Nisa Investment Advisors LLC bought a new position in shares of Reddit Inc. (NYSE:RDDT - Free Report) in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 9,537 shares of the company's stock, valued at approximately $1,000,000.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in RDDT. EverSource Wealth Advisors LLC bought a new position in Reddit during the fourth quarter worth about $28,000. Tucker Asset Management LLC bought a new position in shares of Reddit in the fourth quarter valued at approximately $39,000. Farther Finance Advisors LLC boosted its position in shares of Reddit by 148.5% in the fourth quarter. Farther Finance Advisors LLC now owns 246 shares of the company's stock valued at $40,000 after acquiring an additional 147 shares during the period. Canton Hathaway LLC bought a new position in shares of Reddit in the first quarter valued at approximately $43,000. Finally, Olde Wealth Management LLC bought a new position in shares of Reddit in the first quarter valued at approximately $46,000.
Reddit Trading Up 2.2%
Shares of RDDT stock traded up $3.19 during trading hours on Friday, hitting $145.71. 3,773,253 shares of the company's stock were exchanged, compared to its average volume of 6,708,554. The company has a market capitalization of $26.89 billion, a PE ratio of 246.13, a PEG ratio of 3.70 and a beta of 2.33. Reddit Inc. has a 12-month low of $49.13 and a 12-month high of $230.41. The business's 50 day simple moving average is $127.19 and its 200-day simple moving average is $139.93.
Reddit (NYSE:RDDT - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The company reported $0.13 EPS for the quarter, topping the consensus estimate of $0.02 by $0.11. The firm had revenue of $392.36 million for the quarter, compared to the consensus estimate of $370.55 million. Reddit had a net margin of 8.07% and a return on equity of 5.69%. The business's revenue was up 61.5% compared to the same quarter last year. During the same period last year, the firm posted ($8.19) earnings per share. Equities analysts anticipate that Reddit Inc. will post 1.12 EPS for the current year.
Insider Activity
In related news, CTO Christopher Brian Slowe sold 26,000 shares of Reddit stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $98.43, for a total value of $2,559,180.00. Following the transaction, the chief technology officer directly owned 251,373 shares of the company's stock, valued at $24,742,644.39. The trade was a 9.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO Jennifer L. Wong sold 33,333 shares of Reddit stock in a transaction on Friday, May 16th. The stock was sold at an average price of $113.38, for a total transaction of $3,779,295.54. Following the completion of the transaction, the chief operating officer directly owned 1,466,119 shares in the company, valued at approximately $166,228,572.22. The trade was a 2.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 459,543 shares of company stock valued at $54,442,014 in the last three months. Corporate insiders own 34.25% of the company's stock.
Analyst Ratings Changes
RDDT has been the subject of a number of analyst reports. Morgan Stanley cut 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. JMP Securities restated a "market outperform" rating and issued a $180.00 price objective on shares of Reddit in a research report on Friday, May 2nd. Robert W. Baird raised their price objective on shares of Reddit from $120.00 to $151.00 and gave the company a "neutral" rating in a research report on Tuesday, July 8th. Needham & Company LLC raised their price objective on shares of Reddit from $135.00 to $145.00 and gave the company a "buy" rating in a research report on Friday, May 2nd. Finally, Truist Financial initiated coverage on shares of Reddit in a research report on Monday, April 7th. They issued a "buy" rating and a $150.00 price objective for the company. One analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Reddit presently has an average rating of "Moderate Buy" and an average target price of $141.04.
Get Our Latest Analysis on RDDT
Reddit Company Profile
(
Free Report)
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.
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