Stephens Investment Management Group LLC Acquires 111,704 Shares of Reddit Inc. (NYSE:RDDT)

Stephens Investment Management Group LLC lifted its stake in shares of Reddit Inc. (NYSE:RDDT - Free Report) by 84.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 244,611 shares of the company's stock after buying an additional 111,704 shares during the quarter. Stephens Investment Management Group LLC owned about 0.14% of Reddit worth $25,660,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Arizona State Retirement System increased its position in shares of Reddit by 16.9% during the first quarter. Arizona State Retirement System now owns 19,044 shares of the company's stock valued at $1,998,000 after buying an additional 2,752 shares during the period. Xponance Inc. purchased a new position in shares of Reddit during the first quarter valued at about $341,000. Alps Advisors Inc. purchased a new position in shares of Reddit during the first quarter valued at about $1,636,000. Steadview Capital Management LLC purchased a new position in shares of Reddit during the first quarter valued at about $4,380,000. Finally, Nisa Investment Advisors LLC purchased a new position in shares of Reddit during the first quarter valued at about $1,000,000.

Reddit Stock Up 2.0%

Shares of NYSE RDDT traded up $2.89 during midday trading on Friday, hitting $145.89. The stock had a trading volume of 3,611,798 shares, compared to its average volume of 6,712,247. The business's 50 day moving average is $124.42 and its 200-day moving average is $140.47. The company has a market cap of $26.92 billion, a P/E ratio of 247.28, a PEG ratio of 3.74 and a beta of 2.33. Reddit Inc. has a 52 week low of $49.13 and a 52 week high of $230.41.

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

Insider Activity at Reddit

In related news, CFO Andrew Vollero sold 30,000 shares of the stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $117.64, for a total transaction of $3,529,200.00. Following the transaction, the chief financial officer owned 333,806 shares in the company, valued at $39,268,937.84. This represents a 8.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Christopher Brian Slowe sold 26,000 shares of the stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $98.43, for a total transaction of $2,559,180.00. Following the transaction, the chief technology officer owned 251,373 shares in the company, valued at approximately $24,742,644.39. This trade represents a 9.37% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 617,285 shares of company stock worth $69,599,110 in the last three months. 34.25% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities analysts recently issued reports on RDDT shares. Loop Capital reduced their price target on shares of Reddit from $210.00 to $200.00 and set a "buy" rating on the stock in a research report on Thursday, June 12th. Roth Mkm upped their price objective on shares of Reddit from $120.00 to $130.00 and gave the stock a "neutral" rating in a report on Friday, May 2nd. Robert W. Baird upped their price objective on shares of Reddit from $120.00 to $151.00 and gave the stock a "neutral" rating in a report on Tuesday, July 8th. Guggenheim restated a "buy" rating and issued a $165.00 price objective on shares of Reddit in a report on Tuesday, June 24th. Finally, B. Riley restated a "buy" rating and issued a $220.00 price objective (down previously from $222.00) on shares of Reddit in a report on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $141.04.

Reddit 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.