Whalen Wealth Management Inc. Acquires New Shares in Reddit Inc. (NYSE:RDDT)

Whalen Wealth Management Inc. bought a new stake in shares of Reddit Inc. (NYSE:RDDT - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 4,052 shares of the company's stock, valued at approximately $425,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Proficio Capital Partners LLC boosted its holdings in Reddit by 2.1% during the 4th quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company's stock valued at $966,000 after acquiring an additional 120 shares during the period. Farther Finance Advisors LLC lifted its position in Reddit by 148.5% in the fourth quarter. Farther Finance Advisors LLC now owns 246 shares of the company's stock valued at $40,000 after purchasing an additional 147 shares during the last quarter. Plato Investment Management Ltd purchased a new stake in shares of Reddit during the fourth quarter valued at approximately $27,000. EverSource Wealth Advisors LLC purchased a new stake in shares of Reddit during the fourth quarter valued at approximately $28,000. Finally, Scotia Capital Inc. grew its holdings in shares of Reddit by 5.5% in the fourth quarter. Scotia Capital Inc. now owns 3,500 shares of the company's stock worth $572,000 after purchasing an additional 182 shares during the last quarter.

Reddit Price Performance

NYSE:RDDT traded up $2.25 during mid-day trading on Thursday, hitting $143.93. 6,574,113 shares of the company's stock were exchanged, compared to its average volume of 6,503,798. The company has a market cap of $26.56 billion, a PE ratio of 243.96, a P/E/G ratio of 3.64 and a beta of 1.99. Reddit Inc. has a one year low of $49.13 and a one year high of $230.41. The business has a fifty day moving average price of $115.75 and a 200 day moving average price of $142.04.

Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The company reported $0.13 EPS for the quarter, topping analysts' consensus estimates of $0.02 by $0.11. Reddit had a return on equity of 5.69% and a net margin of 8.07%. The firm had revenue of $392.36 million for the quarter, compared to analysts' expectations of $370.55 million. During the same period in the previous year, the firm posted ($8.19) EPS. The business's revenue for the quarter was up 61.5% compared to the same quarter last year. On average, equities analysts forecast that Reddit Inc. will post 1.12 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, COO Jennifer L. Wong sold 33,334 shares of the stock in a transaction that occurred on Wednesday, April 16th. The shares were sold at an average price of $93.99, for a total transaction of $3,133,062.66. Following the sale, the chief operating officer now owns 1,466,119 shares in the company, valued at $137,800,524.81. This represents a 2.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CTO Christopher Brian Slowe sold 16,000 shares of the firm's stock in a transaction that occurred on Monday, June 23rd. The shares were sold at an average price of $136.47, for a total transaction of $2,183,520.00. Following the sale, the chief technology officer now directly owns 246,373 shares of the company's stock, valued at $33,622,523.31. This trade represents a 6.10% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 613,785 shares of company stock valued at $68,398,890. 34.25% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

RDDT has been the subject of a number of recent analyst reports. Truist Financial assumed coverage on shares of Reddit in a report on Monday, April 7th. They set a "buy" rating and a $150.00 price target for the company. Loop Capital lowered their price objective on shares of Reddit from $210.00 to $200.00 and set a "buy" rating for the company in a research note on Thursday, June 12th. Roth Capital reiterated a "neutral" rating on shares of Reddit in a report on Friday, May 2nd. Needham & Company LLC boosted their price target on Reddit from $135.00 to $145.00 and gave the company a "buy" rating in a report on Friday, May 2nd. Finally, JMP Securities reaffirmed a "market outperform" rating and set a $180.00 price target on shares of Reddit in a research report on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $139.57.

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.