Xponance Inc. Acquires Shares of 3,251 Reddit Inc. (NYSE:RDDT)

Xponance Inc. acquired a new stake in shares of Reddit Inc. (NYSE:RDDT) in the first quarter, according to its most recent disclosure with the SEC. The firm acquired 3,251 shares of the company’s stock, valued at approximately $341,000.

Other institutional investors have also added to or reduced their stakes in the company. EverSource Wealth Advisors LLC bought a new position in shares of Reddit during the 4th quarter valued at approximately $28,000. Tucker Asset Management LLC bought a new position in shares of Reddit during the 4th quarter valued at approximately $39,000. Farther Finance Advisors LLC boosted its position in shares of Reddit by 148.5% during the 4th quarter. Farther Finance Advisors LLC now owns 246 shares of the company’s stock valued at $40,000 after acquiring an additional 147 shares during the last quarter. Fourth Dimension Wealth LLC bought a new position in shares of Reddit during the 4th quarter valued at approximately $49,000. Finally, Chelsea Counsel Co. bought a new position in shares of Reddit during the 4th quarter valued at approximately $49,000.

Insider Buying and Selling at Reddit

In related news, CFO Andrew Vollero sold 30,000 shares of the company’s stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $117.64, for a total value of $3,529,200.00. Following the sale, the chief financial officer owned 333,806 shares in the company, valued at $39,268,937.84. This represents a 8.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Jennifer L. Wong sold 33,334 shares of the company’s stock in a transaction that occurred on Wednesday, July 16th. The shares were sold at an average price of $142.06, for a total value of $4,735,428.04. Following the completion of the sale, the chief operating officer owned 1,428,007 shares in the company, valued at approximately $202,862,674.42. This represents a 2.28% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 492,877 shares of company stock valued at $59,177,442. Insiders own 34.25% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on RDDT. The Goldman Sachs Group increased their target price on Reddit from $124.00 to $140.00 and gave the company a “neutral” rating in a research report on Friday, May 2nd. Wells Fargo & Company increased their target price on Reddit from $115.00 to $118.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 1st. Sanford C. Bernstein upgraded Reddit from an “underperform” rating to a “market perform” rating and set a $130.00 target price for the company in a research report on Friday, May 2nd. Loop Capital lowered their price target on Reddit from $210.00 to $200.00 and set a “buy” rating for the company in a research report on Thursday, June 12th. Finally, Robert W. Baird raised their price target on Reddit from $120.00 to $151.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 8th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $141.04.

Reddit Price Performance

RDDT opened at $148.29 on Friday. The business’s 50-day moving average is $127.99 and its two-hundred day moving average is $139.83. Reddit Inc. has a 1 year low of $49.13 and a 1 year high of $230.41. The firm has a market capitalization of $27.36 billion, a PE ratio of 251.34, a price-to-earnings-growth ratio of 3.66 and a beta of 2.33.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Thursday, May 1st. The company reported $0.13 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.11. Reddit had a return on equity of 5.69% and a net margin of 8.07%. The business had revenue of $392.36 million for the quarter, compared to analyst estimates of $370.55 million. During the same quarter in the previous year, the firm earned ($8.19) earnings per share. The company’s revenue was up 61.5% on a year-over-year basis. As a group, sell-side analysts expect that Reddit Inc. will post 1.12 EPS for the current year.

Reddit Profile

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.