Nisa Investment Advisors LLC Buys Shares of 9,537 Reddit Inc. (NYSE:RDDT)

Nisa Investment Advisors LLC bought a new stake in shares of Reddit Inc. (NYSE:RDDT - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund bought 9,537 shares of the company's stock, valued at approximately $1,000,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. FMR LLC increased its position in shares of Reddit by 7.5% during the 4th quarter. FMR LLC now owns 13,070,780 shares of the company's stock valued at $2,136,288,000 after purchasing an additional 913,189 shares during the period. Vanguard Group Inc. increased 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 valued at $1,500,606,000 after purchasing an additional 5,950,909 shares during the period. Alliancebernstein L.P. increased 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 valued at $455,795,000 after purchasing an additional 2,537,768 shares during the period. Lord Abbett & CO. LLC increased its position in shares of Reddit by 12.8% during the 4th quarter. Lord Abbett & CO. LLC now owns 1,861,998 shares of the company's stock valued at $304,325,000 after purchasing an additional 211,636 shares during the period. Finally, Brooklyn FI LLC acquired a new position in shares of Reddit during the 4th quarter valued at $303,082,000.

Reddit Price Performance

Shares of NYSE:RDDT opened at $146.40 on Tuesday. Reddit Inc. has a fifty-two week low of $49.13 and a fifty-two week high of $230.41. The business has a 50-day moving average of $125.02 and a two-hundred day moving average of $140.03. The stock has a market capitalization of $27.01 billion, a P/E ratio of 248.13, a P/E/G ratio of 3.74 and a beta of 2.33.

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

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on RDDT shares. Guggenheim restated a "buy" rating and issued a $165.00 target price on shares of Reddit in a report on Tuesday, June 24th. Morgan Stanley decreased their target price on Reddit from $210.00 to $140.00 and set an "overweight" rating on the stock in a report on Thursday, April 17th. JPMorgan Chase & Co. decreased their target price on Reddit from $185.00 to $110.00 and set a "neutral" rating on the stock in a report on Tuesday, April 8th. Robert W. Baird lifted their target price on Reddit from $120.00 to $151.00 and gave the stock a "neutral" rating in a report on Tuesday, July 8th. Finally, Redburn Atlantic initiated coverage on Reddit in a research report on Monday, March 17th. They issued a "sell" rating and a $75.00 target price for the company. One investment 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's stock. According to MarketBeat, Reddit presently has a consensus rating of "Moderate Buy" and an average price target of $141.04.

Insider Buying and Selling

In other news, CTO Christopher Brian Slowe sold 16,000 shares of Reddit stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $136.47, for a total value of $2,183,520.00. Following the transaction, the chief technology officer directly owned 246,373 shares in the company, valued at approximately $33,622,523.31. The trade was a 6.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction dated Monday, June 30th. The stock was sold at an average price of $151.35, for a total value of $2,118,900.00. Following the completion of the transaction, the chief executive officer owned 539,631 shares in the company, valued at $81,673,151.85. The trade was a 2.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 492,877 shares of company stock valued at $57,575,076. 34.25% of the stock is owned by corporate insiders.

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.

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