Private Advisor Group LLC Purchases 5,821 Shares of Reddit Inc. (NYSE:RDDT)

Key Points

• Private Advisor Group LLC significantly increased its holdings in Reddit Inc. by 73.9% during the first quarter, acquiring an additional 5,821 shares, resulting in a total valuation of $1.437 million.
• Equities analysts have raised their price targets on Reddit, with Needham & Company increasing their target from $145 to $165, while others have given it a range of ratings, leading to an average price target of $144.13.
• Reddit's stock is currently trading at around $149.73, reflecting a 61.5% increase in revenue year-over-year, showcasing a strong performance compared to expectations.

Private Advisor Group LLC lifted its holdings in shares of Reddit Inc. (NYSE:RDDT - Free Report) by 73.9% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 13,694 shares of the company's stock after buying an additional 5,821 shares during the period. Private Advisor Group LLC's holdings in Reddit were worth $1,437,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. FMR LLC grew its position in shares of Reddit by 7.5% in the 4th quarter. FMR LLC now owns 13,070,780 shares of the company's stock valued at $2,136,288,000 after buying an additional 913,189 shares during the last quarter. Alliancebernstein L.P. increased its holdings in Reddit by 1,011.1% in the fourth 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 position in shares of 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 buying an additional 211,636 shares during the period. Renaissance Technologies LLC raised its holdings in shares of Reddit by 265.4% during the fourth quarter. Renaissance Technologies LLC now owns 1,650,500 shares of the company's stock valued at $269,758,000 after purchasing an additional 1,198,800 shares during the period. Finally, Cresset Asset Management LLC boosted its holdings in Reddit by 159.6% in the fourth quarter. Cresset Asset Management LLC now owns 1,308,797 shares of the company's stock worth $213,910,000 after acquiring an additional 804,591 shares in the last quarter.

Insider Activity at Reddit

In related news, CAO Michelle Marie Reynolds sold 3,500 shares of Reddit stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $150.64, for a total value of $527,240.00. Following the transaction, the chief accounting officer directly owned 37,868 shares of the company's stock, valued at $5,704,435.52. The trade was a 8.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CTO Christopher Brian Slowe sold 16,000 shares of the stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $145.58, for a total transaction of $2,329,280.00. Following the sale, the chief technology officer directly owned 241,373 shares of the company's stock, valued at $35,139,081.34. The trade was a 6.22% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 506,809 shares of company stock worth $61,884,325 over the last three months. Corporate insiders own 34.25% of the company's stock.

Reddit Price Performance

Shares of NYSE:RDDT traded up $4.65 on Wednesday, hitting $149.50. The company's stock had a trading volume of 5,171,708 shares, compared to its average volume of 5,132,382. The company has a market capitalization of $27.59 billion, a PE ratio of 253.39, a PEG ratio of 3.71 and a beta of 2.33. The company has a 50-day simple moving average of $133.97 and a 200 day simple moving average of $138.54. Reddit Inc. has a 1 year low of $49.13 and a 1 year high of $230.41.

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

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on RDDT. Citigroup raised their target price on Reddit from $158.00 to $163.00 and gave the company a "buy" rating in a report on Tuesday, June 24th. Bank of America raised their target price on Reddit from $130.00 to $150.00 and gave the company a "neutral" rating in a research report on Wednesday. Needham & Company LLC raised their price objective on shares of Reddit from $145.00 to $165.00 and gave the stock a "buy" rating in a report on Wednesday, July 23rd. JMP Securities reissued a "market outperform" rating and set a $180.00 target price on shares of Reddit in a research report on Friday, May 2nd. Finally, Royal Bank Of Canada set a $125.00 price target on shares of Reddit and gave the stock a "sector perform" rating in a report on Wednesday, June 25th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $144.75.

Reddit Company 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.