Concorde Asset Management LLC Buys Shares of 4,539 Reddit Inc. $RDDT

Concorde Asset Management LLC purchased a new position in shares of Reddit Inc. (NYSE:RDDT) in the second quarter, HoldingsChannel reports. The firm purchased 4,539 shares of the company’s stock, valued at approximately $788,000.

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

Analysts Set New Price Targets

Several research analysts have recently commented on the company. UBS Group restated a “buy” rating on shares of 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. Jefferies Financial Group set a $250.00 target price on Reddit in a research report on Friday, July 10th. Evercore reissued an “outperform” rating and set a $265.00 price target on shares of Reddit in a research report on Friday, July 31st. Finally, Deutsche Bank Aktiengesellschaft set a $200.00 price objective on shares of Reddit in a report on Friday, July 31st. Two research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and eleven have given a Hold rating to the company’s stock. According to data from MarketBeat, Reddit presently has an average rating of “Moderate Buy” and a consensus price target of $221.10.

Reddit Trading Down 3.6%

Shares of NYSE:RDDT opened at $148.96 on Wednesday. Reddit Inc. has a 52 week low of $119.27 and a 52 week high of $282.95. The company’s 50 day moving average is $169.69 and its two-hundred day moving average is $159.05. The company has a market cap of $28.66 billion, a PE ratio of 34.64, a P/E/G ratio of 0.71 and a beta of 2.02.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Thursday, July 30th. The company reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.30. The business had revenue of $804.91 million during the quarter, compared to analysts’ expectations of $731.00 million. Reddit had a net margin of 31.35% and a return on equity of 29.02%. The company’s revenue for the quarter was up 61.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.45 EPS. As a group, equities research analysts expect that Reddit Inc. will post 5.27 EPS for the current year.

Insiders Place Their Bets

In other news, Director Robert Sauerberg sold 5,128 shares of the company’s stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $159.92, for a total transaction of $820,069.76. Following the completion of the transaction, the director directly owned 27,087 shares of the company’s stock, valued at approximately $4,331,753.04. This represents a 15.92% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Jennifer Wong sold 75,000 shares of the company’s 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 transaction, the chief operating officer directly owned 1,050,339 shares of the company’s stock, valued at approximately $187,538,028.45. This represents 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. Insiders sold 210,102 shares of company stock valued at $36,375,252 over the last quarter. Corporate insiders own 28.48% of the company’s stock.

Reddit Company 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.