Blair William & Co. IL Takes $238,000 Position in Reddit Inc. (NYSE:RDDT)

Blair William & Co. IL purchased a new stake in shares of Reddit Inc. (NYSE:RDDT) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,268 shares of the company’s stock, valued at approximately $238,000.

Other large investors have also made changes to their positions in the company. CWM LLC lifted its stake in Reddit by 100.0% in the first quarter. CWM LLC now owns 256 shares of the company’s stock valued at $27,000 after buying an additional 128 shares during the period. Fourth Dimension Wealth LLC acquired a new position in Reddit in the fourth quarter valued at about $49,000. Chelsea Counsel Co. acquired a new position in Reddit in the fourth quarter valued at about $49,000. Quarry LP acquired a new position in Reddit in the fourth quarter valued at about $59,000. Finally, CoreCap Advisors LLC lifted its stake in Reddit by 3,500.0% in the fourth quarter. CoreCap Advisors LLC now owns 360 shares of the company’s stock valued at $59,000 after buying an additional 350 shares during the period.

Insider Buying and Selling

In other Reddit news, COO Jennifer L. Wong sold 33,334 shares of the firm’s stock in a transaction that occurred on Wednesday, July 16th. The stock was 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 directly owned 1,428,007 shares in the company, valued at $202,862,674.42. This trade represents a 2.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Andrew Vollero sold 30,000 shares of the firm’s stock in a transaction that occurred on Friday, June 13th. The shares were 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 owned 333,806 shares of the company’s stock, valued at approximately $39,268,937.84. This represents a 8.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 510,309 shares of company stock valued at $63,881,845 in the last ninety days. 34.25% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research firms have weighed in on RDDT. Guggenheim increased their target price on Reddit from $165.00 to $215.00 and gave the company a “buy” rating in a research note on Friday, August 1st. Needham & Company LLC increased their target price on Reddit from $165.00 to $215.00 and gave the company a “buy” rating in a research note on Friday, August 1st. JMP Securities raised their price target on Reddit from $180.00 to $225.00 and gave the stock a “market outperform” rating in a research report on Friday, August 1st. Wall Street Zen raised Reddit from a “hold” rating to a “buy” rating in a research report on Saturday, June 14th. Finally, Sanford C. Bernstein raised their price target on Reddit from $130.00 to $150.00 and gave the stock a “market perform” rating in a research report on Tuesday, July 22nd. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $168.43.

Reddit Stock Performance

NYSE:RDDT opened at $223.88 on Wednesday. The stock has a 50-day simple moving average of $151.55 and a 200 day simple moving average of $140.00. The company has a market cap of $41.90 billion, a PE ratio of 203.52, a PEG ratio of 3.50 and a beta of 2.30. Reddit Inc. has a 52-week low of $52.39 and a 52-week high of $230.41.

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

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.