Brighton Jones LLC Boosts Stock Position in Reddit, Inc. (NYSE:RDDT)

Brighton Jones LLC boosted its position in shares of Reddit, Inc. (NYSE:RDDT - Free Report) by 10.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 42,546 shares of the company's stock after acquiring an additional 3,934 shares during the quarter. Brighton Jones LLC's holdings in Reddit were worth $4,463,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the business. Plato Investment Management Ltd bought a new position in Reddit during the fourth quarter worth $27,000. EverSource Wealth Advisors LLC purchased a new position in shares of Reddit during the 4th quarter valued at about $28,000. Bogart Wealth LLC purchased a new stake in Reddit during the fourth quarter valued at about $33,000. Allworth Financial LP increased its position in shares of Reddit by 970.0% during the fourth quarter. Allworth Financial LP now owns 214 shares of the company's stock valued at $35,000 after acquiring an additional 194 shares in the last quarter. Finally, Kestra Investment Management LLC bought a new stake in Reddit during the fourth quarter valued at about $38,000.

Analyst Upgrades and Downgrades

A number of research firms recently commented on RDDT. Citigroup increased their target price on shares of Reddit from $150.00 to $158.00 and gave the company a "buy" rating in a research report on Friday, May 2nd. Needham & Company LLC lifted their price target on Reddit from $135.00 to $145.00 and gave the stock a "buy" rating in a research report on Friday, May 2nd. Roth Mkm increased their price objective on shares of Reddit from $120.00 to $130.00 and gave the company a "neutral" rating in a research note on Friday, May 2nd. Redburn Atlantic initiated coverage on shares of Reddit in a research report on Monday, March 17th. They set a "sell" rating and a $75.00 price target on the stock. Finally, Raymond James cut their price objective on shares of Reddit from $250.00 to $200.00 and set a "strong-buy" rating on the stock in a research report on Wednesday, March 12th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have given a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Reddit has a consensus rating of "Moderate Buy" and a consensus price target of $139.35.

Reddit Price Performance

NYSE:RDDT traded up $4.08 during trading hours on Monday, reaching $122.26. 3,663,347 shares of the company traded hands, compared to its average volume of 6,272,716. Reddit, Inc. has a 1-year low of $49.13 and a 1-year high of $230.41. The firm's 50-day moving average is $108.87 and its 200-day moving average is $142.82. The stock has a market cap of $22.56 billion, a P/E ratio of -15.92, a P/E/G ratio of 4.72 and a beta of 1.99.

Reddit (NYSE:RDDT - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The company reported $0.13 EPS for the quarter, topping analysts' consensus estimates of $0.02 by $0.11. The business 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 revenue for the quarter was up 61.5% compared to the same quarter last year. During the same period last year, the firm earned ($8.19) earnings per share. As a group, research analysts predict that Reddit, Inc. will post 1.12 earnings per share for the current year.

Insider Activity

In other Reddit news, CFO Andrew Vollero sold 100,000 shares of the firm's stock in a transaction on Monday, March 24th. The stock was sold at an average price of $124.08, for a total value of $12,408,000.00. Following the sale, the chief financial officer now owns 499,295 shares of the company's stock, valued at approximately $61,952,523.60. This trade represents a 16.69% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $110.05, for a total transaction of $1,540,700.00. Following the sale, the chief executive officer now directly owns 560,133 shares of the company's stock, valued at $61,642,636.65. This represents a 2.44% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 520,134 shares of company stock worth $56,714,433. 34.25% of the stock is owned by corporate 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.