13,510 Shares in Reddit, Inc. (NYSE:RDDT) Bought by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Reddit, Inc. (NYSE:RDDT - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 13,510 shares of the company's stock, valued at approximately $2,208,000.

Several other institutional investors have also modified their holdings of RDDT. Vanguard Group Inc. lifted its position in shares of Reddit by 184.2% during the fourth quarter. Vanguard Group Inc. now owns 9,181,390 shares of the company's stock worth $1,500,606,000 after purchasing an additional 5,950,909 shares during the last quarter. Alliancebernstein L.P. lifted its stake 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 worth $455,795,000 after purchasing an additional 2,537,768 shares during the last quarter. Brooklyn FI LLC bought a new stake in Reddit during the fourth quarter valued at about $303,082,000. GQG Partners LLC bought a new stake in Reddit during the fourth quarter valued at about $271,539,000. Finally, Whale Rock Capital Management LLC bought a new position in shares of Reddit during the 4th quarter worth approximately $204,054,000.

Analyst Ratings Changes

Several brokerages recently commented on RDDT. B. Riley reaffirmed a "buy" rating and issued a $220.00 price objective (down from $222.00) on shares of Reddit in a research report on Friday, May 2nd. Loop Capital reiterated a "buy" rating and issued a $210.00 price objective on shares of Reddit in a research note on Tuesday, March 11th. Roth Mkm boosted their price target on Reddit from $120.00 to $130.00 and gave the company a "neutral" rating in a report on Friday, May 2nd. Truist Financial started coverage on shares of Reddit in a research report on Monday, April 7th. They set a "buy" rating and a $150.00 price target on the stock. Finally, Morgan Stanley cut their price objective on Reddit from $210.00 to $140.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, Reddit has an average rating of "Moderate Buy" and an average price target of $139.78.

Insider Buying and Selling at Reddit

In related news, CAO Michelle Marie Reynolds sold 2,729 shares of the business's stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $98.85, for a total transaction of $269,761.65. Following the completion of the transaction, the chief accounting officer now owns 42,277 shares in the company, valued at approximately $4,179,081.45. The trade was a 6.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director David C. Habiger acquired 774 shares of the company's stock in a transaction dated Wednesday, March 12th. The stock was acquired at an average price of $130.36 per share, for a total transaction of $100,898.64. Following the acquisition, the director now owns 30,808 shares in the company, valued at approximately $4,016,130.88. The trade was a 2.58% increase in their position. The disclosure for this purchase can be found here. Insiders sold a total of 677,875 shares of company stock valued at $76,732,994 in the last three months. 34.25% of the stock is owned by corporate insiders.

Reddit Stock Up 8.0%

Shares of Reddit stock traded up $8.95 during mid-day trading on Friday, hitting $121.19. The stock had a trading volume of 6,742,922 shares, compared to its average volume of 6,218,290. Reddit, Inc. has a 12-month low of $49.13 and a 12-month high of $230.41. The firm has a market cap of $22.36 billion, a P/E ratio of -15.68, a price-to-earnings-growth ratio of 4.72 and a beta of 1.99. The firm has a 50-day moving average of $106.45 and a two-hundred day moving average of $143.81.

Reddit (NYSE:RDDT - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The company reported $0.13 earnings per share for the quarter, topping analysts' consensus estimates of $0.02 by $0.11. The firm had revenue of $392.36 million during the quarter, compared to analysts' expectations of $370.55 million. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. The firm's quarterly revenue was up 61.5% on a year-over-year basis. During the same quarter last year, the company posted ($8.19) EPS. Sell-side analysts expect that Reddit, Inc. will post 1.12 earnings per share for the current year.

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.