Reddit Inc. $RDDT Shares Acquired by Sei Investments Co.

Sei Investments Co. boosted its position in Reddit Inc. (NYSE:RDDT) by 30.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 148,386 shares of the company’s stock after acquiring an additional 34,750 shares during the quarter. Sei Investments Co. owned 0.08% of Reddit worth $19,980,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Lido Advisors LLC increased its holdings in Reddit by 45.9% in the 1st quarter. Lido Advisors LLC now owns 8,469 shares of the company’s stock valued at $1,140,000 after purchasing an additional 2,665 shares in the last quarter. State of Wyoming acquired a new position in shares of Reddit during the first quarter worth about $387,000. Cetera Investment Advisers boosted its position in shares of Reddit by 8.0% in the first quarter. Cetera Investment Advisers now owns 52,499 shares of the company’s stock worth $7,069,000 after buying an additional 3,892 shares during the period. Militia Capital Management LLC purchased a new stake in shares of Reddit in the first quarter worth about $2,378,000. Finally, PNC Financial Services Group Inc. grew its stake in shares of Reddit by 6.5% in the first quarter. PNC Financial Services Group Inc. now owns 6,445 shares of the company’s stock valued at $868,000 after buying an additional 393 shares in the last quarter.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. Wedbush reiterated an “outperform” rating on shares of Reddit in a report on Thursday, July 23rd. UBS Group reaffirmed a “mixed” rating on shares of Reddit in a research report on Thursday, July 9th. Piper Sandler reiterated an “overweight” rating and set a $215.00 price objective on shares of Reddit in a research note on Thursday, July 9th. Citigroup reissued a “market outperform” rating on shares of Reddit in a research report on Tuesday, May 26th. Finally, Cantor Fitzgerald restated a “neutral” rating and issued a $200.00 target price on shares of Reddit in a research note on Monday, July 20th. One investment analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and eleven have issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $232.23.

Insider Transactions at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 18,000 shares of the stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of $173.13, for a total transaction of $3,116,340.00. Following the transaction, the chief executive officer directly owned 373,814 shares in the company, valued at $64,718,417.82. This represents a 4.59% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Michelle Marie Reynolds sold 808 shares of the firm’s stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $200.00, for a total transaction of $161,600.00. Following the transaction, the chief accounting officer directly owned 15,060 shares of the company’s stock, valued at approximately $3,012,000. This represents a 5.09% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 169,141 shares of company stock valued at $28,680,845. 28.48% of the stock is currently owned by corporate insiders.

Reddit Stock Performance

Shares of RDDT opened at $177.97 on Thursday. The company has a market capitalization of $34.26 billion, a P/E ratio of 50.85 and a beta of 1.93. Reddit Inc. has a one year low of $119.27 and a one year high of $282.95. The stock has a 50-day moving average price of $176.17 and a 200 day moving average price of $165.56.

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, topping the consensus estimate of $0.62 by $0.39. The company had revenue of $663.41 million for the quarter, compared to the consensus estimate of $607.74 million. Reddit had a return on equity of 25.48% and a net margin of 28.60%.Reddit’s revenue for the quarter was up 69.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.13 EPS. As a group, equities research analysts forecast that Reddit Inc. will post 4.85 earnings per share for the current fiscal year.

Reddit Company 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.