BNP Paribas Financial Markets Raises Holdings in Reddit, Inc. (NYSE:RDDT)

BNP Paribas Financial Markets grew its position in shares of Reddit, Inc. (NYSE:RDDT - Free Report) by 55.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 648,006 shares of the company's stock after purchasing an additional 230,959 shares during the period. BNP Paribas Financial Markets owned approximately 0.37% of Reddit worth $105,910,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Plato Investment Management Ltd purchased a new position in shares of Reddit during the fourth quarter valued at approximately $27,000. EverSource Wealth Advisors LLC purchased a new position in shares of Reddit during the fourth quarter worth approximately $28,000. Ridgewood Investments LLC raised its stake in shares of Reddit by 100.0% during the fourth quarter. Ridgewood Investments LLC now owns 200 shares of the company's stock valued at $33,000 after acquiring an additional 100 shares in the last quarter. Farmers & Merchants Investments Inc. bought a new position in Reddit in the fourth quarter worth approximately $33,000. Finally, Bogart Wealth LLC purchased a new position in Reddit during the 4th quarter worth $33,000.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Morgan Stanley dropped their price target on Reddit from $210.00 to $140.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. The Goldman Sachs Group boosted their price target on shares of Reddit from $124.00 to $140.00 and gave the company a "neutral" rating in a report on Friday, May 2nd. JMP Securities reiterated a "market outperform" rating and set a $180.00 price objective on shares of Reddit in a research note on Friday, May 2nd. Oppenheimer began coverage on shares of Reddit in a research note on Wednesday, April 16th. They issued an "outperform" rating and a $125.00 price objective for the company. Finally, Sanford C. Bernstein raised Reddit from an "underperform" rating to a "market perform" rating and set a $130.00 target price on the stock in a research report on Friday, May 2nd. One equities research 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 stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $140.35.

Insider Activity

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $110.67, for a total value of $1,549,380.00. Following the completion of the transaction, the chief executive officer now directly owns 577,013 shares of the company's stock, valued at approximately $63,858,028.71. This trade represents a 2.37 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Benjamin Seong Lee sold 92,299 shares of the business's stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $157.35, for a total value of $14,523,247.65. Following the sale, the insider now owns 115,001 shares in the company, valued at approximately $18,095,407.35. The trade was a 44.52 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 725,270 shares of company stock worth $95,789,365.

Reddit Stock Performance

Shares of RDDT stock traded up $0.52 on Friday, hitting $108.35. 4,828,120 shares of the stock traded hands, compared to its average volume of 5,866,048. The firm's 50-day moving average price is $111.54 and its two-hundred day moving average price is $144.77. Reddit, Inc. has a twelve month low of $49.13 and a twelve month high of $230.41. The stock has a market capitalization of $19.60 billion, a PE ratio of -14.02, a PEG ratio of 4.72 and a beta of 2.90.

Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The company reported $0.13 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.02 by $0.11. The company had revenue of $392.36 million for the quarter, compared to analyst estimates of $370.55 million. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. The business's revenue for the quarter was up 61.5% compared to the same quarter last year. During the same period in the prior year, the firm earned ($8.19) earnings per share. On average, equities research analysts anticipate that Reddit, Inc. will post 1.12 EPS for the current fiscal year.

Reddit Company 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.