Beaumont Financial Advisors LLC Makes New Investment in Reddit, Inc. (NYSE:RDDT)

by · The Cerbat Gem

Beaumont Financial Advisors LLC acquired a new position in shares of Reddit, Inc. (NYSE:RDDT – Free Report) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 5,886 shares of the company’s stock, valued at approximately $388,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. BNP Paribas Financial Markets purchased a new stake in shares of Reddit during the first quarter valued at approximately $37,000. ANTIPODES PARTNERS Ltd purchased a new stake in shares of Reddit in the 1st quarter worth $63,000. SOA Wealth Advisors LLC. purchased a new stake in shares of Reddit in the second quarter worth $78,000. Sandia Investment Management LP bought a new stake in Reddit during the 1st quarter valued at approximately $79,000. Finally, UMB Bank n.a. purchased a new stake in Reddit in the 2nd quarter worth $88,000.

Reddit Price Performance

Shares of RDDT stock opened at $73.19 on Friday. Reddit, Inc. has a 12-month low of $37.35 and a 12-month high of $78.08. The stock has a 50 day simple moving average of $60.86 and a 200-day simple moving average of $58.17.

Reddit (NYSE:RDDT – Get Free Report) last released its quarterly earnings results on Tuesday, August 6th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.25. The firm had revenue of $281.20 million during the quarter, compared to analyst estimates of $253.86 million. During the same quarter in the prior year, the company earned ($0.70) EPS. The business’s revenue was up 53.6% on a year-over-year basis. Sell-side analysts expect that Reddit, Inc. will post -4.11 earnings per share for the current year.

Insider Activity

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $53.98, for a total value of $755,720.00. Following the sale, the chief executive officer now owns 672,352 shares of the company’s stock, valued at approximately $36,293,560.96. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Mary Porter Gale sold 15,000 shares of the firm’s stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $52.73, for a total transaction of $790,950.00. Following the sale, the director now owns 101,459 shares in the company, valued at approximately $5,349,933.07. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the company’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $53.98, for a total value of $755,720.00. Following the completion of the transaction, the chief executive officer now owns 672,352 shares of the company’s stock, valued at $36,293,560.96. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 337,993 shares of company stock worth $19,517,419 over the last ninety days.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on RDDT. Bank of America increased their price target on shares of Reddit from $57.00 to $60.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. JPMorgan Chase & Co. raised their price target on shares of Reddit from $59.00 to $77.00 and gave the company a “neutral” rating in a report on Monday, October 7th. Roth Mkm lowered their price objective on shares of Reddit from $67.00 to $66.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Piper Sandler upped their price objective on Reddit from $65.00 to $70.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 7th. Finally, Loop Capital upgraded Reddit from a “hold” rating to a “buy” rating and set a $75.00 price objective for the company in a research note on Thursday, August 1st. One analyst has rated the stock with a sell rating, six have given a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $69.56.

Check Out Our Latest Analysis on RDDT

Reddit Company Profile

(Free Report)

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.

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