Balboa Wealth Partners Takes $1.14 Million Position in Reddit Inc. (NYSE:RDDT)

Balboa Wealth Partners purchased a new stake in shares of Reddit Inc. (NYSE:RDDT) during the 1st quarter, HoldingsChannel reports. The institutional investor purchased 10,895 shares of the company’s stock, valued at approximately $1,143,000.

Several other institutional investors have also recently made changes to their positions in the company. Blue Trust Inc. acquired a new stake in Reddit in the 4th quarter valued at approximately $63,000. Rhumbline Advisers acquired a new stake in Reddit in the 4th quarter valued at approximately $739,000. Principal Securities Inc. increased its holdings in Reddit by 5,314.3% in the 4th quarter. Principal Securities Inc. now owns 758 shares of the company’s stock valued at $124,000 after purchasing an additional 744 shares during the last quarter. Allworth Financial LP increased its holdings in Reddit by 970.0% in the 4th quarter. Allworth Financial LP now owns 214 shares of the company’s stock valued at $35,000 after purchasing an additional 194 shares during the last quarter. Finally, Sanctuary Advisors LLC increased its holdings in Reddit by 188.4% in the 4th quarter. Sanctuary Advisors LLC now owns 6,315 shares of the company’s stock valued at $1,032,000 after purchasing an additional 4,125 shares during the last quarter.

Reddit Trading Down 3.8%

Shares of RDDT stock opened at $133.92 on Tuesday. The firm has a fifty day moving average price of $112.97 and a 200 day moving average price of $142.22. The company has a market cap of $24.71 billion, a P/E ratio of 226.99, a PEG ratio of 3.57 and a beta of 2.02. Reddit Inc. has a 12 month low of $49.13 and a 12 month high of $230.41.

Reddit (NYSE:RDDT) last issued its 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. The firm had revenue of $392.36 million during the quarter, compared to the consensus estimate of $370.55 million. Reddit had a net margin of 8.07% and a return on equity of 5.69%. The company’s revenue was up 61.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($8.19) earnings per share. On average, equities analysts forecast that Reddit Inc. will post 1.12 EPS for the current year.

Insider Buying and Selling

In other Reddit news, CAO Michelle Marie Reynolds sold 909 shares of the company’s stock in a transaction on 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 transaction, the chief accounting officer now owns 41,368 shares in the company, valued at $5,171,000. This represents a 2.15% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO Jennifer L. Wong sold 33,334 shares of the company’s stock in a transaction 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 completion of the transaction, the chief operating officer now owns 1,466,119 shares of the company’s stock, valued at $137,800,524.81. This represents a 2.22% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 597,785 shares of company stock worth $66,215,370. Corporate insiders own 34.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on RDDT shares. Redburn Atlantic started coverage on shares of Reddit in a report on Monday, March 17th. They issued a “sell” rating and a $75.00 target price for the company. Bank of America dropped their target price on shares of Reddit from $190.00 to $110.00 and set a “neutral” rating for the company in a report on Wednesday, April 9th. Robert W. Baird dropped their target price on shares of Reddit from $140.00 to $120.00 and set a “neutral” rating for the company in a report on Wednesday, May 21st. Wall Street Zen upgraded shares of Reddit from a “hold” rating to a “buy” rating in a report on Saturday, June 14th. Finally, Roth Capital reiterated a “neutral” rating on shares of Reddit in a report on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Reddit presently has an average rating of “Moderate Buy” and an average target price of $139.35.

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.