Brooklyn FI LLC Has $3.10 Million Position in Reddit Inc. (NYSE:RDDT)

Key Points

• Brooklyn FI LLC reduced its stake in Reddit Inc. by 23.9%, now holding 29,530 shares valued at approximately $3.1 million.
• Analysts have raised price targets for Reddit, with Citigroup increasing their target to $163.00 and Morgan Stanley to $230.00, reflecting a positive outlook on the stock.
• Reddit's recent earnings report showed a 77.9% increase in revenue year-over-year, reporting earnings of $0.45 per share, surpassing analysts' expectations by $0.25.

Brooklyn FI LLC trimmed its position in shares of Reddit Inc. (NYSE:RDDT - Free Report) by 23.9% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 29,530 shares of the company's stock after selling 9,256 shares during the quarter. Reddit accounts for 0.9% of Brooklyn FI LLC's portfolio, making the stock its 27th largest position. Brooklyn FI LLC's holdings in Reddit were worth $3,098,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Reddit by 11.1% during the first quarter. Vanguard Group Inc. now owns 10,198,552 shares of the company's stock worth $1,069,828,000 after purchasing an additional 1,017,162 shares during the period. JPMorgan Chase & Co. raised its position in shares of Reddit by 98.2% during the first quarter. JPMorgan Chase & Co. now owns 1,907,495 shares of the company's stock worth $200,096,000 after purchasing an additional 944,847 shares during the period. Lord Abbett & CO. LLC raised its position in shares of Reddit by 12.8% during the fourth 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 during the period. Cresset Asset Management LLC raised its position in shares of Reddit by 159.6% during the fourth quarter. Cresset Asset Management LLC now owns 1,308,797 shares of the company's stock worth $213,910,000 after purchasing an additional 804,591 shares during the period. Finally, Whale Rock Capital Management LLC acquired a new position in shares of Reddit during the fourth quarter worth about $204,054,000.

Wall Street Analyst Weigh In

RDDT has been the subject of several recent research reports. Seaport Res Ptn raised Reddit from a "hold" rating to a "strong-buy" rating in a research report on Monday, May 5th. JMP Securities upped their price objective on Reddit from $180.00 to $225.00 and gave the stock a "market outperform" rating in a research report on Friday, August 1st. Citigroup upped their price objective on Reddit from $158.00 to $163.00 and gave the stock a "buy" rating in a research report on Tuesday, June 24th. Roth Capital upped their price objective on Reddit from $130.00 to $145.00 and gave the stock a "neutral" rating in a research report on Monday, July 21st. Finally, Piper Sandler upped their price objective on Reddit from $150.00 to $210.00 and gave the stock an "overweight" rating in a research report on Friday, August 1st. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $168.43.

Insider Transactions at Reddit

In related news, CEO Steve Ladd Huffman sold 124,409 shares of the stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $124.45, for a total transaction of $15,482,700.05. Following the sale, the chief executive officer owned 546,133 shares of the company's stock, valued at $67,966,251.85. This represents a 18.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, COO Jennifer L. Wong sold 33,334 shares of the stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $142.06, for a total value of $4,735,428.04. Following the sale, the chief operating officer directly owned 1,428,007 shares in the company, valued at $202,862,674.42. This represents a 2.28% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 352,568 shares of company stock worth $45,798,117 in the last ninety days. 34.25% of the stock is currently owned by company insiders.

Reddit Trading Up 1.2%

NYSE:RDDT traded up $2.93 on Friday, hitting $246.40. The company's stock had a trading volume of 6,421,788 shares, compared to its average volume of 7,902,573. The stock has a fifty day moving average of $156.51 and a two-hundred day moving average of $141.08. The firm has a market capitalization of $46.12 billion, a P/E ratio of 224.00, a price-to-earnings-growth ratio of 3.72 and a beta of 2.30. Reddit Inc. has a one year low of $52.39 and a one year high of $248.02.

Reddit (NYSE:RDDT - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The company reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.25. The firm had revenue of $499.63 million for the quarter, compared to analyst estimates of $424.07 million. Reddit had a return on equity of 9.93% and a net margin of 12.97%. The business's revenue for the quarter was up 77.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.06) earnings per share. As a group, sell-side analysts anticipate that Reddit Inc. will post 1.12 EPS for the current year.

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.