First Trust Advisors LP Has $25.51 Million Position in Reddit Inc. $RDDT

First Trust Advisors LP grew its position in Reddit Inc. (NYSE:RDDT) by 142.4% during the 2nd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 169,452 shares of the company’s stock after purchasing an additional 99,545 shares during the period. First Trust Advisors LP owned about 0.09% of Reddit worth $25,514,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in RDDT. Resona Asset Management Co. Ltd. lifted its holdings in Reddit by 0.3% during the 2nd quarter. Resona Asset Management Co. Ltd. now owns 20,201 shares of the company’s stock valued at $3,023,000 after purchasing an additional 65 shares during the last quarter. Congress Park Capital LLC increased its holdings in shares of Reddit by 2.0% during the second quarter. Congress Park Capital LLC now owns 3,885 shares of the company’s stock worth $585,000 after buying an additional 76 shares in the last quarter. Platinum Investment Management Ltd. raised its stake in shares of Reddit by 4.3% in the second quarter. Platinum Investment Management Ltd. now owns 2,322 shares of the company’s stock valued at $350,000 after acquiring an additional 95 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its stake in shares of Reddit by 12.5% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 1,323 shares of the company’s stock valued at $139,000 after acquiring an additional 147 shares during the last quarter. Finally, Advisors Asset Management Inc. boosted its holdings in shares of Reddit by 68.2% in the 2nd quarter. Advisors Asset Management Inc. now owns 365 shares of the company’s stock worth $55,000 after acquiring an additional 148 shares in the last quarter.

Analyst Ratings Changes

Several analysts have recently commented on RDDT shares. Raymond James Financial restated a “strong-buy” rating and set a $250.00 target price (up previously from $225.00) on shares of Reddit in a report on Monday, October 20th. China Renaissance assumed coverage on shares of Reddit in a research report on Tuesday. They set a “buy” rating and a $300.00 price target on the stock. Needham & Company LLC restated a “buy” rating and issued a $300.00 price objective on shares of Reddit in a research report on Friday, October 31st. Argus began coverage on shares of Reddit in a research report on Monday, August 18th. They set a “buy” rating and a $250.00 target price on the stock. Finally, Jefferies Financial Group raised their price target on shares of Reddit from $230.00 to $300.00 and gave the company a “buy” rating in a report on Wednesday, September 10th. Three investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $229.28.

Insiders Place Their Bets

In other Reddit news, insider Benjamin Seong Lee sold 6,427 shares of the stock in a transaction dated Monday, November 24th. The stock was sold at an average price of $192.68, for a total value of $1,238,354.36. Following the transaction, the insider owned 67,613 shares of the company’s stock, valued at approximately $13,027,672.84. This represents a 8.68% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Jennifer L. Wong sold 63,427 shares of the business’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 $12,223,651.44. Following the transaction, the chief operating officer owned 1,184,528 shares of the company’s stock, valued at $228,282,236.16. The trade was a 5.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 394,370 shares of company stock valued at $83,122,444 in the last ninety days. 34.25% of the stock is currently owned by insiders.

Reddit Price Performance

RDDT opened at $238.72 on Thursday. The firm has a 50 day simple moving average of $205.33 and a 200 day simple moving average of $189.85. Reddit Inc. has a fifty-two week low of $79.75 and a fifty-two week high of $282.95. The company has a market cap of $45.24 billion, a price-to-earnings ratio of 137.19, a price-to-earnings-growth ratio of 2.61 and a beta of 2.17.

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

Reddit 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.