Corps Capital Advisors LLC Takes Position in Reddit Inc. $RDDT

Corps Capital Advisors LLC purchased a new stake in Reddit Inc. (NYSE:RDDT) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 3,175 shares of the company’s stock, valued at approximately $730,000.

Several other institutional investors and hedge funds also recently made changes to their positions in RDDT. Huntington National Bank boosted its position in shares of Reddit by 25.6% during the 3rd quarter. Huntington National Bank now owns 270 shares of the company’s stock valued at $62,000 after purchasing an additional 55 shares in the last quarter. Institute for Wealth Management LLC. boosted its position in shares of Reddit by 6.1% during the 4th quarter. Institute for Wealth Management LLC. now owns 1,071 shares of the company’s stock valued at $246,000 after purchasing an additional 62 shares in the last quarter. Roxbury Financial LLC boosted its position in shares of Reddit by 7.4% during the 4th quarter. Roxbury Financial LLC now owns 929 shares of the company’s stock valued at $214,000 after purchasing an additional 64 shares in 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 valued at $250,000 after purchasing an additional 68 shares in the last quarter. Finally, IFP Advisors Inc boosted its position in shares of Reddit by 9.9% during the 3rd quarter. IFP Advisors Inc now owns 796 shares of the company’s stock valued at $183,000 after purchasing an additional 72 shares in the last quarter.

Wall Street Analyst Weigh In

RDDT has been the topic of several research analyst reports. Cantor Fitzgerald upped their target price on Reddit from $170.00 to $180.00 and gave the company a “neutral” rating in a research report on Friday, May 1st. Zacks Research lowered Reddit from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 3rd. Oppenheimer reiterated an “outperform” rating and issued a $225.00 price target on shares of Reddit in a report on Friday, May 1st. Citigroup reiterated a “market outperform” rating on shares of Reddit in a report on Tuesday, May 26th. Finally, Wells Fargo & Company increased their price target on Reddit from $149.00 to $176.00 and gave the stock an “equal weight” rating in a report on Friday, May 1st. Eighteen research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company. Based on data from MarketBeat, Reddit has a consensus rating of “Moderate Buy” and a consensus target price of $230.75.

Insider Transactions at Reddit

In other news, CEO Steve Ladd Huffman sold 18,000 shares of the stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $174.13, for a total value of $3,134,340.00. Following the completion of the sale, the chief executive officer directly owned 373,814 shares of the company’s stock, valued at $65,092,231.82. 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 this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Christopher Brian Slowe sold 15,500 shares of the stock in a transaction that occurred 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 completion of the sale, the chief technology officer directly owned 38,413 shares of the company’s stock, valued at approximately $5,787,686.71. This trade represents a 28.75% 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 a total of 232,499 shares of company stock valued at $36,123,803 over the last ninety days. 28.48% of the stock is currently owned by insiders.

Reddit Stock Performance

Shares of NYSE:RDDT opened at $162.11 on Friday. The business’s 50 day simple moving average is $157.38 and its two-hundred day simple moving average is $176.88. The firm has a market cap of $31.21 billion, a P/E ratio of 46.32 and a beta of 1.91. Reddit Inc. has a 52-week low of $112.30 and a 52-week high of $282.95.

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