Reddit Inc. $RDDT Shares Bought by Stratos Wealth Partners LTD.
Stratos Wealth Partners LTD. grew its holdings in Reddit Inc. (NYSE:RDDT - Free Report) by 73.7% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 19,753 shares of the company's stock after buying an additional 8,381 shares during the period. Stratos Wealth Partners LTD.'s holdings in Reddit were worth $4,541,000 at the end of the most recent reporting period. Several other hedge funds have also made changes to their positions in the business. Vanguard Group Inc. raised its stake in Reddit by 12.9% during the 3rd quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company's stock valued at $2,814,734,000 after acquiring an additional 1,401,293 shares during the last quarter. State Street Corp lifted its position in Reddit by 22.3% during the 3rd quarter. State Street Corp now owns 2,481,931 shares of the company's stock worth $570,819,000 after acquiring an additional 451,792 shares during the period. Bank of America Corp DE grew its stake in shares of Reddit by 38.4% in the 3rd quarter. Bank of America Corp DE now owns 1,724,560 shares of the company's stock valued at $396,632,000 after purchasing an additional 478,095 shares during the last quarter. Invesco Ltd. increased its holdings in shares of Reddit by 419.0% in the third quarter. Invesco Ltd. now owns 1,487,941 shares of the company's stock valued at $342,212,000 after purchasing an additional 1,201,237 shares during the period. Finally, Amundi increased its holdings in shares of Reddit by 2,060.5% in the second quarter. Amundi now owns 1,307,231 shares of the company's stock valued at $208,294,000 after purchasing an additional 1,246,725 shares during the period. Analyst Ratings ChangesSeveral equities research analysts recently weighed in on the company. Robert W. Baird set a $200.00 price target on Reddit in a report on Friday, February 6th. Needham & Company LLC reissued a "buy" rating and issued a $300.00 price objective on shares of Reddit in a research note on Friday, February 6th. The Goldman Sachs Group cut their price objective on shares of Reddit from $236.00 to $206.00 and set a "neutral" rating for the company in a research report on Friday, February 6th. Piper Sandler restated an "overweight" rating and issued a $205.00 target price (down from $290.00) on shares of Reddit in a research note on Friday, February 6th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Reddit from $227.00 to $200.00 and set a "neutral" rating on the stock in a report on Friday, February 6th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and eleven have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $240.85.Read Our Latest Stock Report on RDDTReddit Price PerformanceReddit stock opened at $136.06 on Monday. The stock's 50 day moving average price is $147.02 and its 200 day moving average price is $193.65. Reddit Inc. has a 1-year low of $79.75 and a 1-year high of $282.95. The company has a market cap of $25.99 billion, a PE ratio of 51.93, a price-to-earnings-growth ratio of 0.99 and a beta of 2.40. Reddit (NYSE:RDDT - Get Free Report) last released its quarterly earnings data on Thursday, February 5th. The company reported $1.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.28. The firm had revenue of $725.61 million during the quarter, compared to analysts' expectations of $665.80 million. Reddit had a return on equity of 20.89% and a net margin of 24.05%.Reddit's revenue was up 69.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.36 earnings per share. On average, equities research analysts anticipate that Reddit Inc. will post 1.12 EPS for the current fiscal year. Insiders Place Their BetsIn other Reddit news, COO Jennifer L. Wong sold 33,507 shares of the company's stock in a transaction dated Wednesday, March 18th. The shares were sold at an average price of $143.41, for a total transaction of $4,805,238.87. Following the transaction, the chief operating officer directly owned 1,088,451 shares in the company, valued at approximately $156,094,757.91. This represents a 2.99% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Benjamin Seong Lee sold 27,930 shares of the stock in a transaction dated Wednesday, January 7th. The shares were sold at an average price of $260.08, for a total transaction of $7,264,034.40. Following the completion of the transaction, the insider directly owned 62,608 shares of the company's stock, valued at approximately $16,283,088.64. This trade represents a 30.85% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have bought 61,000 shares of company stock worth $8,870,815 and have sold 355,078 shares worth $63,644,203. 34.25% of the stock is owned by company insiders. 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.Featured StoriesThis 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.Explore Elon Musk’s boldest ventures yet—from AI and autonomy to space colonization—and find out how investors can ride the next wave of innovation.Get This Free Report
