Beacon Pointe Advisors LLC Purchases 3,799 Shares of Reddit Inc. $RDDT

Beacon Pointe Advisors LLC lifted its position in shares of Reddit Inc. (NYSE:RDDT) by 82.2% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 8,422 shares of the company’s stock after buying an additional 3,799 shares during the quarter. Beacon Pointe Advisors LLC’s holdings in Reddit were worth $1,268,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Vanguard Group Inc. raised its stake in Reddit by 6.3% in the 2nd quarter. Vanguard Group Inc. now owns 10,837,215 shares of the company’s stock worth $1,631,759,000 after purchasing an additional 638,663 shares in the last quarter. Alliancebernstein L.P. increased its holdings in shares of Reddit by 103.0% during the first quarter. Alliancebernstein L.P. now owns 5,659,990 shares of the company’s stock worth $593,733,000 after purchasing an additional 2,871,232 shares during the period. T. Rowe Price Investment Management Inc. raised its position in shares of Reddit by 10.6% in the first quarter. T. Rowe Price Investment Management Inc. now owns 4,073,939 shares of the company’s stock valued at $427,357,000 after buying an additional 389,761 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Reddit by 7.5% in the second quarter. JPMorgan Chase & Co. now owns 2,051,175 shares of the company’s stock valued at $308,846,000 after buying an additional 143,680 shares during the period. Finally, Geode Capital Management LLC grew its position in Reddit by 72.1% during the second quarter. Geode Capital Management LLC now owns 1,989,004 shares of the company’s stock worth $299,044,000 after buying an additional 833,245 shares in the last quarter.

Insider Transactions at Reddit

In related news, CEO Steve Ladd Huffman sold 18,000 shares of the firm’s stock in a transaction on Friday, November 28th. The stock was sold at an average price of $215.19, for a total transaction of $3,873,420.00. Following the sale, the chief executive officer owned 448,576 shares of the company’s stock, valued at $96,529,069.44. This trade represents a 3.86% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CTO Christopher Brian Slowe sold 24,000 shares of the company’s stock in a transaction dated Monday, November 24th. The stock was sold at an average price of $192.72, for a total value of $4,625,280.00. Following the completion of the transaction, the chief technology officer directly owned 175,694 shares of the company’s stock, valued at approximately $33,859,747.68. The trade was a 12.02% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 394,370 shares of company stock valued at $83,157,724. Corporate insiders own 34.25% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on RDDT shares. Argus initiated coverage on Reddit in a report on Monday, August 18th. They issued a “buy” rating and a $250.00 price objective for the company. B. Riley restated a “buy” rating and issued a $245.00 price target (up previously from $235.00) on shares of Reddit in a research report on Friday, October 31st. Cannonball Research reaffirmed a “buy” rating on shares of Reddit in a research note on Tuesday, September 23rd. Needham & Company LLC reaffirmed a “buy” rating and set a $300.00 price objective on shares of Reddit in a research report on Friday, October 31st. Finally, Piper Sandler reissued an “overweight” rating on shares of Reddit in a report on Monday. Three analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, nine have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Reddit currently has a consensus rating of “Moderate Buy” and an average target price of $226.33.

Reddit Stock Up 5.3%

Reddit stock opened at $234.47 on Friday. The stock has a market cap of $44.43 billion, a PE ratio of 134.75, a P/E/G ratio of 2.46 and a beta of 2.17. Reddit Inc. has a 12-month low of $79.75 and a 12-month high of $282.95. The business’s 50-day moving average price is $204.60 and its two-hundred day moving average price is $186.37.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Thursday, October 30th. The company reported $0.80 earnings per share for the quarter, beating analysts’ consensus estimates of $0.50 by $0.30. The company had revenue of $584.91 million for the quarter, compared to the consensus estimate of $546.65 million. Reddit had a net margin of 18.33% and a return on equity of 14.94%. The firm’s quarterly revenue was up 67.9% compared to the same quarter last year. During the same period last year, the company posted $0.16 EPS. As a group, analysts expect that Reddit Inc. will post 1.12 earnings per share for the current 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.