Janney Montgomery Scott LLC Sells 46,441 Shares of Reddit Inc. $RDDT

Janney Montgomery Scott LLC lessened its holdings in Reddit Inc. (NYSE:RDDT) by 78.6% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 12,665 shares of the company’s stock after selling 46,441 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Reddit were worth $1,705,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Capital World Investors purchased a new position in shares of Reddit during the fourth quarter valued at approximately $1,293,258,000. Norges Bank purchased a new stake in shares of Reddit in the 4th quarter worth approximately $372,047,000. Invesco Ltd. increased its position in Reddit by 419.0% during the 3rd quarter. Invesco Ltd. now owns 1,487,941 shares of the company’s stock valued at $342,212,000 after buying an additional 1,201,237 shares in the last quarter. State Street Corp increased its position in Reddit by 138.5% during the 2nd quarter. State Street Corp now owns 2,030,139 shares of the company’s stock valued at $305,678,000 after buying an additional 1,178,890 shares in the last quarter. Finally, Vanguard Group Inc. raised its stake in Reddit by 8.9% during the fourth quarter. Vanguard Group Inc. now owns 13,322,048 shares of the company’s stock valued at $3,062,339,000 after buying an additional 1,083,540 shares during the last quarter.

Analyst Ratings Changes

Several research firms have commented on RDDT. DA Davidson reissued a “buy” rating and issued a $200.00 target price on shares of Reddit in a report on Friday, May 1st. Cantor Fitzgerald raised their price target on Reddit from $170.00 to $180.00 and gave the company a “neutral” rating in a report on Friday, May 1st. Truist Financial set a $265.00 price target on Reddit in a research report on Friday, May 1st. Citigroup reiterated a “market outperform” rating on shares of Reddit in a research note on Tuesday, May 26th. Finally, Citizens Jmp cut their price objective on shares of Reddit from $250.00 to $240.00 and set a “market outperform” rating on the stock in a research report on Friday, May 1st. Eighteen investment analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $231.14.

Insider Activity

In related news, CAO Michelle Marie Reynolds sold 808 shares of the firm’s stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $200.00, for a total value of $161,600.00. Following 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed 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 Friday, May 15th. The stock was sold at an average price of $157.15, for a total transaction of $2,828,700.00. Following the completion of the sale, the chief executive officer directly owned 411,195 shares of the company’s stock, valued at approximately $64,619,294.25. This trade represents a 4.19% 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 sold 226,308 shares of company stock valued at $37,856,340 over the last three months. Insiders own 28.48% of the company’s stock.

Reddit Stock Performance

NYSE RDDT opened at $195.09 on Friday. 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 of $169.48 and a 200 day moving average of $170.92. The company has a market capitalization of $37.56 billion, a price-to-earnings ratio of 55.74 and a beta of 1.93.

Reddit (NYSE:RDDT) last posted its earnings results on Thursday, April 30th. The company reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.39. The business had revenue of $663.41 million for the quarter, compared to analysts’ expectations of $607.74 million. Reddit had a net margin of 28.60% and a return on equity of 25.48%. The business’s revenue for the quarter was up 69.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.13 EPS. On average, equities analysts predict 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.