Mayflower Financial Advisors LLC Purchases New Position in Reddit Inc. $RDDT

by · The Markets Daily

Mayflower Financial Advisors LLC purchased a new stake in Reddit Inc. (NYSE:RDDT – Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 1,680 shares of the company’s stock, valued at approximately $253,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. CWM LLC raised its holdings in shares of Reddit by 100.0% in the first quarter. CWM LLC now owns 256 shares of the company’s stock valued at $27,000 after buying an additional 128 shares during the last quarter. Stone House Investment Management LLC purchased a new stake in shares of Reddit in the first quarter valued at about $31,000. Financial Perspectives Inc purchased a new stake in shares of Reddit in the second quarter valued at about $34,000. Geneos Wealth Management Inc. raised its holdings in shares of Reddit by 344.6% in the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock valued at $39,000 after buying an additional 286 shares during the last quarter. Finally, Olde Wealth Management LLC purchased a new stake in shares of Reddit in the first quarter valued at about $46,000.

Reddit Price Performance

RDDT stock opened at $210.90 on Thursday. The company’s 50 day simple moving average is $224.52 and its 200-day simple moving average is $169.31. The firm has a market capitalization of $39.47 billion, a PE ratio of 191.73, a P/E/G ratio of 3.25 and a beta of 2.23. Reddit Inc. has a 12 month low of $79.75 and a 12 month high of $282.95.

Reddit (NYSE:RDDT – Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The company reported $0.45 EPS for the quarter, beating the consensus estimate of $0.20 by $0.25. The business had revenue of $499.63 million for the quarter, compared to analyst estimates of $424.07 million. Reddit had a net margin of 12.97% and a return on equity of 9.93%. The company’s quarterly revenue was up 77.9% on a year-over-year basis. During the same period in the prior year, the business earned ($0.06) earnings per share. As a group, sell-side analysts anticipate that Reddit Inc. will post 1.12 earnings per share for the current year.

Analyst Upgrades and Downgrades

RDDT has been the subject of a number of research reports. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $236.00 target price on shares of Reddit in a report on Tuesday, October 14th. Robert W. Baird boosted their price target on shares of Reddit from $177.00 to $240.00 and gave the stock a “neutral” rating in a research note on Thursday, September 25th. Roth Capital set a $185.00 price target on shares of Reddit and gave the stock a “neutral” rating in a research note on Thursday, October 23rd. Wells Fargo & Company boosted their price target on shares of Reddit from $155.00 to $174.00 and gave the stock a “cautious” rating in a research note on Tuesday, October 7th. Finally, Wolfe Research upgraded shares of Reddit to an “outperform” rating in a research note on Sunday, August 3rd. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, ten have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $217.50.

Read Our Latest Analysis on RDDT

Insider Activity

In related news, CEO Steve Ladd Huffman sold 18,000 shares of the company’s stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $223.41, for a total transaction of $4,021,380.00. Following the transaction, the chief executive officer owned 494,104 shares of the company’s stock, valued at approximately $110,387,774.64. This represents a 3.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Andrew Vollero sold 30,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $218.09, for a total transaction of $6,542,700.00. Following the transaction, the chief financial officer directly owned 284,168 shares in the company, valued at $61,974,199.12. The trade was a 9.55% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 419,626 shares of company stock worth $94,485,676. 34.25% of the stock is currently owned by corporate insiders.

Reddit 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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