Wellington Management Group LLP Buys 280,030 Shares of Reddit Inc. $RDDT

by · The Markets Daily

Wellington Management Group LLP lifted its stake in shares of Reddit Inc. (NYSE:RDDT – Free Report) by 21.8% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,564,535 shares of the company’s stock after buying an additional 280,030 shares during the quarter. Wellington Management Group LLP’s holdings in Reddit were worth $271,572,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of the stock. Evansbrook LLC lifted its holdings in Reddit by 2.2% in the first quarter. Evansbrook LLC now owns 2,736 shares of the company’s stock worth $368,000 after buying an additional 59 shares during the period. Signaturefd LLC grew its holdings in shares of Reddit by 7.6% during the 2nd quarter. Signaturefd LLC now owns 878 shares of the company’s stock worth $152,000 after acquiring an additional 62 shares during the period. EverSource Wealth Advisors LLC grew its holdings in shares of Reddit by 48.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 197 shares of the company’s stock worth $34,000 after acquiring an additional 64 shares during the period. Florida Financial Advisors LLC raised its position in shares of Reddit by 6.7% in the 4th quarter. Florida Financial Advisors LLC now owns 1,087 shares of the company’s stock worth $250,000 after acquiring an additional 68 shares in the last quarter. Finally, Diversified Trust Co raised its position in shares of Reddit by 2.1% in the 1st quarter. Diversified Trust Co now owns 3,271 shares of the company’s stock worth $440,000 after acquiring an additional 68 shares in the last quarter.

Insiders Place Their Bets

In other news, CEO Steve Ladd Huffman sold 18,000 shares of the company’s stock in a transaction on Friday, August 14th. The stock was sold at an average price of $178.16, for a total transaction of $3,206,880.00. Following the transaction, the chief executive officer directly owned 373,814 shares of the company’s stock, valued at $66,598,702.24. This represents a 4.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jennifer L. Wong sold 75,000 shares of Reddit stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $178.55, for a total value of $13,391,250.00. Following the completion of the sale, the chief operating officer owned 1,050,339 shares of the company’s stock, valued at $187,538,028.45. The trade was a 6.66% decrease in their ownership of the stock. 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 ninety days, insiders sold 192,102 shares of company stock valued at $33,710,892. Company insiders own 28.48% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on RDDT. Wedbush dropped their price target on Reddit from $250.00 to $221.00 and set an “outperform” rating on the stock in a research report on Friday, July 31st. JPMorgan Chase & Co. decreased their price objective on Reddit from $200.00 to $185.00 and set a “neutral” rating for the company in a report on Friday, July 31st. Robert W. Baird set a $185.00 price objective on Reddit in a research report on Friday, July 31st. Guggenheim restated a “buy” rating on shares of Reddit in a report on Friday, July 31st. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $195.00 target price (down from $215.00) on shares of Reddit in a research report on Friday, July 31st. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and eleven have given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $221.10.

Get Our Latest Research Report on RDDT

Reddit Stock Performance

Shares of NYSE RDDT opened at $152.63 on Monday. The firm’s 50 day moving average price is $171.76 and its 200-day moving average price is $158.51. Reddit Inc. has a 52-week low of $119.27 and a 52-week high of $282.95. The company has a market cap of $29.37 billion, a PE ratio of 35.50, a P/E/G ratio of 0.51 and a beta of 2.04.

Reddit (NYSE:RDDT – Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The company reported $1.25 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $731.00 million. During the same quarter last year, the firm earned $0.45 earnings per share. The firm’s quarterly revenue was up 61.0% compared to the same quarter last year. On average, analysts forecast that Reddit Inc. will post 5.27 earnings per share for the current fiscal year.

About Reddit

(Free Report)

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.

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