Warm Springs Advisors Inc. Makes New $1.35 Million Investment in Reddit Inc. $RDDT

Warm Springs Advisors Inc. purchased a new position in shares of Reddit Inc. (NYSE:RDDT) in the first quarter, Holdings Channel.com reports. The firm purchased 10,000 shares of the company’s stock, valued at approximately $1,346,000. Reddit accounts for approximately 1.1% of Warm Springs Advisors Inc.’s holdings, making the stock its 24th largest holding.

Other large investors have also made changes to their positions in the company. Ascentis Independent Advisors acquired a new stake in shares of Reddit in the first quarter worth $30,000. LOM Asset Management Ltd acquired a new position in Reddit in the 4th quarter valued at $33,000. Noble Wealth Management PBC bought a new position in Reddit in the 4th quarter worth $34,000. Geneos Wealth Management Inc. boosted its holdings in Reddit by 344.6% during the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock valued at $39,000 after acquiring an additional 286 shares during the period. Finally, V Square Quantitative Management LLC bought a new stake in Reddit during the first quarter valued at about $43,000.

Insider Buying and Selling at Reddit

In related news, CAO Michelle Marie Reynolds sold 808 shares of the stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $200.00, for a total transaction of $161,600.00. Following the completion of the sale, the chief accounting officer owned 15,060 shares in the company, valued at $3,012,000. This trade represents a 5.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jennifer L. Wong sold 39,166 shares of Reddit stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $176.94, for a total transaction of $6,930,032.04. Following the transaction, 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 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 226,308 shares of company stock worth $37,856,340 over the last three months. Company insiders own 28.48% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on RDDT shares. Cantor Fitzgerald boosted their price objective on Reddit from $170.00 to $180.00 and gave the stock a “neutral” rating in a research report on Friday, May 1st. UBS Group reissued a “mixed” rating on shares of Reddit in a research report on Thursday. Loop Capital reaffirmed a “buy” rating and set a $260.00 target price on shares of Reddit in a research report on Thursday, June 4th. DA Davidson reissued a “buy” rating and issued a $200.00 price target on shares of Reddit in a report on Friday, May 1st. Finally, Raymond James Financial set a $180.00 price target on shares of Reddit and gave the stock a “market perform” rating in a research 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. According to data from MarketBeat, Reddit presently has an average rating of “Moderate Buy” and an average price target of $231.14.

Reddit Trading Down 2.6%

NYSE:RDDT traded down $5.22 during mid-day trading on Friday, hitting $195.09. The company’s stock had a trading volume of 3,746,228 shares, compared to its average volume of 3,928,101. Reddit Inc. has a fifty-two week low of $119.27 and a fifty-two week high of $282.95. The company has a market capitalization of $37.56 billion, a price-to-earnings ratio of 55.74 and a beta of 1.93. The stock has a fifty day moving average of $169.48 and a 200-day moving average of $170.92.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Thursday, April 30th. The company reported $1.01 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $607.74 million. During the same period in the prior year, the company posted $0.13 EPS. The company’s revenue was up 69.1% compared to the same quarter last year. On average, equities analysts anticipate that Reddit Inc. will post 4.83 earnings per share for the current fiscal year.

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.