Pier Capital LLC Takes Position in Reddit, Inc. (NYSE:RDDT)

Pier Capital LLC acquired a new position in Reddit, Inc. (NYSE:RDDT - Free Report) during the second quarter, according to its most recent filing with the SEC. The firm acquired 128,555 shares of the company's stock, valued at approximately $8,213,000. Reddit comprises approximately 1.2% of Pier Capital LLC's holdings, making the stock its 28th biggest holding. Pier Capital LLC owned about 0.08% of Reddit at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in RDDT. Inclusive Capital Partners L.P. bought a new stake in Reddit during the first quarter valued at about $103,051,000. Vanguard Group Inc. bought a new position in shares of Reddit during the first quarter valued at approximately $82,167,000. Price T Rowe Associates Inc. MD bought a new position in Reddit in the first quarter worth approximately $37,015,000. Blackstone Inc. bought a new stake in Reddit during the 1st quarter valued at $36,990,000. Finally, Sumitomo Mitsui Trust Holdings Inc. bought a new stake in Reddit during the 2nd quarter valued at $19,876,000.

Reddit Stock Up 5.3 %

Reddit stock traded up $3.01 during midday trading on Wednesday, reaching $59.88. 3,464,773 shares of the stock traded hands, compared to its average volume of 4,418,199. The stock has a fifty day moving average price of $60.86. Reddit, Inc. has a fifty-two week low of $37.35 and a fifty-two week high of $78.08.

Reddit (NYSE:RDDT - Get Free Report) last announced its earnings results on Tuesday, August 6th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.31) by $0.25. The company had revenue of $281.20 million for the quarter, compared to analyst estimates of $253.86 million. The firm's revenue for the quarter was up 53.6% on a year-over-year basis. During the same period last year, the firm earned ($0.70) earnings per share. Research analysts expect that Reddit, Inc. will post -4.17 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Mary Porter Gale sold 30,000 shares of the stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $52.31, for a total transaction of $1,569,300.00. Following the completion of the sale, the director now owns 71,459 shares in the company, valued at approximately $3,738,020.29. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Reddit news, CAO Michelle Marie Reynolds sold 12,000 shares of Reddit stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $54.00, for a total value of $648,000.00. Following the completion of the transaction, the chief accounting officer now owns 71,162 shares in the company, valued at approximately $3,842,748. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Mary Porter Gale sold 30,000 shares of Reddit stock in a transaction on Monday, August 12th. The shares were sold at an average price of $52.31, for a total value of $1,569,300.00. Following the completion of the transaction, the director now owns 71,459 shares of the company's stock, valued at approximately $3,738,020.29. The disclosure for this sale can be found here. Insiders have sold a total of 204,373 shares of company stock valued at $11,095,284 in the last three months.

Wall Street Analysts Forecast Growth

RDDT has been the subject of several analyst reports. JMP Securities reiterated a "market outperform" rating and set a $84.00 price objective on shares of Reddit in a report on Tuesday, July 30th. Needham & Company LLC reiterated a "buy" rating and issued a $75.00 price objective on shares of Reddit in a report on Thursday, August 8th. Citigroup raised their target price on shares of Reddit from $65.00 to $70.00 and gave the stock a "buy" rating in a research note on Friday, May 17th. Loop Capital raised shares of Reddit from a "hold" rating to a "buy" rating and set a $75.00 price target on the stock in a research report on Thursday, August 1st. Finally, Morgan Stanley boosted their target price on Reddit from $63.00 to $70.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 23rd. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $65.56.

About Reddit

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.