Brown Advisory Inc. Sells 121 Shares of Reddit Inc. (NYSE:RDDT)

Brown Advisory Inc. trimmed its position in shares of Reddit Inc. (NYSE:RDDT) by 2.7% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,400 shares of the company’s stock after selling 121 shares during the period. Brown Advisory Inc.’s holdings in Reddit were worth $462,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Dupree Financial Group LLC bought a new position in Reddit in the first quarter valued at about $1,471,000. TD Private Client Wealth LLC increased its stake in shares of Reddit by 100.3% in the first quarter. TD Private Client Wealth LLC now owns 1,594 shares of the company’s stock valued at $167,000 after buying an additional 798 shares during the period. Penserra Capital Management LLC raised its position in shares of Reddit by 27.7% during the first quarter. Penserra Capital Management LLC now owns 34,248 shares of the company’s stock worth $3,592,000 after acquiring an additional 7,439 shares during the last quarter. Olde Wealth Management LLC bought a new stake in shares of Reddit in the 1st quarter valued at $46,000. Finally, Catalyst Capital Advisors LLC bought a new stake in Reddit during the first quarter valued at $1,626,000.

Reddit Price Performance

Shares of NYSE:RDDT opened at $144.79 on Wednesday. Reddit Inc. has a 1 year low of $49.13 and a 1 year high of $230.41. The stock’s 50-day moving average is $125.72 and its 200 day moving average is $140.06. The company has a market cap of $26.72 billion, a PE ratio of 245.41, a P/E/G ratio of 3.76 and a beta of 2.33.

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

Analyst Ratings Changes

Several brokerages have issued reports on RDDT. Truist Financial began coverage on Reddit in a report on Monday, April 7th. They issued a “buy” rating and a $150.00 price target on the stock. Loop Capital dropped their price target on Reddit from $210.00 to $200.00 and set a “buy” rating on the stock in a report on Thursday, June 12th. Roth Mkm raised their target price on Reddit from $120.00 to $130.00 and gave the stock a “neutral” rating in a research report on Friday, May 2nd. Royal Bank Of Canada set a $125.00 price target on Reddit and gave the company a “sector perform” rating in a research report on Wednesday, June 25th. Finally, JMP Securities restated a “market outperform” rating and set a $180.00 target price on shares of Reddit in a research report on Friday, May 2nd. One 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 company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $141.04.

Insider Buying and Selling

In other news, CEO Steve Ladd Huffman sold 124,409 shares of the firm’s stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $124.45, for a total transaction of $15,482,700.05. Following the completion of the transaction, the chief executive officer owned 546,133 shares in the company, valued at $67,966,251.85. This trade represents a 18.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CTO Christopher Brian Slowe sold 26,000 shares of the firm’s stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $98.43, for a total value of $2,559,180.00. Following the transaction, the chief technology officer owned 251,373 shares of the company’s stock, valued at approximately $24,742,644.39. The trade was a 9.37% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 459,543 shares of company stock valued at $54,442,014 in the last 90 days. 34.25% of the stock is owned by company 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.