Vanguard Group Inc. Purchases 1,017,162 Shares of Reddit Inc. (NYSE:RDDT)

Vanguard Group Inc. grew its position in shares of Reddit Inc. (NYSE:RDDT - Free Report) by 11.1% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,198,552 shares of the company's stock after purchasing an additional 1,017,162 shares during the period. Vanguard Group Inc. owned approximately 5.64% of Reddit worth $1,069,828,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the company. CWM LLC increased its stake in shares of Reddit by 100.0% in the first quarter. CWM LLC now owns 256 shares of the company's stock worth $27,000 after buying an additional 128 shares during the last quarter. Canton Hathaway LLC bought a new stake in shares of Reddit in the first quarter worth $43,000. Olde Wealth Management LLC bought a new stake in shares of Reddit in the first quarter worth $46,000. Fourth Dimension Wealth LLC bought a new stake in shares of Reddit in the fourth quarter worth $49,000. Finally, Chelsea Counsel Co. bought a new stake in shares of Reddit in the fourth quarter worth $49,000.

Reddit Stock Up 4.9%

Reddit stock traded up $10.97 during midday trading on Wednesday, hitting $234.99. The company's stock had a trading volume of 7,454,707 shares, compared to its average volume of 7,914,248. The stock's 50-day moving average price is $151.55 and its 200-day moving average price is $140.00. Reddit Inc. has a 12 month low of $52.39 and a 12 month high of $237.35. The company has a market capitalization of $43.98 billion, a PE ratio of 213.63, a price-to-earnings-growth ratio of 3.50 and a beta of 2.30.

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

Insider Buying and Selling at Reddit

In other Reddit news, CAO Michelle Marie Reynolds sold 3,500 shares of Reddit stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $202.60, for a total transaction of $709,100.00. Following the transaction, the chief accounting officer owned 34,368 shares of the company's stock, valued at $6,962,956.80. The trade was a 9.24% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, COO Jennifer L. Wong sold 33,334 shares of Reddit stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $142.06, for a total value of $4,735,428.04. Following the transaction, the chief operating officer directly owned 1,428,007 shares in the company, valued at approximately $202,862,674.42. This trade represents a 2.28% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 510,309 shares of company stock valued at $63,881,845 in the last ninety days. 34.25% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

RDDT has been the subject of a number of research analyst reports. B. Riley restated a "buy" rating and issued a $220.00 price target (down previously from $222.00) on shares of Reddit in a research note on Friday, May 2nd. Needham & Company LLC lifted their price target on shares of Reddit from $165.00 to $215.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Seaport Res Ptn raised shares of Reddit from a "hold" rating to a "strong-buy" rating in a report on Monday, May 5th. Guggenheim lifted their price objective on shares of Reddit from $165.00 to $215.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Finally, Loop Capital decreased their price objective on shares of Reddit from $210.00 to $200.00 and set a "buy" rating for the company in a report on Thursday, June 12th. One research 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 stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $168.43.

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.