Wealthfront Advisers LLC Has $1.25 Million Stock Holdings in Reddit Inc. $RDDT

Wealthfront Advisers LLC decreased its holdings in Reddit Inc. (NYSE:RDDT) by 34.7% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 9,294 shares of the company’s stock after selling 4,937 shares during the period. Wealthfront Advisers LLC’s holdings in Reddit were worth $1,251,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Institute for Wealth Management LLC. raised its holdings in shares of Reddit by 6.1% during the 4th quarter. Institute for Wealth Management LLC. now owns 1,071 shares of the company’s stock worth $246,000 after buying an additional 62 shares in the last quarter. Florida Financial Advisors LLC boosted its stake in Reddit by 6.7% in the fourth quarter. Florida Financial Advisors LLC now owns 1,087 shares of the company’s stock valued at $250,000 after buying an additional 68 shares in the last quarter. Diversified Trust Co grew its position in Reddit by 2.1% in the first quarter. Diversified Trust Co now owns 3,271 shares of the company’s stock valued at $440,000 after acquiring an additional 68 shares during the last quarter. IFP Advisors Inc grew its position in Reddit by 9.9% in the third quarter. IFP Advisors Inc now owns 796 shares of the company’s stock valued at $183,000 after acquiring an additional 72 shares during the last quarter. Finally, Yousif Capital Management LLC raised its stake in Reddit by 5.1% during the fourth quarter. Yousif Capital Management LLC now owns 1,554 shares of the company’s stock worth $350,000 after acquiring an additional 75 shares in the last quarter.

Wall Street Analyst Weigh In

RDDT has been the subject of a number of research reports. The Goldman Sachs Group reissued a “neutral” rating and issued a $200.00 target price on shares of Reddit in a report on Friday, May 1st. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $200.00 price target on shares of Reddit in a report on Monday. Bank of America lowered their price objective on shares of Reddit from $205.00 to $175.00 and set a “neutral” rating for the company in a research report on Thursday, April 2nd. Truist Financial set a $265.00 price objective on shares of Reddit in a research note on Friday, May 1st. Finally, DA Davidson restated a “buy” rating and issued a $200.00 target price on shares of Reddit in a research report on Friday, May 1st. Nineteen investment analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $232.48.

Reddit Trading Up 2.4%

Reddit stock opened at $185.93 on Wednesday. The stock has a 50-day moving average price of $173.90 and a two-hundred day moving average price of $168.62. Reddit Inc. has a 12 month low of $119.27 and a 12 month high of $282.95. The company has a market capitalization of $35.79 billion, a PE ratio of 53.12 and a beta of 1.93.

Reddit (NYSE:RDDT) last released its quarterly earnings results 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. The company had revenue of $663.41 million for the quarter, compared to analysts’ expectations of $607.74 million. Reddit had a return on equity of 25.48% and a net margin of 28.60%.The business’s quarterly revenue was up 69.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.13 earnings per share. As a group, analysts predict that Reddit Inc. will post 4.85 earnings per share for the current fiscal year.

Insider Activity at Reddit

In other Reddit news, COO Jennifer L. Wong sold 39,167 shares of the business’s stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $158.52, for a total transaction of $6,208,752.84. Following the sale, the chief operating officer directly owned 1,088,451 shares of the company’s stock, valued at $172,541,252.52. The trade was a 3.47% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Michelle Marie Reynolds sold 808 shares of the company’s stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $200.00, for a total transaction of $161,600.00. Following the completion of the transaction, the chief accounting officer owned 15,060 shares of the company’s stock, valued at approximately $3,012,000. This trade represents a 5.09% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 169,141 shares of company stock worth $28,680,845 in the last quarter. 28.48% of the stock is owned by insiders.

About Reddit

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.