3,007 Shares in Reddit, Inc. (NYSE:RDDT) Bought by Integrated Advisors Network LLC

Integrated Advisors Network LLC purchased a new position in shares of Reddit, Inc. (NYSE:RDDT) in the 4th quarter, Holdings Channel.com reports. The institutional investor purchased 3,007 shares of the company’s stock, valued at approximately $491,000.

Several other institutional investors have also bought and sold shares of RDDT. Vanguard Group Inc. boosted its position in Reddit by 184.2% in 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. Jennison Associates LLC purchased a new position in Reddit in the fourth quarter worth $494,861,000. Alliancebernstein L.P. boosted its position in Reddit by 1,011.1% in the fourth 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 purchased a new position in Reddit in the fourth quarter worth $303,082,000. Finally, GQG Partners LLC purchased a new position in Reddit in the fourth quarter worth $271,539,000.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Wells Fargo & Company set a $115.00 price objective on Reddit and gave the stock an “equal weight” rating in a research report on Monday, May 19th. Morgan Stanley dropped their price target on Reddit from $210.00 to $140.00 and set an “overweight” rating on the stock in a research report on Thursday, April 17th. Seaport Res Ptn raised Reddit from a “hold” rating to a “strong-buy” rating in a research report on Monday, May 5th. Sanford C. Bernstein raised Reddit from an “underperform” rating to a “market perform” rating and set a $130.00 price target on the stock in a research report on Friday, May 2nd. Finally, Needham & Company LLC upped their price target on Reddit from $135.00 to $145.00 and gave the company a “buy” rating in a research report on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $140.45.

Insider Activity

In other news, CFO Andrew Vollero sold 100,000 shares of Reddit stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $124.08, for a total transaction of $12,408,000.00. Following the completion of the sale, the chief financial officer now owns 499,295 shares in the company, valued at approximately $61,952,523.60. This trade represents a 16.69% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction dated Friday, February 28th. The shares were sold at an average price of $160.30, for a total value of $2,244,200.00. Following the sale, the chief executive officer now owns 597,515 shares of the company’s stock, valued at approximately $95,781,654.50. This trade represents a 2.29% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 782,139 shares of company stock worth $93,843,152.

Reddit Stock Performance

NYSE:RDDT opened at $104.51 on Wednesday. The firm has a market cap of $19.28 billion, a price-to-earnings ratio of -13.52, a PEG ratio of 4.72 and a beta of 2.90. The business’s fifty day moving average is $107.02 and its 200 day moving average is $144.77. Reddit, Inc. has a 52-week low of $49.13 and a 52-week high of $230.41.

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