Alps Advisors Inc. Has $2.86 Million Stock Holdings in Reddit Inc. $RDDT

Alps Advisors Inc. lowered its holdings in shares of Reddit Inc. (NYSE:RDDT) by 33.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 12,448 shares of the company’s stock after selling 6,234 shares during the quarter. Alps Advisors Inc.’s holdings in Reddit were worth $2,863,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. NewEdge Advisors LLC increased its position in Reddit by 143.3% during the first quarter. NewEdge Advisors LLC now owns 7,982 shares of the company’s stock worth $837,000 after buying an additional 4,701 shares during the last quarter. Empowered Funds LLC acquired a new position in shares of Reddit during the 1st quarter valued at about $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Reddit by 106.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 216,960 shares of the company’s stock valued at $22,759,000 after acquiring an additional 111,780 shares in the last quarter. Focus Partners Wealth lifted its holdings in Reddit by 40.8% in the 1st quarter. Focus Partners Wealth now owns 10,224 shares of the company’s stock worth $1,073,000 after purchasing an additional 2,965 shares during the last quarter. Finally, Geneos Wealth Management Inc. lifted its holdings in Reddit by 344.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock worth $39,000 after purchasing an additional 286 shares during the last quarter.

Reddit Stock Performance

NYSE:RDDT opened at $141.73 on Tuesday. The company has a 50-day moving average of $219.59 and a 200-day moving average of $215.59. Reddit Inc. has a 52 week low of $79.75 and a 52 week high of $282.95. The company has a market capitalization of $26.86 billion, a price-to-earnings ratio of 54.10, a PEG ratio of 0.96 and a beta of 2.18.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Thursday, February 5th. The company reported $1.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.96 by $0.28. The firm had revenue of $725.61 million for the quarter, compared to analysts’ expectations of $665.80 million. Reddit had a return on equity of 22.03% and a net margin of 24.05%.The business’s revenue was up 69.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.36 earnings per share. Sell-side analysts forecast that Reddit Inc. will post 1.12 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Steve Ladd Huffman sold 18,000 shares of the business’s stock in a transaction that occurred on Monday, December 15th. The shares were sold at an average price of $220.28, for a total transaction of $3,965,040.00. Following the completion of the sale, the chief executive officer directly owned 448,576 shares of the company’s stock, valued at $98,812,321.28. The trade was a 3.86% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CTO Christopher Brian Slowe sold 24,000 shares of the stock in a transaction on Monday, November 24th. The shares were sold at an average price of $192.72, for a total value of $4,625,280.00. Following the completion of the transaction, the chief technology officer directly owned 175,694 shares in the company, valued at approximately $33,859,747.68. This trade represents a 12.02% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 509,511 shares of company stock valued at $111,375,265. 34.25% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms have recently commented on RDDT. Robert W. Baird set a $200.00 price target on shares of Reddit in a research report on Friday. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $285.00 target price on shares of Reddit in a research note on Tuesday, January 20th. Argus set a $300.00 target price on shares of Reddit in a research report on Friday, January 9th. Zacks Research downgraded Reddit from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 26th. Finally, Guggenheim upped their price target on Reddit from $245.00 to $255.00 and gave the stock a “buy” rating in a report on Friday. One investment analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $240.93.

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.