First Trust Advisors LP Raises Stake in Reddit, Inc. (NYSE:RDDT)

First Trust Advisors LP grew its stake in Reddit, Inc. (NYSE:RDDT - Free Report) by 14.4% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 61,019 shares of the company's stock after purchasing an additional 7,682 shares during the period. First Trust Advisors LP's holdings in Reddit were worth $9,973,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Formula Growth Ltd. purchased a new stake in Reddit in the 4th quarter worth about $1,144,000. NewEdge Advisors LLC raised its holdings in shares of Reddit by 446.8% in the fourth quarter. NewEdge Advisors LLC now owns 3,281 shares of the company's stock worth $536,000 after buying an additional 2,681 shares during the period. United Capital Financial Advisors LLC purchased a new position in Reddit during the 4th quarter valued at $218,000. Guggenheim Capital LLC bought a new position in Reddit in the 4th quarter valued at $606,000. Finally, Portolan Capital Management LLC increased its stake in Reddit by 195.5% in the fourth quarter. Portolan Capital Management LLC now owns 131,622 shares of the company's stock worth $21,512,000 after purchasing an additional 87,080 shares during the period.

Insider Transactions at Reddit

In other news, CFO Andrew Vollero sold 48,122 shares of the business's stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $162.80, for a total transaction of $7,834,261.60. Following the completion of the sale, the chief financial officer now owns 599,295 shares of the company's stock, valued at $97,565,226. The trade was a 7.43 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO Christopher Brian Slowe sold 11,000 shares of the business's stock in a transaction that occurred on Tuesday, April 22nd. The stock was sold at an average price of $99.75, for a total value of $1,097,250.00. Following the sale, the chief technology officer now owns 281,213 shares of the company's stock, valued at approximately $28,050,996.75. This trade represents a 3.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 711,270 shares of company stock valued at $94,239,985 in the last ninety days.

Reddit Trading Down 4.9 %

Shares of RDDT stock traded down $5.78 during mid-day trading on Friday, reaching $113.01. The stock had a trading volume of 29,544,738 shares, compared to its average volume of 5,793,217. Reddit, Inc. has a 1-year low of $45.72 and a 1-year high of $230.41. The firm has a market cap of $20.44 billion, a price-to-earnings ratio of -14.62, a PEG ratio of 4.72 and a beta of 2.89. The business's fifty day moving average is $117.75 and its 200-day moving average is $142.96.

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

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on RDDT shares. Wells Fargo & Company boosted their target price on shares of Reddit from $158.00 to $168.00 and gave the company an "overweight" rating in a research note on Friday. B. Riley reaffirmed a "buy" rating and set a $220.00 price target (down previously from $222.00) on shares of Reddit in a research note on Friday. Loop Capital reissued a "buy" rating and issued a $210.00 price objective on shares of Reddit in a research note on Tuesday, March 11th. Redburn Partners set a $75.00 target price on Reddit in a report on Monday, March 17th. Finally, Raymond James dropped their price target on Reddit from $250.00 to $200.00 and set a "strong-buy" rating on the stock in a research report on Wednesday, March 12th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, fourteen have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, Reddit has a consensus rating of "Moderate Buy" and a consensus price target of $142.30.

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.