Reddit Inc. (NYSE:RDDT) Shares Acquired by Rhumbline Advisers

Rhumbline Advisers increased its position in Reddit Inc. (NYSE:RDDT - Free Report) by 202.7% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,682 shares of the company's stock after acquiring an additional 9,162 shares during the period. Rhumbline Advisers' holdings in Reddit were worth $1,435,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of RDDT. Plato Investment Management Ltd acquired a new stake in shares of Reddit in the 4th quarter worth approximately $27,000. EverSource Wealth Advisors LLC acquired a new stake in shares of Reddit in the 4th quarter worth approximately $28,000. Allworth Financial LP grew its holdings in shares of Reddit by 970.0% in the 4th quarter. Allworth Financial LP now owns 214 shares of the company's stock worth $35,000 after acquiring an additional 194 shares during the period. Kestra Investment Management LLC acquired a new stake in shares of Reddit in the 4th quarter worth approximately $38,000. Finally, Tucker Asset Management LLC acquired a new stake in shares of Reddit in the 4th quarter worth approximately $39,000.

Wall Street Analyst Weigh In

RDDT has been the topic of a number of research reports. Redburn Partners set a $75.00 price target on Reddit in a report on Monday, March 17th. Wall Street Zen upgraded Reddit from a "hold" rating to a "buy" rating in a report on Saturday, June 14th. JPMorgan Chase & Co. lowered 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. Seaport Res Ptn upgraded Reddit from a "hold" rating to a "strong-buy" rating in a report on Monday, May 5th. Finally, Roth Capital reiterated a "neutral" rating on shares of Reddit in a report on Friday, May 2nd. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $139.35.

Reddit Stock Up 5.6%

Shares of Reddit stock opened at $141.28 on Thursday. The firm has a market cap of $26.07 billion, a PE ratio of 239.46, a P/E/G ratio of 3.44 and a beta of 1.99. The business's fifty day moving average is $110.69 and its two-hundred day moving average is $142.65. Reddit Inc. has a fifty-two week low of $49.13 and a fifty-two week high of $230.41.

Reddit (NYSE:RDDT - Get Free Report) last issued its earnings results on Thursday, May 1st. The company reported $0.13 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.11. The business had revenue of $392.36 million for the quarter, compared to analyst estimates of $370.55 million. Reddit had a return on equity of 5.69% and a net margin of 8.07%. The business's quarterly revenue was up 61.5% on a year-over-year basis. During the same period last year, the company posted ($8.19) EPS. Equities research analysts anticipate that Reddit Inc. will post 1.12 EPS for the current year.

Insider Buying and Selling at Reddit

In other Reddit news, insider Benjamin Seong Lee sold 6,854 shares of the firm's stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $98.42, for a total transaction of $674,570.68. Following the completion of the sale, the insider now owns 99,277 shares in the company, valued at $9,770,842.34. This trade represents a 6.46% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Jennifer L. Wong sold 33,334 shares of the business's stock in a transaction that occurred on Wednesday, April 16th. The shares were sold at an average price of $93.99, for a total value of $3,133,062.66. Following the completion of the sale, the chief operating officer now owns 1,466,119 shares of the company's stock, valued at $137,800,524.81. This trade represents a 2.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 708,785 shares of company stock valued at $79,988,250 over the last three months. 34.25% of the stock is owned by company insiders.

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.

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