First Trust Advisors LP Acquires 99,545 Shares of Reddit Inc. $RDDT

First Trust Advisors LP grew its holdings in Reddit Inc. (NYSE:RDDT) by 142.4% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 169,452 shares of the company’s stock after acquiring an additional 99,545 shares during the quarter. First Trust Advisors LP’s holdings in Reddit were worth $25,514,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Teacher Retirement System of Texas increased its position in shares of Reddit by 880.5% during the second quarter. Teacher Retirement System of Texas now owns 94,676 shares of the company’s stock worth $14,255,000 after acquiring an additional 85,020 shares in the last quarter. Petrus Trust Company LTA bought a new stake in Reddit in the 1st quarter valued at $473,000. JPMorgan Chase & Co. boosted its stake in Reddit by 98.2% in the 1st quarter. JPMorgan Chase & Co. now owns 1,907,495 shares of the company’s stock worth $200,096,000 after purchasing an additional 944,847 shares during the period. Greycroft LP increased its holdings in Reddit by 109.1% during the 1st quarter. Greycroft LP now owns 11,500 shares of the company’s stock worth $1,206,000 after purchasing an additional 6,000 shares in the last quarter. Finally, Think Investments LP raised its stake in shares of Reddit by 10.3% in the 1st quarter. Think Investments LP now owns 268,000 shares of the company’s stock valued at $28,113,000 after purchasing an additional 25,000 shares during the period.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Wells Fargo & Company upped their price objective on Reddit from $155.00 to $174.00 and gave the stock a “cautious” rating in a research report on Tuesday, October 7th. Royal Bank Of Canada reaffirmed a “sector perform” rating on shares of Reddit in a research report on Wednesday, October 1st. JPMorgan Chase & Co. lifted their price objective on shares of Reddit from $190.00 to $227.00 and gave the company a “neutral” rating in a report on Friday, October 31st. Roth Capital set a $210.00 price objective on shares of Reddit in a research report on Friday, October 31st. Finally, Argus started coverage on shares of Reddit in a report on Monday, August 18th. They set a “buy” rating and a $250.00 target price for the company. Three research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Reddit presently has an average rating of “Moderate Buy” and an average target price of $229.28.

Reddit Stock Performance

Reddit stock opened at $238.72 on Thursday. Reddit Inc. has a 52 week low of $79.75 and a 52 week high of $282.95. The stock has a market capitalization of $45.24 billion, a P/E ratio of 137.19, a PEG ratio of 2.61 and a beta of 2.17. The stock has a 50-day simple moving average of $205.33 and a 200 day simple moving average of $189.85.

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

Insider Activity

In related news, COO Jennifer L. Wong sold 63,427 shares of the company’s stock in a transaction dated Monday, November 24th. The shares were 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 in the company, valued at approximately $228,282,236.16. This represents a 5.08% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Steve Ladd Huffman sold 18,000 shares of the stock in a transaction dated Monday, September 15th. The shares were sold at an average price of $261.22, for a total transaction of $4,701,960.00. Following the completion of the transaction, the chief executive officer directly owned 494,104 shares in the company, valued at approximately $129,069,846.88. This represents a 3.51% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 394,370 shares of company stock valued at $83,122,444 over the last ninety days. 34.25% of the stock is currently owned by company insiders.

About Reddit

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.