International Assets Investment Management LLC Acquires 3,255 Shares of Reddit Inc. $RDDT

International Assets Investment Management LLC raised its holdings in Reddit Inc. (NYSE:RDDT) by 75.2% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 7,586 shares of the company’s stock after purchasing an additional 3,255 shares during the quarter. International Assets Investment Management LLC’s holdings in Reddit were worth $1,033,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Ascentis Independent Advisors acquired a new position in shares of Reddit during the 1st quarter worth $30,000. LOM Asset Management Ltd acquired a new stake in Reddit in the fourth quarter valued at about $33,000. Noble Wealth Management PBC acquired a new stake in Reddit in the fourth quarter valued at about $34,000. Geneos Wealth Management Inc. grew its position in Reddit by 344.6% in the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock valued at $39,000 after acquiring an additional 286 shares during the last quarter. Finally, V Square Quantitative Management LLC bought a new position in Reddit in the first quarter valued at about $43,000.

Reddit Stock Performance

Shares of NYSE RDDT opened at $200.64 on Tuesday. The firm has a 50 day moving average price of $170.54 and a two-hundred day moving average price of $170.30. The stock has a market cap of $38.62 billion, a P/E ratio of 57.33 and a beta of 1.93. Reddit Inc. has a 52-week low of $119.27 and a 52-week high of $282.95.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Thursday, April 30th. The company reported $1.01 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.39. Reddit had a net margin of 28.60% and a return on equity of 25.48%. The company had revenue of $663.41 million for the quarter, compared to analyst estimates of $607.74 million. During the same quarter in the previous year, the business earned $0.13 earnings per share. Reddit’s revenue was up 69.1% compared to the same quarter last year. Analysts predict that Reddit Inc. will post 4.83 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Loop Capital reissued a “buy” rating and issued a $260.00 target price on shares of Reddit in a report on Thursday, June 4th. Wall Street Zen lowered shares of Reddit from a “buy” rating to a “hold” rating in a report on Sunday, May 10th. Rothschild & Co Redburn set a $110.00 price objective on shares of Reddit in a research report on Monday, April 27th. Cantor Fitzgerald increased their price objective on shares of Reddit from $170.00 to $180.00 and gave the company a “neutral” rating in a research note on Friday, May 1st. Finally, Raymond James Financial set a $180.00 target price on shares of Reddit and gave the company a “market perform” rating in a research report on Friday, May 1st. Eighteen investment analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $231.14.

Insider Buying and Selling

In related news, CEO Steve Ladd Huffman sold 18,000 shares of the firm’s stock in a transaction on Friday, May 15th. The stock was sold at an average price of $157.15, for a total transaction of $2,828,700.00. Following the completion of the transaction, the chief executive officer directly owned 411,195 shares of the company’s stock, valued at $64,619,294.25. This trade represents a 4.19% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jennifer L. Wong sold 39,167 shares of Reddit stock in a transaction dated Thursday, April 16th. The stock was sold at an average price of $161.47, for a total value of $6,324,295.49. Following the transaction, the chief operating officer directly owned 1,088,451 shares in the company, valued at $175,752,182.97. The trade was a 3.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 226,308 shares of company stock valued at $37,856,340 in the last three months. Insiders own 28.48% of the company’s stock.

Reddit Company Profile

Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called “subreddits,” each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.