427,105 Shares in Reddit, Inc. (NYSE:RDDT) Bought by Deutsche Bank AG

Deutsche Bank AG bought a new position in shares of Reddit, Inc. (NYSE:RDDT - Free Report) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor bought 427,105 shares of the company's stock, valued at approximately $69,806,000. Deutsche Bank AG owned approximately 0.24% of Reddit at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the business. Plato Investment Management Ltd purchased a new position in Reddit in the fourth quarter valued at about $27,000. EverSource Wealth Advisors LLC bought a new stake in shares of Reddit in the 4th quarter valued at about $28,000. Farmers & Merchants Investments Inc. purchased a new position in shares of Reddit in the 4th quarter worth approximately $33,000. Bogart Wealth LLC bought a new position in shares of Reddit during the 4th quarter worth approximately $33,000. Finally, Spire Wealth Management bought a new position in shares of Reddit during the 4th quarter worth approximately $35,000.

Reddit Stock Performance

Shares of NYSE RDDT traded down $0.24 during mid-day trading on Friday, reaching $113.35. 8,328,996 shares of the company's stock were exchanged, compared to its average volume of 5,962,751. The company's 50-day moving average is $109.59 and its 200-day moving average is $145.30. The firm has a market capitalization of $20.51 billion, a price-to-earnings ratio of -14.66, a PEG ratio of 4.72 and a beta of 2.90. Reddit, Inc. has a 52-week low of $49.13 and a 52-week high of $230.41.

Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The company reported $0.13 EPS for the quarter, topping the consensus estimate of $0.02 by $0.11. The firm 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 business posted ($8.19) EPS. As a group, equities analysts predict that Reddit, Inc. will post 1.12 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, COO Jennifer L. Wong sold 33,333 shares of Reddit stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $187.72, for a total value of $6,257,270.76. Following the completion of the transaction, the chief operating officer now owns 1,504,297 shares in the company, valued at approximately $282,386,632.84. The trade was a 2.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Steve Ladd Huffman sold 14,000 shares of the company's stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $110.67, for a total transaction of $1,549,380.00. Following the sale, the chief executive officer now directly owns 577,013 shares in the company, valued at approximately $63,858,028.71. The trade was a 2.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 725,270 shares of company stock worth $95,789,365 over the last ninety days.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on RDDT shares. Sanford C. Bernstein raised shares of Reddit from an "underperform" rating to a "market perform" rating and set a $130.00 price target on the stock in a report on Friday, May 2nd. Oppenheimer assumed coverage on Reddit in a research report on Wednesday, April 16th. They set an "outperform" rating and a $125.00 target price on the stock. Redburn Atlantic initiated coverage on Reddit in a research note on Monday, March 17th. They issued a "sell" rating and a $75.00 price target for the company. B. Riley restated a "buy" rating and set a $220.00 price target (down previously from $222.00) on shares of Reddit in a research note on Friday, May 2nd. Finally, Needham & Company LLC increased their price objective on shares of Reddit from $135.00 to $145.00 and gave the company a "buy" rating in a research report on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, fourteen have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, Reddit has a consensus rating of "Moderate Buy" and an average price target of $140.35.

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.