Cetera Investment Advisers Raises Stake in Reddit, Inc. (NYSE:RDDT)

Cetera Investment Advisers raised its position in Reddit, Inc. (NYSE:RDDT - Free Report) by 94.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,258 shares of the company's stock after purchasing an additional 3,523 shares during the quarter. Cetera Investment Advisers' holdings in Reddit were worth $1,186,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the company. UMB Bank n.a. grew its stake in shares of Reddit by 10.8% in the fourth quarter. UMB Bank n.a. now owns 1,533 shares of the company's stock worth $251,000 after purchasing an additional 150 shares during the last quarter. Harbor Investment Advisory LLC bought a new stake in shares of Reddit in the 4th quarter valued at about $147,000. Janney Montgomery Scott LLC increased its stake in shares of Reddit by 31.3% in the fourth quarter. Janney Montgomery Scott LLC now owns 8,786 shares of the company's stock valued at $1,436,000 after buying an additional 2,096 shares during the period. Conway Capital Management Inc. bought a new position in shares of Reddit during the fourth quarter worth about $335,000. Finally, Arkfeld Wealth Strategies L.L.C. acquired a new position in shares of Reddit in the fourth quarter worth approximately $373,000.

Reddit Price Performance

Shares of NYSE:RDDT traded up $3.19 during midday trading on Tuesday, hitting $103.95. 4,552,758 shares of the company's stock were exchanged, compared to its average volume of 6,066,161. Reddit, Inc. has a 12 month low of $49.13 and a 12 month high of $230.41. The company has a market cap of $19.18 billion, a PE ratio of -13.49, a price-to-earnings-growth ratio of 4.72 and a beta of 2.90. The stock has a 50 day moving average price of $107.10 and a 200-day moving average price of $145.05.

Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $370.55 million. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. The company's quarterly revenue was up 61.5% compared to the same quarter last year. During the same period in the prior year, the business posted ($8.19) earnings per share. On average, analysts anticipate that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Insider Activity at Reddit

In other news, CAO Michelle Marie Reynolds sold 11,965 shares of the company's stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $157.41, for a total value of $1,883,410.65. Following the completion of the transaction, the chief accounting officer now directly owns 48,418 shares of the company's stock, valued at $7,621,477.38. This represents a 19.82% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction that occurred on Friday, February 28th. The shares were sold at an average price of $160.30, for a total value of $2,244,200.00. Following the sale, the chief executive officer now directly owns 597,515 shares of the company's stock, valued at $95,781,654.50. The trade was a 2.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 782,139 shares of company stock valued at $93,843,152.

Analyst Upgrades and Downgrades

Several research firms have issued reports on RDDT. Morgan Stanley lowered their price target on shares of Reddit from $210.00 to $140.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Loop Capital restated a "buy" rating and issued a $210.00 target price on shares of Reddit in a report on Tuesday, March 11th. JPMorgan Chase & Co. decreased their price target on Reddit from $185.00 to $110.00 and set a "neutral" rating for the company in a report on Tuesday, April 8th. Roth Capital reissued a "neutral" rating on shares of Reddit in a research report on Friday, May 2nd. Finally, Guggenheim cut their target price on Reddit from $170.00 to $165.00 and set a "buy" rating on the stock in a research report on Friday, May 2nd. One research analyst has rated the stock with a sell rating, eight have given a hold rating, twelve have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $140.45.

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.