Steadview Capital Management LLC acquired a new position in shares of Reddit Inc. (NYSE:RDDT - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 41,750 shares of the company's stock, valued at approximately $4,380,000. Reddit accounts for approximately 1.0% of Steadview Capital Management LLC's holdings, making the stock its 10th largest holding.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. EverSource Wealth Advisors LLC purchased a new stake in shares of Reddit in the 4th quarter valued at approximately $28,000. Tucker Asset Management LLC purchased a new position in shares of Reddit during the fourth quarter valued at $39,000. Farther Finance Advisors LLC lifted its stake in Reddit by 148.5% in the 4th quarter. Farther Finance Advisors LLC now owns 246 shares of the company's stock worth $40,000 after acquiring an additional 147 shares in the last quarter. Fourth Dimension Wealth LLC acquired a new position in Reddit in the 4th quarter valued at approximately $49,000. Finally, Chelsea Counsel Co. acquired a new stake in shares of Reddit during the 4th quarter valued at about $49,000.
Analyst Ratings Changes
A number of research analysts have recently commented on RDDT shares. B. Riley reissued a "buy" rating and set a $220.00 price objective (down previously from $222.00) on shares of Reddit in a report on Friday, May 2nd. Bank of America dropped their price target on Reddit from $190.00 to $110.00 and set a "neutral" rating on the stock in a research report on Wednesday, April 9th. Roth Capital reissued a "neutral" rating on shares of Reddit in a research report on Friday, May 2nd. Guggenheim restated a "buy" rating and issued a $165.00 price target on shares of Reddit in a research report on Tuesday, June 24th. Finally, Redburn Partners set a $75.00 price objective on Reddit in a research report on Monday, March 17th. One analyst has rated the stock with a sell rating, nine have assigned 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, the company currently has a consensus rating of "Moderate Buy" and an average price target of $141.04.
Read Our Latest Stock Report on RDDT
Reddit Stock Down 2.0%
Shares of RDDT stock traded down $2.93 during trading on Thursday, reaching $142.72. The company's stock had a trading volume of 3,930,992 shares, compared to its average volume of 6,693,385. Reddit Inc. has a one year low of $49.13 and a one year high of $230.41. The business has a fifty day moving average price of $123.28 and a 200-day moving average price of $141.12. The company has a market cap of $26.33 billion, a price-to-earnings ratio of 246.86, a price-to-earnings-growth ratio of 3.74 and a beta of 2.33.
Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The company reported $0.13 EPS for the quarter, topping the consensus estimate of $0.02 by $0.11. The firm had revenue of $392.36 million for the quarter, compared to analysts' expectations of $370.55 million. Reddit had a net margin of 8.07% and a return on equity of 5.69%. The company's revenue for the quarter was up 61.5% on a year-over-year basis. During the same period in the previous year, the firm posted ($8.19) EPS. Research analysts anticipate that Reddit Inc. will post 1.12 EPS for the current year.
Insider Buying and Selling
In other Reddit news, CEO Steve Ladd Huffman sold 124,409 shares of the firm's stock in a transaction 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 completion of the sale, the chief executive officer owned 546,133 shares of the company's stock, valued at $67,966,251.85. This trade represents a 18.55% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Andrew Vollero sold 30,000 shares of Reddit stock in a transaction on Friday, June 13th. The stock was sold at an average price of $117.64, for a total transaction of $3,529,200.00. Following the transaction, the chief financial officer directly owned 333,806 shares of the company's stock, valued at approximately $39,268,937.84. This trade represents a 8.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 617,285 shares of company stock valued at $69,599,110. 34.25% of the stock is currently owned by company insiders.
About Reddit
(
Free Report)
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.
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