Cambridge Investment Research Advisors Inc. Has $1.54 Million Stock Holdings in Reddit Inc. (NYSE:RDDT)

Cambridge Investment Research Advisors Inc. lifted its holdings in shares of Reddit Inc. (NYSE:RDDT) by 2.7% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 14,683 shares of the company’s stock after buying an additional 383 shares during the period. Cambridge Investment Research Advisors Inc.’s holdings in Reddit were worth $1,540,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Charles Schwab Investment Management Inc. raised its holdings in shares of Reddit by 27.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 642,456 shares of the company’s stock worth $105,003,000 after buying an additional 139,135 shares in the last quarter. Assetmark Inc. raised its holdings in shares of Reddit by 1,537,566.7% during the 4th quarter. Assetmark Inc. now owns 46,130 shares of the company’s stock worth $7,539,000 after buying an additional 46,127 shares in the last quarter. Chung Wu Investment Group LLC bought a new stake in Reddit during the 4th quarter worth $327,000. EPIQ Capital Group LLC bought a new stake in Reddit during the 4th quarter worth $26,658,000. Finally, Ogborne Capital Management LLC bought a new stake in Reddit during the 4th quarter worth $11,539,000.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Redburn Partners set a $75.00 price target on Reddit in a research report on Monday, March 17th. Wall Street Zen raised Reddit from a “hold” rating to a “buy” rating in a research note on Saturday, June 14th. Roth Mkm increased their price objective on Reddit from $120.00 to $130.00 and gave the stock a “neutral” rating in a research note on Friday, May 2nd. Redburn Atlantic initiated coverage on Reddit in a report on Monday, March 17th. They issued a “sell” rating and a $75.00 target price on the stock. Finally, Truist Financial initiated coverage on Reddit in a report on Monday, April 7th. They set a “buy” rating and a $150.00 price target for the company. One analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Reddit currently has an average rating of “Moderate Buy” and a consensus target price of $139.70.

Insiders Place Their Bets

In other news, CFO Andrew Vollero sold 30,000 shares of the company’s stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $117.64, for a total value of $3,529,200.00. Following the completion of the transaction, the chief financial officer directly owned 333,806 shares in the company, valued at approximately $39,268,937.84. This represents a 8.25% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Steve Ladd Huffman sold 124,409 shares of the stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $124.45, for a total value of $15,482,700.05. Following the sale, the chief executive officer owned 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 disclosure for this sale can be found here. Insiders have sold 617,285 shares of company stock valued at $69,599,110 in the last ninety days. Corporate insiders own 34.25% of the company’s stock.

Reddit Price Performance

Reddit stock opened at $157.35 on Friday. Reddit Inc. has a one year low of $49.13 and a one year high of $230.41. The business has a fifty day moving average price of $120.79 and a 200-day moving average price of $141.54. The firm has a market capitalization of $29.03 billion, a P/E ratio of 266.70, a PEG ratio of 4.09 and a beta of 2.33.

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