JPMorgan Chase & Co. Has $200.10 Million Stake in Reddit Inc. (NYSE:RDDT)

JPMorgan Chase & Co. increased its stake in shares of Reddit Inc. (NYSE:RDDT) by 98.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,907,495 shares of the company’s stock after buying an additional 944,847 shares during the quarter. JPMorgan Chase & Co.’s holdings in Reddit were worth $200,096,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the stock. Forsta AP Fonden bought a new stake in Reddit during the first quarter worth $1,445,000. Swiss National Bank grew its holdings in Reddit by 67.4% during the first quarter. Swiss National Bank now owns 186,300 shares of the company’s stock worth $19,543,000 after buying an additional 75,000 shares in the last quarter. Caisse Des Depots ET Consignations bought a new stake in Reddit during the first quarter worth $1,348,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Reddit by 44.1% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 122,141 shares of the company’s stock worth $12,813,000 after buying an additional 37,407 shares in the last quarter. Finally, Accuvest Global Advisors bought a new stake in Reddit during the first quarter worth $215,000.

Insider Buying and Selling

In related news, CTO Christopher Brian Slowe sold 16,000 shares of the stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $145.58, for a total transaction of $2,329,280.00. Following the sale, the chief technology officer owned 241,373 shares of the company’s stock, valued at approximately $35,139,081.34. This represents a 6.22% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Jennifer L. Wong sold 33,334 shares of the firm’s stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $142.06, for a total value of $4,735,428.04. Following the completion of the sale, the chief operating officer directly owned 1,428,007 shares in the company, valued at approximately $202,862,674.42. The trade was a 2.28% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 385,901 shares of company stock worth $49,577,413. Company insiders own 34.25% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Guggenheim upped their price target on Reddit from $165.00 to $215.00 and gave the stock a “buy” rating in a report on Friday, August 1st. Wall Street Zen upgraded Reddit from a “hold” rating to a “buy” rating in a research note on Saturday, June 14th. Raymond James Financial restated a “strong-buy” rating and issued a $225.00 price objective (up previously from $175.00) on shares of Reddit in a research note on Friday, August 1st. Loop Capital reduced their price objective on Reddit from $210.00 to $200.00 and set a “buy” rating for the company in a research note on Thursday, June 12th. Finally, The Goldman Sachs Group restated a “neutral” rating and issued a $212.00 price objective on shares of Reddit in a research note on Friday, August 1st. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $168.43.

Reddit Stock Performance

Shares of RDDT opened at $234.99 on Thursday. The stock’s 50-day simple moving average is $153.89 and its 200 day simple moving average is $140.65. The stock has a market capitalization of $43.98 billion, a price-to-earnings ratio of 213.63, a price-to-earnings-growth ratio of 3.55 and a beta of 2.30. Reddit Inc. has a 52-week low of $52.39 and a 52-week high of $237.35.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Thursday, July 31st. The company reported $0.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.25. The business had revenue of $499.63 million for the quarter, compared to analysts’ expectations of $424.07 million. Reddit had a return on equity of 9.93% and a net margin of 12.97%. The firm’s quarterly revenue was up 77.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.06) EPS. On average, research analysts forecast 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.