $0.11. The firm had revenue of $392.36 million during the quarter, compared to analysts' expectations of $370.55 million. Reddit had a return on equity of 5.69% and a net margin of 8.07%. The firm's quarterly revenue was up 61.5% compared to the same quarter last year. During the same quarter last year, the business posted ($8.19) EPS. As a group, sell-side analysts anticipate that Reddit Inc. will post 1.12 EPS for the current year.

Insider Buying and Selling

In related news, CFO Andrew Vollero sold 30,000 shares of the business's stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $117.64, for a total transaction of $3,529,200.00. Following the transaction, the chief financial officer directly owned 333,806 shares of the company's stock, valued at approximately $39,268,937.84. The trade was a 8.25% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CAO Michelle Marie Reynolds sold 3,500 shares of Reddit stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $150.64, for a total value of $527,240.00. Following the sale, the chief accounting officer owned 37,868 shares in the company, valued at $5,704,435.52. This represents a 8.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 617,285 shares of company stock worth $69,599,110 over the last ninety days. Insiders own 34.25% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on RDDT. Oppenheimer began coverage on Reddit in a research note on Wednesday, April 16th. They issued an "outperform" rating and a $125.00 price objective for the company. Seaport Res Ptn upgraded Reddit from a "hold" rating to a "strong-buy" rating in a research note on Monday, May 5th. Guggenheim reiterated a "buy" rating and issued a $165.00 price objective on shares of Reddit in a research note on Tuesday, June 24th. Roth Capital restated a "neutral" rating on shares of Reddit in a research note on Friday, May 2nd. Finally, Bank of America decreased their target price on Reddit from $190.00 to $110.00 and set a "neutral" rating for the company in a research note on Wednesday, April 9th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $141.04.

Reddit 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.