Atria Wealth Solutions Inc. Increases Holdings in Reddit Inc. (NYSE:RDDT)

Atria Wealth Solutions Inc. grew its position in shares of Reddit Inc. (NYSE:RDDT) by 108.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,718 shares of the company’s stock after purchasing an additional 2,457 shares during the period. Atria Wealth Solutions Inc.’s holdings in Reddit were worth $495,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Signaturefd LLC grew its holdings in shares of Reddit by 3.5% during the 1st quarter. Signaturefd LLC now owns 2,859 shares of the company’s stock worth $300,000 after acquiring an additional 97 shares during the period. CWM LLC increased its stake in Reddit by 100.0% in the 1st quarter. CWM LLC now owns 256 shares of the company’s stock worth $27,000 after buying an additional 128 shares in the last quarter. Morling Financial Advisors LLC grew its position in shares of Reddit by 3.8% during the first quarter. Morling Financial Advisors LLC now owns 5,487 shares of the company’s stock valued at $576,000 after purchasing an additional 202 shares in the last quarter. Wedbush Securities Inc. grew its position in Reddit by 10.3% in the first quarter. Wedbush Securities Inc. now owns 2,487 shares of the company’s stock worth $261,000 after acquiring an additional 233 shares in the last quarter. Finally, Fourth Dimension Wealth LLC bought a new stake in Reddit in the fourth quarter worth about $49,000.

Analyst Ratings Changes

Several equities analysts recently issued reports on RDDT shares. JMP Securities lifted their price objective on shares of Reddit from $180.00 to $225.00 and gave the company a “market outperform” rating in a report on Friday, August 1st. Royal Bank Of Canada set a $125.00 price target on shares of Reddit and gave the stock a “sector perform” rating in a research report on Wednesday, June 25th. JPMorgan Chase & Co. upped their price objective on shares of Reddit from $145.00 to $190.00 and gave the company a “neutral” rating in a research note on Friday, August 1st. B. Riley restated a “buy” rating and issued a $220.00 price objective (down from $222.00) on shares of Reddit in a report on Friday, May 2nd. Finally, Piper Sandler raised their price objective on shares of Reddit from $150.00 to $210.00 and gave the company an “overweight” rating in a report on Friday, August 1st. One analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $168.43.

Reddit Price Performance

Shares of NYSE RDDT opened at $234.99 on Thursday. Reddit Inc. has a 12 month low of $52.39 and a 12 month high of $237.35. The company has a 50-day simple moving average of $153.89 and a 200-day simple moving average of $140.65. The company has a market cap of $43.98 billion, a PE ratio of 213.63, a price-to-earnings-growth ratio of 3.55 and a beta of 2.30.

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

Insider Activity at Reddit

In other news, CFO Andrew Vollero sold 30,000 shares of the firm’s stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $117.64, for a total transaction of $3,529,200.00. Following the completion of the transaction, the chief financial officer owned 333,806 shares in the company, valued at approximately $39,268,937.84. This trade represents a 8.25% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, COO Jennifer L. Wong sold 33,334 shares of the stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $142.06, for a total transaction of $4,735,428.04. Following the completion of the sale, the chief operating officer directly owned 1,428,007 shares of the company’s stock, valued at $202,862,674.42. This trade represents a 2.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 385,901 shares of company stock worth $49,577,413. 34.25% of the stock is currently owned by corporate 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.