Sowell Financial Services LLC Invests $739,000 in Reddit Inc. (NYSE:RDDT)

Sowell Financial Services LLC bought a new position in shares of Reddit Inc. (NYSE:RDDTFree Report) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 7,045 shares of the company’s stock, valued at approximately $739,000.

A number of other large investors also recently modified their holdings of RDDT. Plato Investment Management Ltd acquired a new position in shares of Reddit during the fourth quarter worth approximately $27,000. EverSource Wealth Advisors LLC acquired a new position in shares of Reddit during the fourth quarter worth approximately $28,000. Allworth Financial LP lifted its position in shares of Reddit by 970.0% during the fourth quarter. Allworth Financial LP now owns 214 shares of the company’s stock worth $35,000 after purchasing an additional 194 shares in the last quarter. Kestra Investment Management LLC acquired a new position in shares of Reddit during the fourth quarter worth approximately $38,000. Finally, Tucker Asset Management LLC acquired a new position in Reddit in the fourth quarter valued at approximately $39,000.

Wall Street Analyst Weigh In

RDDT has been the topic of several analyst reports. Roth Mkm increased their price objective on shares of Reddit from $120.00 to $130.00 and gave the company a “neutral” rating in a report on Friday, May 2nd. JMP Securities restated a “market outperform” rating and issued a $180.00 price objective on shares of Reddit in a report on Friday, May 2nd. Roth Capital restated a “neutral” rating on shares of Reddit in a report on Friday, May 2nd. Loop Capital cut their price objective on shares of Reddit from $210.00 to $200.00 and set a “buy” rating on the stock in a report on Thursday, June 12th. Finally, Wells Fargo & Company set a $115.00 price objective on shares of Reddit and gave the company an “equal weight” rating in a report on Monday, May 19th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $139.35.

View Our Latest Analysis on RDDT

Reddit Stock Up 5.6%

Shares of RDDT stock opened at $141.28 on Friday. The firm has a fifty day moving average of $111.48 and a 200-day moving average of $142.64. Reddit Inc. has a 12-month low of $49.13 and a 12-month high of $230.41. The company has a market capitalization of $26.07 billion, a price-to-earnings ratio of 239.46, a P/E/G ratio of 3.62 and a beta of 1.99.

Reddit (NYSE:RDDTGet Free Report) last issued its quarterly earnings data on Thursday, May 1st. The company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.11. The company had revenue of $392.36 million during the quarter, compared to the consensus estimate of $370.55 million. Reddit had a net margin of 8.07% and a return on equity of 5.69%. The firm’s revenue was up 61.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($8.19) earnings per share. On average, equities analysts expect that Reddit Inc. will post 1.12 EPS for the current year.

Insider Activity at Reddit

In related news, insider Benjamin Seong Lee sold 6,854 shares of the firm’s stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $98.42, for a total value of $674,570.68. Following the completion of the transaction, the insider now owns 99,277 shares of the company’s stock, valued at approximately $9,770,842.34. This trade represents a 6.46% 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 hyperlink. Also, CAO Michelle Marie Reynolds sold 909 shares of the firm’s stock in a transaction on Monday, June 16th. The shares were sold at an average price of $125.00, for a total transaction of $113,625.00. Following the completion of the transaction, the chief accounting officer now directly owns 41,368 shares of the company’s stock, valued at approximately $5,171,000. This trade represents a 2.15% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 708,785 shares of company stock valued at $79,988,250. Corporate insiders own 34.25% of the company’s stock.

About Reddit

(Free Report)

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.

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Institutional Ownership by Quarter for Reddit (NYSE:RDDT)

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