5,036 Shares in Reddit Inc. $RDDT Bought by Smith Group Asset Management LLC

Smith Group Asset Management LLC purchased a new position in shares of Reddit Inc. (NYSE:RDDT) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 5,036 shares of the company’s stock, valued at approximately $678,000.

A number of other hedge funds also recently bought and sold shares of RDDT. Truist Financial Corp lifted its stake in Reddit by 67.7% during the fourth quarter. Truist Financial Corp now owns 15,659 shares of the company’s stock worth $3,600,000 after purchasing an additional 6,321 shares during the last quarter. Swiss Life Asset Management Ltd boosted its holdings in Reddit by 63.2% in the fourth quarter. Swiss Life Asset Management Ltd now owns 32,003 shares of the company’s stock valued at $7,357,000 after purchasing an additional 12,398 shares in the last quarter. Calamos Advisors LLC purchased a new position in Reddit in the fourth quarter valued at approximately $2,299,000. Handelsbanken Fonder AB increased its stake in Reddit by 22.9% in the fourth quarter. Handelsbanken Fonder AB now owns 37,000 shares of the company’s stock valued at $8,505,000 after purchasing an additional 6,900 shares during the last quarter. Finally, Berkshire Capital Holdings Inc. raised its holdings in Reddit by 326,400.0% during the fourth quarter. Berkshire Capital Holdings Inc. now owns 32,650 shares of the company’s stock worth $7,505,000 after purchasing an additional 32,640 shares in the last quarter.

Reddit Trading Down 0.3%

RDDT stock opened at $178.73 on Wednesday. The company has a market capitalization of $34.41 billion, a P/E ratio of 51.07 and a beta of 1.93. The business has a 50 day simple moving average of $175.55 and a 200-day simple moving average of $166.09. Reddit Inc. has a twelve month low of $119.27 and a twelve month high of $282.95.

Reddit (NYSE:RDDT) last announced its earnings results on Thursday, April 30th. The company reported $1.01 EPS for the quarter, beating 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 business had revenue of $663.41 million for the quarter, compared to analysts’ expectations of $607.74 million. During the same period in the previous year, the company posted $0.13 EPS. The company’s quarterly revenue was up 69.1% on a year-over-year basis. Research analysts predict that Reddit Inc. will post 4.85 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on RDDT shares. Weiss Ratings restated a “hold (c)” rating on shares of Reddit in a research report on Friday, May 8th. Raymond James Financial set a $180.00 price target on shares of Reddit and gave the stock a “market perform” rating in a research note on Friday, May 1st. Jefferies Financial Group set a $250.00 price target on shares of Reddit in a research report on Friday, July 10th. Wells Fargo & Company upped their price objective on shares of Reddit from $176.00 to $187.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 7th. Finally, KeyCorp started coverage on Reddit in a report on Wednesday. They set an “overweight” rating on the stock. Twenty equities research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the stock. According to data from MarketBeat, Reddit has a consensus rating of “Moderate Buy” and an average price target of $232.48.

Insiders Place Their Bets

In other news, CEO Steve Ladd Huffman sold 18,000 shares of the company’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $178.26, for a total value of $3,208,680.00. Following the completion of the sale, the chief executive officer directly owned 373,814 shares of the company’s stock, valued at approximately $66,636,083.64. This represents a 4.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through 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 the stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $158.52, for a total transaction of $6,208,752.84. Following the sale, the chief operating officer owned 1,088,451 shares of the company’s stock, valued at $172,541,252.52. This trade represents a 3.47% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 169,141 shares of company stock valued at $28,680,845. Insiders own 28.48% of the company’s stock.

Reddit 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.