5,288 Shares in Reddit Inc. $RDDT Purchased by Floyd Financial Group LLC

Floyd Financial Group LLC purchased a new stake in shares of Reddit Inc. (NYSE:RDDT) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 5,288 shares of the company’s stock, valued at approximately $1,216,000.

A number of other hedge funds also recently modified their holdings of RDDT. Huntington National Bank increased its position in shares of Reddit by 25.6% during the third quarter. Huntington National Bank now owns 270 shares of the company’s stock valued at $62,000 after purchasing an additional 55 shares during the period. Institute for Wealth Management LLC. lifted its position in Reddit by 6.1% in the fourth quarter. Institute for Wealth Management LLC. now owns 1,071 shares of the company’s stock worth $246,000 after purchasing an additional 62 shares during the period. Roxbury Financial LLC boosted its stake in Reddit by 7.4% during the fourth quarter. Roxbury Financial LLC now owns 929 shares of the company’s stock worth $214,000 after buying an additional 64 shares in the last quarter. Florida Financial Advisors LLC boosted its stake in Reddit by 6.7% during the fourth quarter. Florida Financial Advisors LLC now owns 1,087 shares of the company’s stock worth $250,000 after buying an additional 68 shares in the last quarter. Finally, IFP Advisors Inc increased its holdings in Reddit by 9.9% in the 3rd quarter. IFP Advisors Inc now owns 796 shares of the company’s stock valued at $183,000 after buying an additional 72 shares during the period.

Reddit Stock Performance

Shares of RDDT stock opened at $175.38 on Friday. The stock’s fifty day moving average is $160.32 and its 200-day moving average is $175.69. The stock has a market capitalization of $33.76 billion, a PE ratio of 50.11 and a beta of 1.91. Reddit Inc. has a 52 week low of $119.27 and a 52 week high of $282.95.

Reddit (NYSE:RDDT) last announced its earnings results on Thursday, April 30th. The company reported $1.01 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.39. Reddit had a return on equity of 25.48% and a net margin of 28.60%.The company had revenue of $663.41 million during the quarter, compared to analyst estimates of $607.74 million. During the same period last year, the company posted $0.13 earnings per share. The firm’s quarterly revenue was up 69.1% compared to the same quarter last year. As a group, analysts forecast that Reddit Inc. will post 4.83 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Reddit news, COO Jennifer L. Wong sold 39,166 shares of the firm’s stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $176.94, for a total value of $6,930,032.04. Following the completion of the sale, the chief operating officer owned 1,050,339 shares in the company, valued at approximately $185,846,982.66. This trade represents a 3.59% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Christopher Brian Slowe sold 15,500 shares of the business’s stock in a transaction dated Wednesday, April 8th. The stock was sold at an average price of $150.67, for a total transaction of $2,335,385.00. Following the completion of the transaction, the chief technology officer directly owned 38,413 shares of the company’s stock, valued at approximately $5,787,686.71. This represents a 28.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 250,500 shares of company stock valued at $40,645,805 in the last 90 days. 28.48% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Citigroup restated a “market outperform” rating on shares of Reddit in a research note on Tuesday, May 26th. Loop Capital reissued a “buy” rating and issued a $260.00 target price on shares of Reddit in a research note on Thursday, June 4th. Needham & Company LLC reissued a “buy” rating and issued a $300.00 price target on shares of Reddit in a research report on Friday, May 1st. The Goldman Sachs Group restated a “neutral” rating and set a $200.00 price target on shares of Reddit in a research note on Friday, May 1st. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $215.00 price objective (up from $205.00) on shares of Reddit in a report on Friday, May 1st. Eighteen investment analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $230.75.

About Reddit

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.