Reddit Inc. $RDDT Shares Acquired by Praxis Investment Management Inc.

Praxis Investment Management Inc. lifted its stake in shares of Reddit Inc. (NYSE:RDDT) by 167.0% during the first quarter, Holdings Channel reports. The fund owned 4,904 shares of the company’s stock after acquiring an additional 3,067 shares during the period. Praxis Investment Management Inc.’s holdings in Reddit were worth $660,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of RDDT. Institute for Wealth Management LLC. boosted its holdings in Reddit by 6.1% in the fourth quarter. Institute for Wealth Management LLC. now owns 1,071 shares of the company’s stock valued at $246,000 after purchasing an additional 62 shares during the period. Roxbury Financial LLC increased its holdings in Reddit by 7.4% during the 4th quarter. Roxbury Financial LLC now owns 929 shares of the company’s stock worth $214,000 after purchasing an additional 64 shares during the period. Florida Financial Advisors LLC raised its position in Reddit by 6.7% in the 4th quarter. Florida Financial Advisors LLC now owns 1,087 shares of the company’s stock valued at $250,000 after purchasing an additional 68 shares in the last quarter. Diversified Trust Co boosted its stake in shares of Reddit by 2.1% in the 1st quarter. Diversified Trust Co now owns 3,271 shares of the company’s stock valued at $440,000 after buying an additional 68 shares during the period. Finally, IFP Advisors Inc boosted its stake in shares of 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 Trading Down 0.1%

Shares of NYSE:RDDT opened at $194.57 on Monday. The firm has a 50 day simple moving average of $164.92 and a 200-day simple moving average of $171.59. Reddit Inc. has a twelve month low of $119.27 and a twelve month high of $282.95. The company has a market capitalization of $37.46 billion, a PE ratio of 55.59 and a beta of 1.93.

Reddit (NYSE:RDDT) last announced its quarterly 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 net margin of 28.60% and a return on equity of 25.48%. The firm had revenue of $663.41 million during the quarter, compared to analysts’ expectations of $607.74 million. During the same period in the previous year, the company earned $0.13 earnings per share. Reddit’s quarterly revenue was up 69.1% compared to the same quarter last year. As a group, equities research analysts predict that Reddit Inc. will post 4.83 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts recently weighed in on the stock. Bank of America reduced their target price on shares of Reddit from $205.00 to $175.00 and set a “neutral” rating on the stock in a report on Thursday, April 2nd. Cantor Fitzgerald increased their price objective on shares of Reddit from $170.00 to $180.00 and gave the company a “neutral” rating in a research report on Friday, May 1st. Needham & Company LLC restated a “buy” rating and issued a $300.00 price objective on shares of Reddit in a report on Wednesday, June 24th. Rothschild & Co Redburn set a $110.00 price objective on shares of Reddit in a research report on Monday, April 27th. Finally, Truist Financial set a $265.00 target price on shares of Reddit in a research note on Friday, May 1st. Eighteen investment analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $230.75.

Insider Activity at Reddit

In related news, COO Jennifer L. Wong sold 39,166 shares of the company’s stock in a transaction dated Tuesday, June 16th. The stock was 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 directly owned 1,050,339 shares of the company’s stock, valued at $185,846,982.66. This represents a 3.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Steve Ladd Huffman sold 18,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 30th. The shares were sold at an average price of $173.13, for a total value of $3,116,340.00. Following the completion of the sale, the chief executive officer owned 373,814 shares of the company’s stock, valued at approximately $64,718,417.82. This represents a 4.59% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 241,000 shares of company stock valued at $40,030,125 in the last three months. 28.48% of the stock is currently owned by company insiders.

Reddit Profile

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.