Reddit Inc. (NYSE:RDDT) Shares Sold by Lord Abbett & CO. LLC

Lord Abbett & CO. LLC trimmed its position in Reddit Inc. (NYSE:RDDT) by 33.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,241,006 shares of the company’s stock after selling 620,992 shares during the period. Lord Abbett & CO. LLC owned 0.69% of Reddit worth $130,181,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. grew its position in Reddit by 11.1% during the 1st quarter. Vanguard Group Inc. now owns 10,198,552 shares of the company’s stock worth $1,069,828,000 after purchasing an additional 1,017,162 shares during the period. JPMorgan Chase & Co. grew its position in shares of Reddit by 98.2% during the 1st quarter. JPMorgan Chase & Co. now owns 1,907,495 shares of the company’s stock valued at $200,096,000 after acquiring an additional 944,847 shares during the period. Cresset Asset Management LLC grew its position in shares of Reddit by 159.6% during the 4th quarter. Cresset Asset Management LLC now owns 1,308,797 shares of the company’s stock valued at $213,910,000 after acquiring an additional 804,591 shares during the period. Whale Rock Capital Management LLC acquired a new stake in shares of Reddit during the 4th quarter valued at about $204,054,000. Finally, Voya Investment Management LLC acquired a new stake in shares of Reddit during the 4th quarter valued at about $157,984,000.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on RDDT shares. Roth Mkm raised their target price on Reddit from $120.00 to $130.00 and gave the company a “neutral” rating in a research report on Friday, May 2nd. JPMorgan Chase & Co. raised their target price on Reddit from $145.00 to $190.00 and gave the company a “neutral” rating in a research report on Friday, August 1st. Sanford C. Bernstein lifted their price objective on Reddit from $130.00 to $150.00 and gave the stock a “market perform” rating in a report on Tuesday, July 22nd. Piper Sandler raised their target price on Reddit from $150.00 to $210.00 and gave the company an “overweight” rating in a research report on Friday, August 1st. Finally, Morgan Stanley raised their target price on Reddit from $170.00 to $230.00 and gave the company an “overweight” rating in a research report on Friday, August 1st. One research analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $168.43.

Reddit Stock Performance

Reddit stock opened at $234.99 on Thursday. Reddit Inc. has a fifty-two week low of $52.39 and a fifty-two week high of $237.35. The firm has a 50 day moving average price of $153.89 and a 200 day moving average price of $140.65. The company has a market capitalization of $43.98 billion, a PE ratio of 213.63, a price-to-earnings-growth ratio of 3.55 and a beta of 2.30.

Reddit (NYSE:RDDT) last posted its earnings results on Thursday, July 31st. The company reported $0.45 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.25. Reddit had a net margin of 12.97% and a return on equity of 9.93%. The firm had revenue of $499.63 million during the quarter, compared to the consensus estimate of $424.07 million. During the same quarter last year, the firm earned ($0.06) EPS. The firm’s revenue for the quarter was up 77.9% on a year-over-year basis. As a group, equities research analysts forecast that Reddit Inc. will post 1.12 earnings per share for the current year.

Insider Buying and Selling at Reddit

In other Reddit news, COO Jennifer L. Wong sold 33,334 shares of the business’s stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $142.06, for a total value of $4,735,428.04. Following the completion of the transaction, the chief operating officer owned 1,428,007 shares in the company, valued at $202,862,674.42. The trade was a 2.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Andrew Vollero sold 30,000 shares of the business’s stock in a transaction on Friday, June 13th. The stock was sold at an average price of $117.64, for a total transaction of $3,529,200.00. Following the completion of the transaction, the chief financial officer owned 333,806 shares of the company’s stock, valued at approximately $39,268,937.84. This trade represents a 8.25% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 385,901 shares of company stock worth $49,577,413. 34.25% of the stock is currently owned by insiders.

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.