IFC Advisors LLC Invests $2.06 Million in Reddit Inc. $RDDT

IFC Advisors LLC purchased a new stake in shares of Reddit Inc. (NYSE:RDDT) during the 1st quarter, HoldingsChannel reports. The institutional investor purchased 15,274 shares of the company’s stock, valued at approximately $2,057,000.

Other large investors have also recently added to or reduced their stakes in the company. NewEdge Advisors LLC grew its position in Reddit by 143.3% in the first quarter. NewEdge Advisors LLC now owns 7,982 shares of the company’s stock worth $837,000 after acquiring an additional 4,701 shares during the period. Empowered Funds LLC purchased a new stake in Reddit in the first quarter valued at $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Reddit by 106.3% in 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 valued at $22,759,000 after purchasing an additional 111,780 shares during the period. Focus Partners Wealth lifted its stake in shares of Reddit by 40.8% in the 1st quarter. Focus Partners Wealth now owns 10,224 shares of the company’s stock valued at $1,073,000 after purchasing an additional 2,965 shares during the last quarter. Finally, Geneos Wealth Management Inc. lifted its stake in shares of Reddit by 344.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock valued at $39,000 after purchasing an additional 286 shares during the last quarter.

Insiders Place Their Bets

In other news, CEO Steve Ladd Huffman sold 18,000 shares of the stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $173.13, for a total transaction of $3,116,340.00. Following the sale, the chief executive officer owned 373,814 shares of the company’s stock, valued at approximately $64,718,417.82. This represents a 4.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jennifer L. Wong sold 39,166 shares of the firm’s stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $176.94, for a total transaction of $6,930,032.04. Following the completion of the transaction, the chief operating officer directly owned 1,050,339 shares of the company’s stock, valued at approximately $185,846,982.66. The trade was a 3.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 226,308 shares of company stock worth $37,856,340 over the last three months. Company insiders own 28.48% of the company’s stock.

Reddit Trading Down 0.1%

Shares of NYSE RDDT opened at $195.09 on Monday. The stock has a market capitalization of $37.56 billion, a PE ratio of 55.74 and a beta of 1.93. Reddit Inc. has a twelve month low of $119.27 and a twelve month high of $282.95. The stock has a fifty day simple moving average of $169.48 and a 200-day simple moving average of $170.48.

Reddit (NYSE:RDDT) last posted its earnings results on Thursday, April 30th. The company reported $1.01 earnings per share (EPS) 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 firm had revenue of $663.41 million for the quarter, compared to analyst estimates of $607.74 million. During the same quarter in the prior year, the company earned $0.13 EPS. Reddit’s revenue was up 69.1% on a year-over-year basis. On average, equities analysts predict that Reddit Inc. will post 4.83 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Truist Financial set a $265.00 price objective on Reddit in a research report on Friday, May 1st. Bank of America decreased their target price on shares of Reddit from $205.00 to $175.00 and set a “neutral” rating on the stock in a research report on Thursday, April 2nd. Zacks Research lowered shares of Reddit from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 3rd. The Goldman Sachs Group reiterated a “neutral” rating and set a $200.00 price target on shares of Reddit in a research report on Friday, May 1st. Finally, Wells Fargo & Company boosted their price target on shares of Reddit from $176.00 to $187.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 7th. Eighteen research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $231.14.

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.