QRG Capital Management Inc. Acquires New Position in Reddit Inc. (NYSE:RDDT)

QRG Capital Management Inc. bought a new position in shares of Reddit Inc. (NYSE:RDDT - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 3,510 shares of the company's stock, valued at approximately $368,000.

A number of other hedge funds also recently added to or reduced their stakes in RDDT. FMR LLC increased its position in shares of Reddit by 7.5% during the fourth quarter. FMR LLC now owns 13,070,780 shares of the company's stock worth $2,136,288,000 after acquiring an additional 913,189 shares during the period. Vanguard Group Inc. boosted its holdings in Reddit by 184.2% in the fourth 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. grew its stake in Reddit by 1,011.1% during the 4th quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company's stock worth $455,795,000 after purchasing an additional 2,537,768 shares in the last quarter. Lord Abbett & CO. LLC grew its stake in Reddit by 12.8% during the 4th quarter. Lord Abbett & CO. LLC now owns 1,861,998 shares of the company's stock worth $304,325,000 after purchasing an additional 211,636 shares in the last quarter. Finally, Brooklyn FI LLC purchased a new stake in Reddit during the 4th quarter worth about $303,082,000.

Reddit Stock Down 3.8%

Reddit stock opened at $133.92 on Tuesday. The firm's 50-day simple moving average is $112.97 and its 200 day simple moving average is $142.22. The firm has a market capitalization of $24.71 billion, a PE ratio of 226.99, a P/E/G ratio of 3.57 and a beta of 2.02. Reddit Inc. has a 52 week low of $49.13 and a 52 week high of $230.41.

Reddit (NYSE:RDDT - Get Free Report) last issued 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 for the quarter, compared to analyst estimates of $370.55 million. During the same quarter in the prior year, the company posted ($8.19) EPS. The business's revenue for the quarter was up 61.5% compared to the same quarter last year. On average, research analysts expect that Reddit Inc. will post 1.12 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages have recently issued reports on RDDT. Needham & Company LLC lifted their price objective on Reddit from $135.00 to $145.00 and gave the company a "buy" rating in a research note on Friday, May 2nd. Truist Financial began coverage on shares of Reddit in a report on Monday, April 7th. They issued a "buy" rating and a $150.00 target price on the stock. Royal Bank Of Canada began coverage on shares of Reddit in a research note on Tuesday, June 3rd. They issued a "sector perform" rating and a $125.00 price target for the company. Piper Sandler reissued an "overweight" rating and issued a $150.00 price objective (up from $140.00) on shares of Reddit in a research report on Friday, May 2nd. Finally, Roth Capital restated a "neutral" rating on shares of Reddit in a report on Friday, May 2nd. One equities research 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 company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $139.35.

Insider Transactions at Reddit

In other news, CFO Andrew Vollero sold 30,000 shares of the company's stock in a transaction on Friday, June 13th. The shares were sold at an average price of $117.64, for a total value of $3,529,200.00. Following the completion of the transaction, the chief financial officer now directly owns 333,806 shares in the company, valued at approximately $39,268,937.84. This represents a 8.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Steve Ladd Huffman sold 124,409 shares of the firm's stock in a transaction on Monday, June 16th. The shares were sold at an average price of $124.45, for a total transaction of $15,482,700.05. Following the sale, the chief executive officer now directly owns 546,133 shares of the company's stock, valued at approximately $67,966,251.85. The trade was a 18.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 597,785 shares of company stock valued at $66,215,370 over the last 90 days. Corporate insiders own 34.25% of the company's stock.

About Reddit

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.