Munro Partners Makes New $2.80 Million Investment in Reddit Inc. $RDDT
Munro Partners acquired a new stake in Reddit Inc. (NYSE:RDDT - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 18,610 shares of the company's stock, valued at approximately $2,802,000. Several other large investors have also recently modified their holdings of RDDT. Financial Perspectives Inc bought a new stake in Reddit in the second quarter worth $34,000. Advisors Asset Management Inc. grew its holdings in Reddit by 68.2% during the 2nd quarter. Advisors Asset Management Inc. now owns 365 shares of the company's stock valued at $55,000 after purchasing an additional 148 shares during the last quarter. Geneos Wealth Management Inc. raised its position in Reddit by 344.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 369 shares of the company's stock worth $39,000 after purchasing an additional 286 shares during the period. Western Pacific Wealth Management LP purchased a new stake in Reddit in the 2nd quarter worth about $60,000. Finally, E Fund Management Hong Kong Co. Ltd. bought a new stake in Reddit in the second quarter worth about $76,000. Insider Activity at RedditIn other news, CTO Christopher Brian Slowe sold 24,000 shares of Reddit stock in a transaction on Monday, November 24th. The stock was sold at an average price of $192.72, for a total value of $4,625,280.00. Following the transaction, the chief technology officer directly owned 175,694 shares in the company, valued at approximately $33,859,747.68. This trade represents a 12.02% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Steve Ladd Huffman sold 18,000 shares of the business's stock in a transaction on Monday, September 15th. The stock was sold at an average price of $261.22, for a total value of $4,701,960.00. Following the completion of the transaction, the chief executive officer directly owned 494,104 shares of the company's stock, valued at approximately $129,069,846.88. The trade was a 3.51% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 405,619 shares of company stock valued at $85,742,898 over the last ninety days. 34.25% of the stock is owned by company insiders. Analysts Set New Price TargetsRDDT has been the topic of several recent analyst reports. Jefferies Financial Group increased their price target on Reddit from $300.00 to $325.00 and gave the stock a "buy" rating in a report on Thursday. Sanford C. Bernstein increased their target price on Reddit from $190.00 to $210.00 and gave the stock a "market perform" rating in a research note on Friday, October 31st. Wells Fargo & Company boosted their target price on shares of Reddit from $155.00 to $174.00 and gave the company a "cautious" rating in a research note on Tuesday, October 7th. Zacks Research raised shares of Reddit from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, October 29th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Reddit from $190.00 to $227.00 and gave the company a "neutral" rating in a research report on Friday, October 31st. Three equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat, Reddit has an average rating of "Moderate Buy" and a consensus target price of $230.28.Read Our Latest Report on RDDTReddit Price PerformanceRDDT stock opened at $224.38 on Friday. Reddit Inc. has a 1-year low of $79.75 and a 1-year high of $282.95. The business has a 50-day moving average price of $206.31 and a 200 day moving average price of $191.61. The company has a market capitalization of $42.52 billion, a P/E ratio of 128.95, a PEG ratio of 2.48 and a beta of 2.17. Reddit (NYSE:RDDT - Get Free Report) last posted its earnings results on Thursday, October 30th. The company reported $0.80 EPS for the quarter, beating analysts' consensus estimates of $0.50 by $0.30. Reddit had a net margin of 18.33% and a return on equity of 14.94%. The business had revenue of $584.91 million for the quarter, compared to the consensus estimate of $546.65 million. During the same quarter last year, the firm posted $0.16 EPS. The company's revenue for the quarter was up 67.9% on a year-over-year basis. On average, analysts anticipate that Reddit Inc. will post 1.12 earnings per share for the current fiscal year. 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.Featured StoriesWant to see what other hedge funds are holding RDDT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Reddit Inc. (NYSE:RDDT - Free Report).This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.Before you consider Reddit, you'll want to hear this.MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Reddit wasn't on the list.While Reddit currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.Looking for the next FAANG stock before everyone has heard about it? Enter your email address to see which stocks MarketBeat analysts think might become the next trillion dollar tech company.Get This Free Report
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