First Trust Advisors LP Purchases 141,311 Shares of Reddit Inc. $RDDT
First Trust Advisors LP boosted its holdings in shares of Reddit Inc. (NYSE:RDDT - Free Report) by 83.4% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 310,763 shares of the company's stock after buying an additional 141,311 shares during the period. First Trust Advisors LP owned approximately 0.16% of Reddit worth $71,472,000 as of its most recent SEC filing. Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Resona Asset Management Co. Ltd. grew its holdings in shares of Reddit by 53.2% during the 3rd quarter. Resona Asset Management Co. Ltd. now owns 30,944 shares of the company's stock valued at $7,166,000 after purchasing an additional 10,743 shares during the last quarter. Vanguard Group Inc. raised its position in Reddit by 12.9% in the 3rd quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company's stock worth $2,814,734,000 after purchasing an additional 1,401,293 shares during the period. Optimize Financial Inc bought a new stake in Reddit in the third quarter worth $1,420,000. WT Asset Management Ltd purchased a new stake in Reddit during the third quarter valued at about $92,973,000. Finally, Wealth Enhancement Advisory Services LLC boosted its position in Reddit by 95.4% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 16,139 shares of the company's stock valued at $3,712,000 after buying an additional 7,881 shares during the period. Analyst Ratings ChangesA number of research analysts have recently issued reports on the company. The Goldman Sachs Group reduced their price objective on Reddit from $236.00 to $206.00 and set a "neutral" rating on the stock in a research note on Friday, February 6th. China Renaissance initiated coverage on Reddit in a research note on Tuesday, December 9th. They issued a "buy" rating and a $300.00 target price for the company. Weiss Ratings restated a "hold (c-)" rating on shares of Reddit in a report on Monday, December 29th. Guggenheim raised their price target on Reddit from $245.00 to $255.00 and gave the stock a "buy" rating in a research report on Friday, February 6th. Finally, UBS Group set a $265.00 price target on Reddit in a research note on Tuesday, January 13th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $236.00.Check Out Our Latest Stock Analysis on RDDTInsider Buying and Selling at RedditIn other news, CTO Christopher Brian Slowe sold 19,036 shares of the business's stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $144.05, for a total transaction of $2,742,135.80. Following the transaction, the chief technology officer directly owned 185,057 shares of the company's stock, valued at approximately $26,657,460.85. The trade was a 9.33% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Jennifer L. Wong sold 39,167 shares of the company's stock in a transaction that occurred on Friday, December 19th. The shares were sold at an average price of $234.37, for a total value of $9,179,569.79. Following the transaction, the chief operating officer owned 1,184,528 shares of the company's stock, valued at approximately $277,617,827.36. This represents a 3.20% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 423,835 shares of company stock worth $87,842,134 over the last three months. 34.25% of the stock is owned by corporate insiders. Reddit Trading Down 3.6%RDDT stock opened at $133.90 on Wednesday. The stock has a market capitalization of $25.58 billion, a price-to-earnings ratio of 51.11, a PEG ratio of 1.01 and a beta of 2.40. The firm's 50-day moving average price is $183.61 and its two-hundred day moving average price is $206.64. Reddit Inc. has a 12-month low of $79.75 and a 12-month high of $282.95. Reddit (NYSE:RDDT - Get Free Report) last posted its earnings results on Thursday, February 5th. The company reported $1.24 earnings per share for the quarter, topping analysts' consensus estimates of $0.96 by $0.28. The company had revenue of $725.61 million during the quarter, compared to analyst estimates of $665.80 million. Reddit had a net margin of 24.05% and a return on equity of 20.89%. Reddit's revenue for the quarter was up 69.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.36 earnings per share. Equities analysts predict that Reddit Inc. will post 1.12 EPS for the current year. Reddit Company Profile (Free Report)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.See AlsoThis 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.Click the link to see MarketBeat's list of seven stocks and why their long-term outlooks are very promising. Get This Free Report
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