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

Congress Park Capital LLC acquired a new stake in Reddit, Inc. (NYSE:RDDT) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 5,664 shares of the company’s stock, valued at approximately $279,000.

Insider Transactions at Reddit

In other news, CFO Andrew Vollero sold 50,580 shares of the business’s stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of 58.94, for a total value of 2,981,185.20. Following the sale, the chief financial officer now owns 631,080 shares of the company’s stock, valued at approximately 37,195,855.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CFO Andrew Vollero sold 50,580 shares of the business’s stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of 58.94, for a total transaction of 2,981,185.20. Following the sale, the chief financial officer now directly owns 631,080 shares of the company’s stock, valued at 37,195,855.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Christopher Brian Slowe sold 33,019 shares of Reddit stock in a transaction on Thursday, May 23rd. The shares were sold at an average price of 58.94, for a total value of 1,946,139.86. Following the transaction, the chief technology officer now owns 380,665 shares in the company, valued at approximately 22,436,395.10. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 192,689 shares of company stock valued at $11,357,090.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Needham & Company LLC raised their price objective on shares of Reddit from $63.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, June 18th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Reddit from $62.00 to $65.00 and gave the stock a “buy” rating in a research note on Friday, May 17th. Bank of America began coverage on shares of Reddit in a research note on Tuesday, April 16th. They set a “neutral” rating and a $46.00 target price on the stock. Roth Capital reiterated a “buy” rating on shares of Reddit in a report on Monday, April 15th. Finally, JMP Securities reiterated a “market outperform” rating and set a $63.00 price target on shares of Reddit in a report on Friday, May 17th. One research analyst has rated the stock with a sell rating, six have given a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of 57.00.

Reddit Price Performance

Shares of Reddit stock traded down 0.25 during trading hours on Friday, reaching 63.33. The stock had a trading volume of 1,054,254 shares, compared to its average volume of 4,945,511. The business’s 50 day simple moving average is 54.62. Reddit, Inc. has a 1 year low of 37.35 and a 1 year high of 74.90.

Reddit (NYSE:RDDT) last issued its earnings results on Tuesday, May 7th. The company reported -8.19 EPS for the quarter, missing the consensus estimate of -2.34 by -5.85. The firm had revenue of 243.00 million during the quarter, compared to the consensus estimate of 213.99 million. The company’s quarterly revenue was up 48.4% on a year-over-year basis. During the same period last year, the firm posted ($1.05) EPS. Research analysts anticipate that Reddit, Inc. will post -4.71 EPS for the current year.

Reddit Company 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.