Blue Jean Financial LLC acquired a new stake in shares of Reddit Inc. (NYSE:RDDT – Free Report) in the 4th quarter, HoldingsChannel.com reports. The institutional investor acquired 13,647 shares of the company’s stock, valued at approximately $3,137,000. Reddit comprises approximately 2.5% of Blue Jean Financial LLC’s holdings, making the stock its 4th largest position.
Several other hedge funds and other institutional investors have also recently modified their holdings of RDDT. NewEdge Advisors LLC increased its holdings in shares of Reddit by 143.3% during the first quarter. NewEdge Advisors LLC now owns 7,982 shares of the company’s stock valued at $837,000 after acquiring an additional 4,701 shares in the last quarter. Empowered Funds LLC bought a new stake in Reddit during the first quarter worth $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Reddit by 106.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 216,960 shares of the company’s stock worth $22,759,000 after buying an additional 111,780 shares in the last quarter. Focus Partners Wealth grew its holdings in Reddit by 40.8% during the first quarter. Focus Partners Wealth now owns 10,224 shares of the company’s stock worth $1,073,000 after buying an additional 2,965 shares in the last quarter. Finally, Geneos Wealth Management Inc. grew its holdings in Reddit by 344.6% during the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock worth $39,000 after buying an additional 286 shares in the last quarter.
Analyst Upgrades and Downgrades
Several brokerages recently issued reports on RDDT. Wall Street Zen downgraded Reddit from a “buy” rating to a “hold” rating in a report on Sunday, May 10th. Weiss Ratings reiterated a “hold (c)” rating on shares of Reddit in a report on Friday, May 8th. Citizens Jmp decreased their price target on Reddit from $250.00 to $240.00 and set a “market outperform” rating for the company in a report on Friday, May 1st. Piper Sandler reiterated an “overweight” rating and set a $215.00 price target (up from $205.00) on shares of Reddit in a report on Friday, May 1st. Finally, Citigroup reiterated a “market outperform” rating on shares of Reddit in a report on Tuesday, May 26th. Eighteen research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $230.75.
Reddit Trading Down 6.4%
RDDT stock opened at $162.11 on Friday. The stock’s fifty day simple moving average is $157.38 and its two-hundred day simple moving average is $176.88. Reddit Inc. has a 1-year low of $112.30 and a 1-year high of $282.95. The stock has a market cap of $31.21 billion, a P/E ratio of 46.32 and a beta of 1.91.
Reddit (NYSE:RDDT – Get Free Report) last posted its quarterly earnings data on Thursday, April 30th. The company reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.39. Reddit had a return on equity of 25.48% and a net margin of 28.60%.The business had revenue of $663.41 million for the quarter, compared to analysts’ expectations of $607.74 million. During the same quarter in the previous year, the firm earned $0.13 earnings per share. The business’s revenue was up 69.1% on a year-over-year basis. As a group, analysts forecast that Reddit Inc. will post 4.83 earnings per share for the current fiscal year.
Insiders Place Their Bets
In other Reddit news, CEO Steve Ladd Huffman sold 18,000 shares of the business’s stock in a transaction on Friday, May 29th. The stock was sold at an average price of $174.13, for a total value of $3,134,340.00. Following the transaction, the chief executive officer owned 373,814 shares of the company’s stock, valued at approximately $65,092,231.82. The trade was a 4.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Christopher Brian Slowe sold 15,500 shares of the business’s stock in a transaction on Wednesday, April 8th. The stock was sold at an average price of $150.67, for a total value of $2,335,385.00. Following the completion of the transaction, the chief technology officer directly owned 38,413 shares in the company, valued at approximately $5,787,686.71. This represents a 28.75% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 232,499 shares of company stock valued at $36,123,803. Insiders own 28.48% of the company’s stock.
Reddit Profile
Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called “subreddits,” each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.
Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.
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