Wealth Enhancement Advisory Services LLC Sells 8,358 Shares of Reddit Inc. (NYSE:RDDT)

Wealth Enhancement Advisory Services LLC lowered its stake in shares of Reddit Inc. (NYSE:RDDT - Free Report) by 61.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,152 shares of the company's stock after selling 8,358 shares during the quarter. Wealth Enhancement Advisory Services LLC's holdings in Reddit were worth $540,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Salem Investment Counselors Inc. bought a new position in Reddit during the first quarter worth $559,000. Polianta Ltd acquired a new stake in Reddit during the first quarter worth $996,000. Nepsis Inc. acquired a new stake in Reddit during the first quarter worth $10,191,000. SG Americas Securities LLC acquired a new stake in Reddit during the first quarter worth $1,206,000. Finally, Livforsakringsbolaget Skandia Omsesidigt acquired a new stake in Reddit during the first quarter worth $52,000.

Insider Buying and Selling

In other news, CAO Michelle Marie Reynolds sold 3,500 shares of the company's stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $150.64, for a total value of $527,240.00. Following the completion of the sale, the chief accounting officer directly owned 37,868 shares of the company's stock, valued at $5,704,435.52. This represents a 8.46% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Andrew Vollero sold 30,000 shares of the stock in a transaction that occurred on 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 sale, the chief financial officer directly owned 333,806 shares of the company's stock, valued at approximately $39,268,937.84. The trade was a 8.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 617,285 shares of company stock worth $69,599,110 over the last quarter. Insiders own 34.25% of the company's stock.

Reddit Price Performance

Shares of RDDT stock opened at $157.35 on Friday. The stock has a market cap of $29.03 billion, a PE ratio of 266.70, a price-to-earnings-growth ratio of 4.03 and a beta of 2.33. The stock has a 50-day moving average of $121.57 and a 200-day moving average of $141.46. Reddit Inc. has a one year low of $49.13 and a one year high of $230.41.

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. Guggenheim restated a "buy" rating and issued a $165.00 target price on shares of Reddit in a research note on Tuesday, June 24th. Redburn Atlantic initiated coverage on Reddit in a report on Monday, March 17th. They issued a "sell" rating and a $75.00 price target for the company. Wall Street Zen raised Reddit from a "hold" rating to a "buy" rating in a report on Saturday, June 14th. Sanford C. Bernstein raised Reddit from an "underperform" rating to a "market perform" rating and set a $130.00 price target for the company in a report on Friday, May 2nd. Finally, Roth Mkm lifted 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. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $139.70.

Reddit Company 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.

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