Penserra Capital Management LLC boosted its position in Reddit Inc. (NYSE:RDDT - Free Report) by 27.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 34,248 shares of the company's stock after buying an additional 7,439 shares during the quarter. Penserra Capital Management LLC's holdings in Reddit were worth $3,592,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors have also bought and sold shares of the company. EverSource Wealth Advisors LLC purchased a new position in shares of Reddit in the fourth quarter valued at $28,000. Tucker Asset Management LLC purchased a new position in Reddit during the fourth quarter worth about $39,000. Farther Finance Advisors LLC grew its stake in Reddit by 148.5% in the 4th quarter. Farther Finance Advisors LLC now owns 246 shares of the company's stock worth $40,000 after buying an additional 147 shares in the last quarter. Canton Hathaway LLC purchased a new position in Reddit in the 1st quarter worth approximately $43,000. Finally, Olde Wealth Management LLC purchased a new position in Reddit in the 1st quarter worth approximately $46,000.
Reddit Trading Up 2.0%
NYSE:RDDT traded up $2.89 during mid-day trading on Friday, reaching $145.89. The company's stock had a trading volume of 3,611,798 shares, compared to its average volume of 6,699,470. The firm's fifty day moving average price is $124.42 and its two-hundred day moving average price is $140.72. Reddit Inc. has a 12-month low of $49.13 and a 12-month high of $230.41. The stock has a market cap of $26.92 billion, a P/E ratio of 247.28, a PEG ratio of 3.67 and a beta of 2.33.
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, beating 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 prior year, the business earned ($8.19) earnings per share. Reddit's revenue for the quarter was up 61.5% compared to the same quarter last year. Analysts predict that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.
Insider Buying and Selling
In related news, CTO Christopher Brian Slowe sold 16,000 shares of the stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $136.47, for a total value of $2,183,520.00. Following the completion of the sale, the chief technology officer directly owned 246,373 shares of the company's stock, valued at approximately $33,622,523.31. This represents a 6.10% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Jennifer L. Wong sold 33,333 shares of the stock in a transaction on Monday, June 16th. The stock was sold at an average price of $124.45, for a total transaction of $4,148,291.85. Following the completion of the sale, the chief operating officer directly owned 1,428,007 shares of the company's stock, valued at approximately $177,715,471.15. This trade represents a 2.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 617,285 shares of company stock worth $69,599,110 in the last ninety days. Corporate insiders own 34.25% of the company's stock.
Wall Street Analyst Weigh In
A number of equities analysts have recently issued reports on the company. Bank of America cut their price objective on Reddit from $190.00 to $110.00 and set a "neutral" rating for the company in a report on Wednesday, April 9th. JMP Securities reissued a "market outperform" rating and set a $180.00 price objective on shares of Reddit in a research note on Friday, May 2nd. JPMorgan Chase & Co. dropped their target price on shares of Reddit from $185.00 to $110.00 and set a "neutral" rating for the company in a report on Tuesday, April 8th. Guggenheim reaffirmed a "buy" rating and issued a $165.00 target price on shares of Reddit in a research report on Tuesday, June 24th. Finally, Seaport Res Ptn upgraded shares of Reddit from a "hold" rating to a "strong-buy" rating in a report on Monday, May 5th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $141.04.
Check Out Our Latest Stock Analysis on Reddit
About Reddit
(
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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