Capital Impact Advisors LLC Purchases 45,960 Shares of Reddit Inc. $RDDT

Capital Impact Advisors LLC grew its position in shares of Reddit Inc. (NYSE:RDDT) by 62.8% in the fourth quarter, Holdings Channel reports. The fund owned 119,125 shares of the company’s stock after buying an additional 45,960 shares during the quarter. Reddit makes up about 2.1% of Capital Impact Advisors LLC’s portfolio, making the stock its 27th biggest position. Capital Impact Advisors LLC’s holdings in Reddit were worth $27,383,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in Reddit by 12.9% during the 3rd quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company’s stock valued at $2,814,734,000 after buying an additional 1,401,293 shares during the period. Truist Financial Corp raised its holdings in Reddit by 67.7% during the 4th quarter. Truist Financial Corp now owns 15,659 shares of the company’s stock valued at $3,600,000 after buying an additional 6,321 shares during the period. Swiss Life Asset Management Ltd raised its holdings in Reddit by 63.2% during the 4th quarter. Swiss Life Asset Management Ltd now owns 32,003 shares of the company’s stock valued at $7,357,000 after buying an additional 12,398 shares during the period. WT Asset Management Ltd purchased a new stake in Reddit during the 3rd quarter valued at $92,973,000. Finally, Calamos Advisors LLC purchased a new stake in Reddit during the 4th quarter valued at $2,299,000.

Reddit Stock Down 5.4%

RDDT stock opened at $165.98 on Thursday. The business’s fifty day simple moving average is $159.63 and its two-hundred day simple moving average is $175.98. Reddit Inc. has a twelve month low of $119.27 and a twelve month high of $282.95. The firm has a market cap of $31.95 billion, a price-to-earnings ratio of 47.42 and a beta of 1.91.

Reddit (NYSE:RDDT) last released its earnings results on Thursday, April 30th. The company reported $1.01 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.39. Reddit had a return on equity of 25.48% and a net margin of 28.60%.The business had revenue of $663.41 million for the quarter, compared to analyst estimates of $607.74 million. During the same quarter last year, the firm posted $0.13 earnings per share. The business’s revenue was up 69.1% compared to the same quarter last year. Research analysts expect that Reddit Inc. will post 4.83 EPS for the current year.

Insiders Place Their Bets

In other Reddit news, CTO Christopher Brian Slowe sold 15,500 shares of the stock in a transaction on Wednesday, April 8th. The stock was sold at an average price of $150.67, for a total value of $2,335,385.00. Following the sale, the chief technology officer owned 38,413 shares in the company, valued at $5,787,686.71. This trade represents a 28.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jennifer L. Wong sold 39,167 shares of the stock in a transaction on Monday, May 18th. The stock was sold at an average price of $158.52, for a total value of $6,208,752.84. Following the completion of the sale, the chief operating officer owned 1,088,451 shares in the company, valued at approximately $172,541,252.52. The trade was a 3.47% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 211,334 shares of company stock worth $33,715,773 over the last quarter. Company insiders own 28.48% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Needham & Company LLC restated a “buy” rating and set a $300.00 price target on shares of Reddit in a report on Friday, May 1st. Piper Sandler restated an “overweight” rating and set a $215.00 price target (up from $205.00) on shares of Reddit in a report on Friday, May 1st. Weiss Ratings restated a “hold (c)” rating on shares of Reddit in a report on Friday, May 8th. Zacks Research lowered Reddit from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 3rd. Finally, Wells Fargo & Company increased their price target on Reddit from $149.00 to $176.00 and gave the company an “equal weight” rating in a report on Friday, May 1st. Eighteen equities research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $230.75.

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.