Virtu Financial LLC reduced its stake in Reddit Inc. (NYSE:RDDT - Free Report) by 79.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,929 shares of the company's stock after selling 26,082 shares during the quarter. Virtu Financial LLC's holdings in Reddit were worth $727,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds have also bought and sold shares of RDDT. CWM LLC grew its position in Reddit by 100.0% during the first quarter. CWM LLC now owns 256 shares of the company's stock valued at $27,000 after acquiring an additional 128 shares during the last quarter. Canton Hathaway LLC bought a new position in Reddit during the first quarter valued at approximately $43,000. Olde Wealth Management LLC bought a new position in Reddit during the first quarter valued at approximately $46,000. Fourth Dimension Wealth LLC bought a new position in Reddit during the fourth quarter valued at approximately $49,000. Finally, Chelsea Counsel Co. bought a new position in Reddit during the fourth quarter valued at approximately $49,000.
Reddit Trading Up 1.2%
Reddit stock traded up $2.93 on Friday, hitting $246.40. 6,421,788 shares of the stock traded hands, compared to its average volume of 8,277,376. The firm has a market cap of $46.12 billion, a P/E ratio of 224.00, a price-to-earnings-growth ratio of 3.86 and a beta of 2.30. The business's fifty day simple moving average is $159.01 and its 200 day simple moving average is $141.45. Reddit Inc. has a 1 year low of $52.39 and a 1 year high of $248.02.
Reddit (NYSE:RDDT - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The company reported $0.45 EPS for the quarter, beating the consensus estimate of $0.20 by $0.25. The business had revenue of $499.63 million during the quarter, compared to analyst estimates of $424.07 million. Reddit had a return on equity of 9.93% and a net margin of 12.97%. The company's revenue for the quarter was up 77.9% on a year-over-year basis. During the same quarter last year, the firm posted ($0.06) earnings per share. As a group, analysts predict that Reddit Inc. will post 1.12 earnings per share for the current year.
Analyst Upgrades and Downgrades
A number of research analysts have commented on the stock. Guggenheim increased their price target on shares of Reddit from $165.00 to $215.00 and gave the company a "buy" rating in a research report on Friday, August 1st. Raymond James Financial reiterated a "strong-buy" rating and set a $225.00 price target (up from $175.00) on shares of Reddit in a research report on Friday, August 1st. Citigroup increased their price target on shares of Reddit from $158.00 to $163.00 and gave the company a "buy" rating in a research report on Tuesday, June 24th. Roth Capital raised their target price on shares of Reddit from $130.00 to $145.00 and gave the stock a "neutral" rating in a report on Monday, July 21st. Finally, Wells Fargo & Company raised their target price on shares of Reddit from $115.00 to $118.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 1st. One equities research 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.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $168.43.
Check Out Our Latest Report on Reddit
Insider Transactions at Reddit
In other news, CFO Andrew Vollero sold 30,000 shares of Reddit stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $117.64, for a total value of $3,529,200.00. Following the completion of the transaction, the chief financial officer owned 333,806 shares of the company's stock, valued at $39,268,937.84. The trade was a 8.25% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Jennifer L. Wong sold 33,334 shares of Reddit stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $142.06, for a total value of $4,735,428.04. Following the completion of the transaction, the chief operating officer directly owned 1,428,007 shares of the company's stock, valued at approximately $202,862,674.42. This represents a 2.28% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 352,568 shares of company stock worth $45,798,117. Corporate insiders own 34.25% of the company's stock.
About Reddit
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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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