Lord Abbett & CO. LLC Sells 620,992 Shares of Reddit Inc. (NYSE:RDDT)

Key Points

• Lord Abbett & CO. LLC has reduced its stake in Reddit Inc. by 33.4%, selling 620,992 shares to hold a total of 1,241,006 shares worth approximately $130 million.
• Vanguard Group Inc. increased its position in Reddit by 11.1% during the same quarter, owning over 10 million shares valued at around $1.07 billion.
• Reddit reported Q2 earnings of $0.45 per share, significantly beating estimates, with revenues of $499.63 million—up 77.9% year-over-year.

Lord Abbett & CO. LLC lowered its position in shares of Reddit Inc. (NYSE:RDDT - Free Report) by 33.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,241,006 shares of the company's stock after selling 620,992 shares during the quarter. Lord Abbett & CO. LLC owned about 0.69% of Reddit worth $130,181,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. CWM LLC raised its position in shares of Reddit by 100.0% in the 1st quarter. CWM LLC now owns 256 shares of the company's stock worth $27,000 after purchasing an additional 128 shares during the last quarter. Stone House Investment Management LLC purchased a new position in shares of Reddit in the 1st quarter worth about $31,000. Canton Hathaway LLC purchased a new position in shares of Reddit in the 1st quarter worth about $43,000. Olde Wealth Management LLC purchased a new position in shares of Reddit in the 1st quarter worth about $46,000. Finally, Fourth Dimension Wealth LLC purchased a new position in shares of Reddit in the 4th quarter worth about $49,000.

Insider Buying and Selling

In other Reddit news, CFO Andrew Vollero sold 30,000 shares of the company's stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $117.64, for a total value of $3,529,200.00. Following the completion of the transaction, the chief financial officer directly owned 333,806 shares in the company, valued at $39,268,937.84. This represents a 8.25% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Jennifer L. Wong sold 33,334 shares of the company's 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 trade represents a 2.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 352,568 shares of company stock valued at $45,798,117. Insiders own 34.25% of the company's stock.

Analysts Set New Price Targets

RDDT has been the subject of several recent analyst reports. The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $212.00 price target on shares of Reddit in a research report on Friday, August 1st. Bank of America boosted their target price on Reddit from $130.00 to $150.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 30th. JMP Securities boosted their target price on Reddit from $180.00 to $225.00 and gave the stock a "market outperform" rating in a research report on Friday, August 1st. Roth Capital boosted their target price on Reddit from $130.00 to $145.00 and gave the stock a "neutral" rating in a research report on Monday, July 21st. Finally, Guggenheim boosted their target price on Reddit from $165.00 to $215.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $168.43.

Reddit Stock Performance

Shares of NYSE RDDT traded up $2.93 during midday trading on Friday, hitting $246.40. 6,421,788 shares of the company's stock traded hands, compared to its average volume of 8,277,376. Reddit Inc. has a 1 year low of $52.39 and a 1 year high of $248.02. The stock has a market capitalization of $46.12 billion, a price-to-earnings ratio of 224.00, a price-to-earnings-growth ratio of 3.91 and a beta of 2.30. The firm has a fifty day moving average of $159.01 and a 200 day moving average of $141.03.

Reddit (NYSE:RDDT - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The company reported $0.45 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.20 by $0.25. The company had revenue of $499.63 million during the quarter, compared to the consensus estimate of $424.07 million. Reddit had a return on equity of 9.93% and a net margin of 12.97%. The firm's revenue was up 77.9% on a year-over-year basis. During the same period in the previous year, the company posted ($0.06) EPS. On average, equities analysts anticipate that Reddit Inc. will post 1.12 earnings per share 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.