7,926 Shares in Reddit Inc. $RDDT Bought by Bensler LLC

Bensler LLC purchased a new position in Reddit Inc. (NYSE:RDDT) in the second quarter, Holdings Channel.com reports. The institutional investor purchased 7,926 shares of the company’s stock, valued at approximately $1,376,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of RDDT. NewEdge Advisors LLC boosted its position in shares of Reddit by 143.3% during the 1st quarter. NewEdge Advisors LLC now owns 7,982 shares of the company’s stock worth $837,000 after purchasing an additional 4,701 shares in the last quarter. Empowered Funds LLC bought a new position in Reddit in the first quarter worth approximately $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Reddit by 106.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 216,960 shares of the company’s stock worth $22,759,000 after acquiring an additional 111,780 shares in the last quarter. Focus Partners Wealth grew its stake in Reddit by 40.8% in the first quarter. Focus Partners Wealth now owns 10,224 shares of the company’s stock valued at $1,073,000 after acquiring an additional 2,965 shares during the period. Finally, Geneos Wealth Management Inc. increased its holdings in shares of 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 in the last quarter.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on RDDT shares. Wedbush lowered their target price on Reddit from $250.00 to $221.00 and set an “outperform” rating on the stock in a research report on Friday, July 31st. Cantor Fitzgerald reduced their price target on shares of Reddit from $200.00 to $170.00 and set a “neutral” rating for the company in a research report on Friday, July 31st. Jefferies Financial Group set a $250.00 price target on shares of Reddit in a research note on Friday, July 10th. Deutsche Bank Aktiengesellschaft set a $200.00 price objective on shares of Reddit in a report on Friday, July 31st. Finally, Evercore reaffirmed an “outperform” rating and issued a $265.00 price objective on shares of Reddit in a research note on Friday, July 31st. Two research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and eleven have issued a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $220.90.

Insider Buying and Selling at Reddit

In other Reddit 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 value of $161,600.00. Following the completion of the sale, the chief accounting officer owned 15,060 shares in the company, valued at approximately $3,012,000. This trade represents a 5.09% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible 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 Reddit stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $159.78, for a total transaction of $2,876,040.00. Following the transaction, the chief executive officer directly owned 373,814 shares in the company, valued at approximately $59,728,000.92. 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. In the last 90 days, insiders sold 151,141 shares of company stock worth $25,635,785. Insiders own 28.48% of the company’s stock.

Reddit Price Performance

NYSE RDDT opened at $158.10 on Friday. Reddit Inc. has a 1 year low of $119.27 and a 1 year high of $282.95. The firm has a market cap of $30.42 billion, a price-to-earnings ratio of 36.77, a PEG ratio of 0.52 and a beta of 2.03. The company has a fifty day moving average price of $175.21 and a 200-day moving average price of $159.70.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Thursday, July 30th. The company reported $1.25 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.30. Reddit had a net margin of 31.35% and a return on equity of 29.02%. The company had revenue of $804.91 million for the quarter, compared to analyst estimates of $731.00 million. During the same period last year, the firm earned $0.45 earnings per share. The firm’s revenue was up 61.0% on a year-over-year basis. On average, research analysts anticipate that Reddit Inc. will post 5.22 EPS for the current fiscal year.

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.