First Hawaiian Bank Purchases New Position in Reddit, Inc. (NYSE:RDDT)

First Hawaiian Bank purchased a new stake in Reddit, Inc. (NYSE:RDDT) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 7,795 shares of the company’s stock, valued at approximately $818,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Plato Investment Management Ltd acquired a new stake in shares of Reddit during the fourth quarter worth about $27,000. EverSource Wealth Advisors LLC acquired a new stake in shares of Reddit during the fourth quarter worth about $28,000. Farmers & Merchants Investments Inc. acquired a new stake in shares of Reddit during the fourth quarter worth about $33,000. Bogart Wealth LLC acquired a new stake in shares of Reddit during the fourth quarter worth about $33,000. Finally, Allworth Financial LP boosted its stake in shares of Reddit by 970.0% during the fourth quarter. Allworth Financial LP now owns 214 shares of the company’s stock worth $35,000 after buying an additional 194 shares during the period.

Insider Transactions at Reddit

In related news, CEO Steve Ladd Huffman sold 124,408 shares of the firm’s stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $127.36, for a total transaction of $15,844,602.88. Following the sale, the chief executive officer now owns 583,515 shares in the company, valued at approximately $74,316,470.40. This trade represents a 17.57% 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, CAO Michelle Marie Reynolds sold 11,965 shares of the firm’s stock in a transaction that occurred on Tuesday, March 4th. The stock was sold at an average price of $157.41, for a total transaction of $1,883,410.65. Following the sale, the chief accounting officer now owns 48,418 shares in the company, valued at approximately $7,621,477.38. This trade represents a 19.82% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 768,139 shares of company stock valued at $91,598,952 in the last ninety days.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on RDDT. JMP Securities reiterated a “market outperform” rating and set a $180.00 target price on shares of Reddit in a research note on Friday, May 2nd. Roth Mkm increased their price target on shares of Reddit from $120.00 to $130.00 and gave the stock a “neutral” rating in a report on Friday, May 2nd. Truist Financial started coverage on shares of Reddit in a report on Monday, April 7th. They set a “buy” rating and a $150.00 price target for the company. B. Riley reissued a “buy” rating and set a $220.00 price target (down from $222.00) on shares of Reddit in a report on Friday, May 2nd. Finally, Sanford C. Bernstein raised shares of Reddit from an “underperform” rating to a “market perform” rating and set a $130.00 price target for the company in a report on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $140.45.

Reddit Price Performance

Shares of RDDT opened at $112.54 on Friday. The firm has a 50 day simple moving average of $106.24 and a 200-day simple moving average of $144.34. Reddit, Inc. has a 1-year low of $49.13 and a 1-year high of $230.41. The stock has a market cap of $20.77 billion, a price-to-earnings ratio of -14.56, a price-to-earnings-growth 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 earnings per share for the quarter, topping analysts’ consensus estimates of $0.02 by $0.11. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. The business had revenue of $392.36 million during the quarter, compared to analysts’ expectations of $370.55 million. During the same period last year, the company posted ($8.19) EPS. The company’s revenue was up 61.5% on a year-over-year basis. On average, equities analysts expect that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

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.