Wealthfront Advisers LLC Has $1.25 Million Stock Position in Reddit Inc. $RDDT

Wealthfront Advisers LLC reduced its stake in Reddit Inc. (NYSE:RDDT) by 34.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 9,294 shares of the company’s stock after selling 4,937 shares during the quarter. Wealthfront Advisers LLC’s holdings in Reddit were worth $1,251,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the stock. Capital World Investors acquired a new position in shares of Reddit in the fourth quarter valued at approximately $1,293,258,000. Norges Bank acquired a new stake in Reddit during the 4th quarter worth approximately $372,047,000. Invesco Ltd. lifted its holdings in Reddit by 419.0% during the 3rd quarter. Invesco Ltd. now owns 1,487,941 shares of the company’s stock worth $342,212,000 after purchasing an additional 1,201,237 shares during the last quarter. State Street Corp boosted its stake in Reddit by 138.5% in the 2nd quarter. State Street Corp now owns 2,030,139 shares of the company’s stock valued at $305,678,000 after purchasing an additional 1,178,890 shares during the period. Finally, Vanguard Group Inc. boosted its stake in Reddit by 8.9% in the 4th quarter. Vanguard Group Inc. now owns 13,322,048 shares of the company’s stock valued at $3,062,339,000 after purchasing an additional 1,083,540 shares during the period.

Reddit Price Performance

Reddit stock opened at $185.93 on Wednesday. The firm has a market cap of $35.79 billion, a PE ratio of 53.12 and a beta of 1.93. The stock’s fifty day moving average price is $173.90 and its two-hundred day moving average price is $168.62. Reddit Inc. has a one year low of $119.27 and a one year high of $282.95.

Reddit (NYSE:RDDT) last released its earnings results on Thursday, April 30th. The company reported $1.01 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.39. Reddit had a return on equity of 25.48% and a net margin of 28.60%.The firm had revenue of $663.41 million during the quarter, compared to the consensus estimate of $607.74 million. During the same period in the prior year, the company posted $0.13 EPS. The company’s revenue was up 69.1% compared to the same quarter last year. Sell-side analysts expect that Reddit Inc. will post 4.85 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. The Goldman Sachs Group reiterated a “neutral” rating and set a $200.00 price objective on shares of Reddit in a research report on Friday, May 1st. Truist Financial set a $265.00 target price on shares of Reddit in a research report on Friday, May 1st. Raymond James Financial set a $180.00 price target on shares of Reddit and gave the company a “market perform” rating in a research note on Friday, May 1st. Wells Fargo & Company raised their price target on shares of Reddit from $176.00 to $187.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 7th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $215.00 price objective on shares of Reddit in a research note on Thursday, July 9th. Nineteen investment analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. According to MarketBeat.com, Reddit presently has an average rating of “Moderate Buy” and a consensus price target of $232.48.

Insider Buying and Selling

In related news, CAO Michelle Marie Reynolds sold 808 shares of the company’s stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $200.00, for a total transaction of $161,600.00. Following the completion of the sale, the chief accounting officer owned 15,060 shares of the company’s stock, valued at $3,012,000. This represents a 5.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jennifer L. Wong sold 39,166 shares of the stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $176.94, for a total transaction of $6,930,032.04. Following the sale, the chief operating officer owned 1,050,339 shares in the company, valued at $185,846,982.66. The trade was a 3.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 169,141 shares of company stock valued at $28,680,845 over the last quarter. 28.48% of the stock is owned by company insiders.

Reddit Company Profile

Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called “subreddits,” each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.