HighTower Advisors LLC Purchases 71,945 Shares of Reddit Inc. $RDDT

HighTower Advisors LLC increased its position in shares of Reddit Inc. (NYSE:RDDT) by 452.0% during the 4th quarter, Holdings Channel reports. The fund owned 87,863 shares of the company’s stock after buying an additional 71,945 shares during the quarter. HighTower Advisors LLC’s holdings in Reddit were worth $20,197,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Resona Asset Management Co. Ltd. boosted its stake in Reddit by 53.2% during the 3rd quarter. Resona Asset Management Co. Ltd. now owns 30,944 shares of the company’s stock worth $7,166,000 after acquiring an additional 10,743 shares during the last quarter. Vanguard Group Inc. raised its holdings in Reddit by 12.9% during the 3rd quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company’s stock worth $2,814,734,000 after buying an additional 1,401,293 shares during the period. Optimize Financial Inc acquired a new stake in Reddit during the 3rd quarter worth approximately $1,420,000. Truist Financial Corp raised its holdings in Reddit by 67.7% during the 4th quarter. Truist Financial Corp now owns 15,659 shares of the company’s stock worth $3,600,000 after buying an additional 6,321 shares during the period. Finally, Swiss Life Asset Management Ltd raised its holdings in Reddit by 63.2% during the 4th quarter. Swiss Life Asset Management Ltd now owns 32,003 shares of the company’s stock worth $7,357,000 after buying an additional 12,398 shares during the period.

Reddit Stock Down 5.4%

NYSE RDDT opened at $141.87 on Friday. Reddit Inc. has a 12-month low of $95.23 and a 12-month high of $282.95. The company has a market capitalization of $27.31 billion, a PE ratio of 40.53 and a beta of 1.85. The firm’s 50 day moving average is $147.67 and its 200-day moving average is $179.50.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Thursday, April 30th. The company reported $1.01 earnings per share (EPS) 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 company had revenue of $663.41 million for the quarter, compared to the consensus estimate of $607.74 million. During the same period last year, the company earned $0.13 earnings per share. The firm’s revenue was up 69.1% compared to the same quarter last year. As a group, sell-side analysts expect that Reddit Inc. will post 4.83 EPS for the current year.

Insider Activity

In other news, CEO Steve Ladd Huffman sold 18,000 shares of Reddit stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $157.15, for a total value of $2,828,700.00. Following the sale, the chief executive officer directly owned 411,195 shares in the company, valued at $64,619,294.25. This trade represents a 4.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jennifer L. Wong sold 39,167 shares of Reddit stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $158.52, for a total transaction of $6,208,752.84. Following the completion of the sale, the chief operating officer owned 1,088,451 shares in the company, valued at $172,541,252.52. This trade represents a 3.47% 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 326,144 shares of company stock worth $48,788,412 over the last ninety days. Insiders own 34.25% of the company’s stock.

Analysts Set New Price Targets

Several analysts have commented on RDDT shares. Evercore restated an “outperform” rating and set a $290.00 target price on shares of Reddit in a report on Friday, February 6th. Wall Street Zen downgraded shares of Reddit from a “buy” rating to a “hold” rating in a report on Sunday, May 10th. Weiss Ratings restated a “hold (c)” rating on shares of Reddit in a report on Friday, May 8th. Truist Financial set a $265.00 target price on shares of Reddit in a report on Friday, May 1st. Finally, Oppenheimer restated an “outperform” rating and set a $225.00 target price on shares of Reddit in a report on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and eleven have given a Hold rating to the company. According to MarketBeat.com, Reddit currently has a consensus rating of “Moderate Buy” and a consensus target price of $228.61.

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.