Brown Advisory Inc. Reduces Stock Position in Reddit Inc. (NYSE:RDDT)

Brown Advisory Inc. decreased its stake in shares of Reddit Inc. (NYSE:RDDT) by 2.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,400 shares of the company’s stock after selling 121 shares during the quarter. Brown Advisory Inc.’s holdings in Reddit were worth $462,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the company. Dupree Financial Group LLC bought a new position in Reddit in the first quarter worth approximately $1,471,000. TD Private Client Wealth LLC boosted its holdings in Reddit by 100.3% in the 1st quarter. TD Private Client Wealth LLC now owns 1,594 shares of the company’s stock worth $167,000 after buying an additional 798 shares during the last quarter. Penserra Capital Management LLC lifted its stake in Reddit by 27.7% in the 1st quarter. Penserra Capital Management LLC now owns 34,248 shares of the company’s stock worth $3,592,000 after purchasing an additional 7,439 shares in the last quarter. Olde Wealth Management LLC purchased a new stake in shares of Reddit during the 1st quarter valued at approximately $46,000. Finally, Catalyst Capital Advisors LLC acquired a new stake in Reddit in the 1st quarter valued at approximately $1,626,000.

Analyst Ratings Changes

RDDT has been the subject of a number of research reports. Robert W. Baird boosted their price target on shares of Reddit from $120.00 to $151.00 and gave the company a “neutral” rating in a research report on Tuesday, July 8th. Citigroup lifted their price target on shares of Reddit from $158.00 to $163.00 and gave the company a “buy” rating in a report on Tuesday, June 24th. Roth Capital reaffirmed a “neutral” rating on shares of Reddit in a research note on Friday, May 2nd. Truist Financial began coverage on shares of Reddit in a report on Monday, April 7th. They issued a “buy” rating and a $150.00 target price on the stock. Finally, JMP Securities restated a “market outperform” rating and issued a $180.00 price objective on shares of Reddit in a research note 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 assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $141.04.

Reddit Stock Performance

Shares of NYSE:RDDT opened at $144.79 on Wednesday. Reddit Inc. has a one year low of $49.13 and a one year high of $230.41. The stock has a market cap of $26.72 billion, a PE ratio of 245.41, a price-to-earnings-growth ratio of 3.76 and a beta of 2.33. The business’s fifty day moving average price is $125.72 and its two-hundred day moving average price is $140.06.

Reddit (NYSE:RDDT) last released its earnings results on Thursday, May 1st. The company reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.02 by $0.11. The company had revenue of $392.36 million during the quarter, compared to analyst estimates of $370.55 million. Reddit had a return on equity of 5.69% and a net margin of 8.07%. The company’s revenue for the quarter was up 61.5% on a year-over-year basis. During the same quarter in the prior year, the company earned ($8.19) earnings per share. As a group, equities research analysts predict that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

Insider Transactions at Reddit

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction on Monday, June 30th. The shares were sold at an average price of $151.35, for a total value of $2,118,900.00. Following the transaction, the chief executive officer owned 539,631 shares of the company’s stock, valued at $81,673,151.85. This represents a 2.53% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Michelle Marie Reynolds sold 3,500 shares of the firm’s stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $150.64, for a total transaction of $527,240.00. Following the sale, the chief accounting officer owned 37,868 shares of the company’s stock, valued at approximately $5,704,435.52. This represents a 8.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 459,543 shares of company stock valued at $54,442,014. 34.25% of the stock is owned by 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.