Reddit Inc. $RDDT Shares Bought by Fagan Associates Inc.

Fagan Associates Inc. grew its holdings in Reddit Inc. (NYSE:RDDT) by 339.5% during the 3rd quarter, Holdings Channel reports. The fund owned 5,142 shares of the company’s stock after purchasing an additional 3,972 shares during the period. Fagan Associates Inc.’s holdings in Reddit were worth $732,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also made changes to their positions in the company. Mirador Capital Partners LP raised its holdings in shares of Reddit by 4.5% during the third quarter. Mirador Capital Partners LP now owns 10,765 shares of the company’s stock worth $1,533,000 after purchasing an additional 459 shares during the last quarter. Vilga Financial Planning LLC acquired a new stake in Reddit during the 3rd quarter worth about $767,000. GAMMA Investing LLC grew its position in Reddit by 298.2% during the 3rd quarter. GAMMA Investing LLC now owns 2,007 shares of the company’s stock worth $286,000 after purchasing an additional 1,503 shares during the period. Elevation Wealth Partners LLC grew its position in Reddit by 5,022.2% during the 3rd quarter. Elevation Wealth Partners LLC now owns 461 shares of the company’s stock worth $66,000 after purchasing an additional 452 shares during the period. Finally, Family Legacy Financial Solutions LLC raised its stake in shares of Reddit by 48.3% during the 3rd quarter. Family Legacy Financial Solutions LLC now owns 3,070 shares of the company’s stock valued at $437,000 after buying an additional 1,000 shares during the last quarter.

Reddit Trading Down 2.9%

RDDT traded down $4.71 on Tuesday, reaching $155.22. The stock had a trading volume of 4,924,565 shares, compared to its average volume of 5,395,526. Reddit Inc. has a 12-month low of $119.27 and a 12-month high of $263.50. The business’s 50-day moving average price is $154.31 and its two-hundred day moving average price is $161.01. The company has a market cap of $29.86 billion, a P/E ratio of 36.10, a price-to-earnings-growth ratio of 0.74 and a beta of 2.05.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Thursday, July 30th. The company reported $1.25 earnings per share for the quarter, topping 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 business had revenue of $804.91 million during the quarter, compared to the consensus estimate of $731.00 million. During the same quarter in the prior year, the firm posted $0.45 earnings per share. The company’s revenue was up 61.0% compared to the same quarter last year. As a group, analysts predict that Reddit Inc. will post 5.27 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on RDDT shares. Morgan Stanley lowered their target price on Reddit from $240.00 to $210.00 and set an “overweight” rating on the stock in a research note on Friday, August 21st. B. Riley Financial lifted their price target on Reddit from $250.00 to $270.00 and gave the company a “buy” rating in a research report on Friday, July 31st. Deutsche Bank Aktiengesellschaft set a $200.00 price target on Reddit in a research report on Friday, July 31st. Zacks Research downgraded Reddit from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 25th. Finally, Wedbush decreased their price target on Reddit from $250.00 to $221.00 and set an “outperform” rating for the company in a report on Friday, July 31st. Two analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $219.29.

Insider Activity

In related news, COO Jennifer L. Wong sold 60,000 shares of the company’s stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $162.33, for a total value of $9,739,800.00. Following the completion of the transaction, the chief operating officer owned 1,012,226 shares of the company’s stock, valued at approximately $164,314,646.58. This represents a 5.60% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Steve Huffman sold 17,308 shares of the stock in a transaction that occurred on Tuesday, September 29th. The stock was sold at an average price of $144.87, for a total value of $2,507,409.96. Following the transaction, the chief executive officer owned 336,432 shares in the company, valued at $48,738,903.84. This represents a 4.89% decrease in their position. 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 228,744 shares of company stock worth $37,976,994 in the last ninety days. Company insiders own 28.48% of the company’s stock.

About Reddit

Reddit, Inc operates a global online platform where users participate in communities organized around shared interests, topics and experiences. Registered users can submit posts, images, videos and links, while other users can comment, vote on content and engage in discussions. The platform comprises thousands of independently moderated communities, commonly known as subreddits.

Reddit generates revenue primarily through digital advertising and other commercial offerings for businesses.