Royal Fund Management LLC Has $1.14 Million Position in Reddit Inc. $RDDT

Royal Fund Management LLC cut its stake in shares of Reddit Inc. (NYSE:RDDT) by 35.7% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,550 shares of the company’s stock after selling 4,200 shares during the quarter. Royal Fund Management LLC’s holdings in Reddit were worth $1,137,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in RDDT. First Trust Advisors LP boosted its position in Reddit by 142.4% in the second quarter. First Trust Advisors LP now owns 169,452 shares of the company’s stock valued at $25,514,000 after buying an additional 99,545 shares in the last quarter. JT Stratford LLC acquired a new position in shares of Reddit during the second quarter worth $234,000. Beacon Pointe Advisors LLC lifted its stake in shares of Reddit by 82.2% in the 2nd quarter. Beacon Pointe Advisors LLC now owns 8,422 shares of the company’s stock valued at $1,268,000 after acquiring an additional 3,799 shares during the last quarter. Van Hulzen Asset Management LLC bought a new position in shares of Reddit in the 2nd quarter valued at $501,000. Finally, Railway Pension Investments Ltd boosted its holdings in shares of Reddit by 99.5% during the 2nd quarter. Railway Pension Investments Ltd now owns 121,100 shares of the company’s stock valued at $18,234,000 after acquiring an additional 60,400 shares in the last quarter.

Analysts Set New Price Targets

A number of equities analysts have issued reports on RDDT shares. Sanford C. Bernstein upped their target price on Reddit from $190.00 to $210.00 and gave the stock a “market perform” rating in a report on Friday, October 31st. Argus started coverage on Reddit in a research note on Monday, August 18th. They issued a “buy” rating and a $250.00 price objective for the company. Truist Financial set a $270.00 price objective on shares of Reddit in a report on Friday, October 31st. Wells Fargo & Company lifted their target price on shares of Reddit from $155.00 to $174.00 and gave the stock a “cautious” rating in a research report on Tuesday, October 7th. Finally, Roth Capital set a $210.00 price target on shares of Reddit in a research report on Friday, October 31st. Three research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $226.33.

Insider Buying and Selling at Reddit

In related news, COO Jennifer L. Wong sold 63,427 shares of the company’s stock in a transaction dated Monday, November 24th. The stock was sold at an average price of $192.72, for a total transaction of $12,223,651.44. Following the sale, the chief operating officer owned 1,184,528 shares in the company, valued at $228,282,236.16. This represents a 5.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Christopher Brian Slowe sold 24,000 shares of Reddit stock in a transaction that occurred 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 completion of the sale, the chief technology officer owned 175,694 shares of the company’s stock, valued at approximately $33,859,747.68. The trade was a 12.02% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 394,370 shares of company stock valued at $83,157,724. 34.25% of the stock is owned by corporate insiders.

Reddit Price Performance

Shares of RDDT stock opened at $222.35 on Friday. The stock has a market capitalization of $42.14 billion, a PE ratio of 127.79, a PEG ratio of 2.44 and a beta of 2.17. The business’s 50 day simple moving average is $204.72 and its 200 day simple moving average is $185.50. Reddit Inc. has a one year low of $79.75 and a one year high of $282.95.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Thursday, October 30th. The company reported $0.80 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $584.91 million for the quarter, compared to the consensus estimate of $546.65 million. During the same quarter in the previous year, the company earned $0.16 EPS. The company’s revenue for the quarter was up 67.9% on a year-over-year basis. As a group, research analysts expect that Reddit Inc. will post 1.12 earnings per share 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.