Deutsche Bank AG Makes New $69.81 Million Investment in Reddit, Inc. (NYSE:RDDT)

Deutsche Bank AG bought a new position in Reddit, Inc. (NYSE:RDDT) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 427,105 shares of the company’s stock, valued at approximately $69,806,000. Deutsche Bank AG owned 0.24% of Reddit at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in RDDT. Jennison Associates LLC purchased a new stake in Reddit during the 4th quarter worth $494,861,000. Renaissance Capital LLC grew its stake in shares of Reddit by 14.2% during the fourth quarter. Renaissance Capital LLC now owns 31,236 shares of the company’s stock valued at $5,105,000 after acquiring an additional 3,892 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Reddit by 27.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 642,456 shares of the company’s stock worth $105,003,000 after acquiring an additional 139,135 shares during the last quarter. Assetmark Inc. lifted its stake in shares of Reddit by 1,537,566.7% in the fourth quarter. Assetmark Inc. now owns 46,130 shares of the company’s stock worth $7,539,000 after acquiring an additional 46,127 shares in the last quarter. Finally, Chung Wu Investment Group LLC acquired a new position in shares of Reddit in the fourth quarter worth about $327,000.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Guggenheim dropped their price target on shares of Reddit from $170.00 to $165.00 and set a “buy” rating for the company in a research note on Friday, May 2nd. Seaport Res Ptn upgraded shares of Reddit from a “hold” rating to a “strong-buy” rating in a research report on Monday, May 5th. Raymond James cut their price objective on shares of Reddit from $250.00 to $200.00 and set a “strong-buy” rating on the stock in a research note on Wednesday, March 12th. Piper Sandler reaffirmed an “overweight” rating and set a $150.00 price target (up from $140.00) on shares of Reddit in a research note on Friday, May 2nd. Finally, Needham & Company LLC boosted their price target on shares of Reddit from $135.00 to $145.00 and gave the stock a “buy” rating in a research report on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, fourteen have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, Reddit currently has an average rating of “Moderate Buy” and a consensus price target of $140.35.

Insider Buying and Selling

In other Reddit news, CEO Steve Ladd Huffman sold 124,408 shares of the firm’s stock in a transaction that occurred on Tuesday, April 15th. The stock was sold at an average price of $96.65, for a total value of $12,024,033.20. Following the completion of the sale, the chief executive officer now owns 577,013 shares in the company, valued at approximately $55,768,306.45. This trade represents a 17.74% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Jennifer L. Wong sold 33,334 shares of Reddit stock in a transaction on Wednesday, April 16th. The stock was sold at an average price of $93.99, for a total transaction of $3,133,062.66. Following the sale, the chief operating officer now owns 1,466,119 shares in the company, valued at $137,800,524.81. This represents a 2.22% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 725,270 shares of company stock worth $95,789,365 in the last quarter.

Reddit Price Performance

Shares of RDDT stock opened at $111.05 on Tuesday. Reddit, Inc. has a fifty-two week low of $49.13 and a fifty-two week high of $230.41. The stock’s 50-day moving average is $110.40 and its two-hundred day moving average is $145.44. The firm has a market cap of $20.09 billion, a P/E ratio of -14.37, a PEG ratio of 4.72 and a beta of 2.90.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Thursday, May 1st. The company reported $0.13 EPS for the quarter, beating analysts’ consensus estimates of $0.02 by $0.11. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. The business had revenue of $392.36 million for the quarter, compared to analyst estimates of $370.55 million. During the same quarter in the prior year, the firm posted ($8.19) EPS. The firm’s revenue for the quarter was up 61.5% on a year-over-year basis. As a group, research analysts expect that Reddit, Inc. will post 1.12 EPS for the current year.

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.