Cambridge Investment Research Advisors Inc. Acquires Shares of 18,791 Reddit, Inc. (NYSE:RDDT)

Cambridge Investment Research Advisors Inc. acquired a new position in Reddit, Inc. (NYSE:RDDT) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 18,791 shares of the company’s stock, valued at approximately $1,201,000.

Other large investors have also recently made changes to their positions in the company. DekaBank Deutsche Girozentrale purchased a new position in Reddit in the first quarter worth about $7,363,000. Commonwealth Equity Services LLC purchased a new position in shares of Reddit in the 1st quarter worth approximately $1,111,000. BNP Paribas Financial Markets bought a new position in shares of Reddit during the 1st quarter valued at approximately $37,000. Vanguard Group Inc. purchased a new stake in Reddit during the 1st quarter valued at $82,167,000. Finally, Bamco Inc. NY bought a new stake in Reddit in the first quarter worth $14,796,000.

Insider Activity

In related news, Director Mary Porter Gale sold 15,000 shares of the company’s stock in a transaction on Friday, August 9th. The stock was sold at an average price of $52.73, for a total transaction of $790,950.00. Following the completion of the sale, the director now directly owns 101,459 shares in the company, valued at approximately $5,349,933.07. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Mary Porter Gale sold 15,000 shares of Reddit stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $52.73, for a total value of $790,950.00. Following the transaction, the director now owns 101,459 shares of the company’s stock, valued at approximately $5,349,933.07. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $53.98, for a total transaction of $755,720.00. Following the sale, the chief executive officer now directly owns 672,352 shares of the company’s stock, valued at approximately $36,293,560.96. The disclosure for this sale can be found here. In the last three months, insiders have sold 204,373 shares of company stock worth $11,095,284.

Reddit Trading Down 0.9 %

NYSE RDDT opened at $57.01 on Thursday. Reddit, Inc. has a one year low of $37.35 and a one year high of $78.08. The firm’s 50-day simple moving average is $61.89.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Tuesday, August 6th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.25. The business had revenue of $281.20 million for the quarter, compared to the consensus estimate of $253.86 million. Reddit’s revenue for the quarter was up 53.6% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.70) earnings per share. On average, equities research analysts expect that Reddit, Inc. will post -4.17 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on RDDT shares. Needham & Company LLC reiterated a “buy” rating and set a $75.00 price objective on shares of Reddit in a research report on Thursday, August 8th. Robert W. Baird increased their price objective on shares of Reddit from $50.00 to $59.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 8th. Deutsche Bank Aktiengesellschaft boosted their target price on Reddit from $62.00 to $65.00 and gave the company a “buy” rating in a research report on Friday, May 17th. Roth Mkm reduced their price target on Reddit from $67.00 to $66.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. Finally, The Goldman Sachs Group boosted their price objective on Reddit from $40.00 to $55.00 and gave the company a “neutral” rating in a report on Thursday, May 9th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $65.56.

Reddit Profile

Reddit, Inc operates a website that organizes digital communities. It organizes communities based on specific interests that enable users to engage in conversations by sharing experiences, submitting links, uploading images and videos, and replying to one another. The company was founded in 2005 and is headquartered in San Francisco, California.