Congress Park Capital LLC Decreases Holdings in Reddit Inc. (NYSE:RDDT)

Congress Park Capital LLC decreased its position in Reddit Inc. (NYSE:RDDT) by 11.4% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 3,809 shares of the company’s stock after selling 491 shares during the period. Congress Park Capital LLC’s holdings in Reddit were worth $400,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of RDDT. Envestnet Portfolio Solutions Inc. grew its stake in Reddit by 20.9% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 4,502 shares of the company’s stock valued at $472,000 after acquiring an additional 778 shares during the last quarter. WD Rutherford LLC acquired a new position in Reddit during the first quarter worth about $208,000. QRG Capital Management Inc. purchased a new stake in shares of Reddit in the first quarter valued at about $368,000. Sowell Financial Services LLC acquired a new stake in shares of Reddit in the first quarter valued at approximately $739,000. Finally, Janney Montgomery Scott LLC increased its stake in shares of Reddit by 4.5% during the 1st quarter. Janney Montgomery Scott LLC now owns 9,183 shares of the company’s stock worth $963,000 after purchasing an additional 397 shares in the last quarter.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on RDDT shares. Raymond James Financial reduced their target price on Reddit from $250.00 to $200.00 and set a “strong-buy” rating on the stock in a research note on Wednesday, March 12th. B. Riley reissued a “buy” rating and issued a $220.00 price target (down from $222.00) on shares of Reddit in a report on Friday, May 2nd. Robert W. Baird reduced their price objective on Reddit from $140.00 to $120.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 21st. 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. Finally, Sanford C. Bernstein raised shares of Reddit from an “underperform” rating to a “market perform” rating and set a $130.00 target price for the company in a research note on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $139.35.

Reddit Trading Up 5.6%

Shares of RDDT opened at $141.28 on Friday. Reddit Inc. has a twelve month low of $49.13 and a twelve month high of $230.41. The firm has a market capitalization of $26.07 billion, a P/E ratio of 239.46, a price-to-earnings-growth ratio of 3.62 and a beta of 1.99. The stock’s fifty day simple moving average is $111.48 and its 200 day simple moving average is $142.64.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Thursday, May 1st. The company reported $0.13 EPS for the quarter, topping analysts’ consensus estimates of $0.02 by $0.11. The company had revenue of $392.36 million for the quarter, compared to the consensus estimate of $370.55 million. Reddit had a return on equity of 5.69% and a net margin of 8.07%. The company’s quarterly revenue was up 61.5% compared to the same quarter last year. During the same period last year, the business posted ($8.19) EPS. Sell-side analysts predict that Reddit Inc. will post 1.12 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Steve Ladd Huffman sold 124,409 shares of the company’s stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $124.45, for a total value of $15,482,700.05. Following the completion of the sale, the chief executive officer now owns 546,133 shares of the company’s stock, valued at $67,966,251.85. This represents a 18.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Michelle Marie Reynolds sold 909 shares of the stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $125.00, for a total value of $113,625.00. Following the completion of the sale, the chief accounting officer now owns 41,368 shares of the company’s stock, valued at approximately $5,171,000. This trade represents a 2.15% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 708,785 shares of company stock valued at $79,988,250. 34.25% of the stock is currently owned by corporate insiders.

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.