Reddit Inc. (NYSE:RDDT) Holdings Lifted by Vestor Capital LLC

Vestor Capital LLC lifted its stake in shares of Reddit Inc. (NYSE:RDDT - Free Report) by 26.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 106,786 shares of the company's stock after acquiring an additional 22,005 shares during the quarter. Vestor Capital LLC owned approximately 0.06% of Reddit worth $11,202,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in RDDT. FMR LLC boosted its position in shares of Reddit by 7.5% during the fourth quarter. FMR LLC now owns 13,070,780 shares of the company's stock valued at $2,136,288,000 after buying an additional 913,189 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Reddit by 184.2% in the 4th quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company's stock valued at $1,500,606,000 after acquiring an additional 5,950,909 shares in the last quarter. Alliancebernstein L.P. raised its holdings in shares of Reddit by 1,011.1% during the 4th quarter. Alliancebernstein L.P. now owns 2,788,758 shares of the company's stock valued at $455,795,000 after buying an additional 2,537,768 shares in the last quarter. Lord Abbett & CO. LLC raised its holdings in shares of Reddit by 12.8% during the 4th quarter. Lord Abbett & CO. LLC now owns 1,861,998 shares of the company's stock valued at $304,325,000 after buying an additional 211,636 shares in the last quarter. Finally, GQG Partners LLC purchased a new stake in shares of Reddit during the fourth quarter valued at approximately $271,539,000.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on RDDT. Citigroup lifted their price objective on Reddit from $158.00 to $163.00 and gave the stock a "buy" rating in a research report on Tuesday, June 24th. Seaport Res Ptn raised Reddit from a "hold" rating to a "strong-buy" rating in a report on Monday, May 5th. Robert W. Baird boosted their price target on Reddit from $120.00 to $151.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 8th. Bank of America decreased their price target on Reddit from $190.00 to $110.00 and set a "neutral" rating for the company in a research note on Wednesday, April 9th. 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 report on Thursday, June 12th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Reddit has a consensus rating of "Moderate Buy" and a consensus target price of $144.13.

Reddit Trading Up 1.1%

NYSE:RDDT traded up $1.60 during trading hours on Friday, hitting $149.73. The company's stock had a trading volume of 4,495,742 shares, compared to its average volume of 6,198,616. The stock has a fifty day moving average of $131.22 and a 200-day moving average of $138.99. The stock has a market capitalization of $27.63 billion, a P/E ratio of 253.78, a price-to-earnings-growth ratio of 3.80 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 announced its quarterly earnings data on Thursday, May 1st. The company reported $0.13 EPS for the quarter, beating analysts' consensus estimates of $0.02 by $0.11. Reddit had a net margin of 8.07% and a return on equity of 5.69%. The firm had revenue of $392.36 million during the quarter, compared to the consensus estimate of $370.55 million. During the same quarter last year, the firm earned ($8.19) earnings per share. The firm's revenue was up 61.5% compared to the same quarter last year. On average, sell-side analysts forecast that Reddit Inc. will post 1.12 earnings per share for the current year.

Insider Transactions at Reddit

In related news, CFO Andrew Vollero sold 30,000 shares of Reddit stock in a transaction 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 approximately $39,268,937.84. The trade was a 8.25% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Michelle Marie Reynolds sold 3,500 shares of Reddit stock in a transaction on Wednesday, June 25th. The shares were sold at an average price of $150.64, for a total transaction of $527,240.00. Following the transaction, the chief accounting officer owned 37,868 shares in the company, valued at $5,704,435.52. The trade was a 8.46% decrease in their position. The disclosure for this sale can be found here. Insiders sold 506,809 shares of company stock worth $61,884,325 in the last three months. 34.25% of the stock is currently owned by company insiders.

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.