Sowell Financial Services LLC Makes New Investment in Reddit Inc. (NYSE:RDDT)

Sowell Financial Services LLC purchased a new position in Reddit Inc. (NYSE:RDDT - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 7,045 shares of the company's stock, valued at approximately $739,000.

Several other hedge funds have also recently made changes to their positions in the stock. Proficio Capital Partners LLC raised its stake in Reddit by 2.1% during the 4th quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company's stock valued at $966,000 after buying an additional 120 shares during the last quarter. Farther Finance Advisors LLC grew its holdings in shares of Reddit by 148.5% in the fourth quarter. Farther Finance Advisors LLC now owns 246 shares of the company's stock worth $40,000 after acquiring an additional 147 shares during the period. Plato Investment Management Ltd purchased a new stake in Reddit during the fourth quarter valued at $27,000. EverSource Wealth Advisors LLC purchased a new stake in Reddit during the fourth quarter valued at $28,000. Finally, Scotia Capital Inc. lifted its holdings in Reddit by 5.5% in the fourth quarter. Scotia Capital Inc. now owns 3,500 shares of the company's stock valued at $572,000 after acquiring an additional 182 shares during the period.

Insider Buying and Selling

In other Reddit news, CFO Andrew Vollero sold 100,000 shares of the stock in a transaction on Monday, March 24th. The shares were sold at an average price of $124.08, for a total transaction of $12,408,000.00. Following the completion of the transaction, the chief financial officer now owns 499,295 shares in the company, valued at $61,952,523.60. This trade represents a 16.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Michelle Marie Reynolds sold 2,729 shares of the business's stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $98.85, for a total transaction of $269,761.65. Following the completion of the sale, the chief accounting officer now owns 42,277 shares in the company, valued at approximately $4,179,081.45. This trade represents a 6.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 708,785 shares of company stock worth $79,988,250. Insiders own 34.25% of the company's stock.

Reddit Price Performance

Shares of RDDT stock traded down $1.58 during trading hours on Friday, hitting $139.58. The stock had a trading volume of 8,757,873 shares, compared to its average volume of 6,425,976. The stock has a market capitalization of $25.76 billion, a price-to-earnings ratio of 236.59, a PEG ratio of 3.62 and a beta of 1.99. Reddit Inc. has a one year low of $49.13 and a one year high of $230.41. The stock's 50-day moving average price is $111.48 and its two-hundred day moving average price is $142.64.

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

Analysts Set New Price Targets

Several equities research analysts have recently commented on RDDT shares. Seaport Res Ptn raised shares of Reddit from a "hold" rating to a "strong-buy" rating in a research report on Monday, May 5th. The Goldman Sachs Group upped their target price on shares of Reddit from $124.00 to $140.00 and gave the company a "neutral" rating in a report on Friday, May 2nd. Royal Bank Of Canada began coverage on shares of Reddit in a research report on Tuesday, June 3rd. They issued a "sector perform" rating and a $125.00 price target on the stock. Roth Capital reissued a "neutral" rating on shares of Reddit in a research report on Friday, May 2nd. Finally, Loop Capital reduced their price objective on Reddit from $210.00 to $200.00 and set a "buy" rating for the company in a research note on Thursday, June 12th. 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 issued a strong buy rating to the stock. According to MarketBeat.com, Reddit presently has an average rating of "Moderate Buy" and an average price target of $139.35.

About Reddit

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.