100,000 Shares in Reddit Inc. $RDDT Purchased by Ma Investment Partnership LP

Key Points

• Ma Investment Partnership LP bought 100,000 Reddit shares worth approximately $13.5 million, making RDDT its seventh-largest holding and about 6.5% of its portfolio.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $232.48, despite one downgrade from Bank of America.
• Reddit reported stronger-than-expected quarterly results, including $1.01 EPS and $663.4 million in revenue, up 69.1% year over year; however, insiders sold roughly 169,141 shares worth $28.7 million over the past three months.

Ma Investment Partnership LP purchased a new stake in shares of Reddit Inc. (NYSE:RDDT - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 100,000 shares of the company's stock, valued at approximately $13,465,000. Reddit comprises about 6.5% of Ma Investment Partnership LP's investment portfolio, making the stock its 7th largest position. Ma Investment Partnership LP owned about 0.05% of Reddit at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in RDDT. Institute for Wealth Management LLC. increased its holdings in shares of Reddit by 6.1% during the fourth quarter. Institute for Wealth Management LLC. now owns 1,071 shares of the company's stock worth $246,000 after buying an additional 62 shares in the last quarter. Florida Financial Advisors LLC boosted its holdings in shares of Reddit by 6.7% in the 4th quarter. Florida Financial Advisors LLC now owns 1,087 shares of the company's stock worth $250,000 after acquiring an additional 68 shares in the last quarter. Diversified Trust Co grew its position in Reddit by 2.1% during the 1st quarter. Diversified Trust Co now owns 3,271 shares of the company's stock worth $440,000 after acquiring an additional 68 shares during the last quarter. Yousif Capital Management LLC grew its position in Reddit by 5.1% during the 4th quarter. Yousif Capital Management LLC now owns 1,554 shares of the company's stock worth $350,000 after acquiring an additional 75 shares during the last quarter. Finally, Alta Wealth Advisors LLC increased its holdings in Reddit by 6.5% during the 4th quarter. Alta Wealth Advisors LLC now owns 1,315 shares of the company's stock valued at $302,000 after purchasing an additional 80 shares in the last quarter.

Wall Street Analyst Weigh In

Several brokerages have issued reports on RDDT. DA Davidson reiterated a "buy" rating and issued a $200.00 price objective on shares of Reddit in a research report on Thursday, July 23rd. Oppenheimer restated an "outperform" rating and issued a $225.00 target price on shares of Reddit in a research note on Friday, May 1st. Rothschild & Co Redburn set a $110.00 price target on Reddit in a report on Monday, April 27th. Bank of America cut their price target on Reddit from $205.00 to $175.00 and set a "neutral" rating for the company in a report on Thursday, April 2nd. Finally, KeyCorp began coverage on shares of Reddit in a research report on Wednesday. They set an "overweight" rating on the stock. Twenty research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. According to data from MarketBeat.com, Reddit has an average rating of "Moderate Buy" and a consensus price target of $232.48.

Insider Buying and Selling at Reddit

In related news, COO Jennifer L. Wong sold 39,167 shares of the business's stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $158.52, for a total transaction of $6,208,752.84. Following the completion of the sale, the chief operating officer directly owned 1,088,451 shares of the company's stock, valued at $172,541,252.52. The trade was a 3.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Steve Ladd Huffman sold 18,000 shares of the business's stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $178.26, for a total transaction of $3,208,680.00. Following the sale, the chief executive officer directly owned 373,814 shares of the company's stock, valued at approximately $66,636,083.64. This trade represents a 4.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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 worth $28,680,845. Company insiders own 28.48% of the company's stock.

Reddit Stock Down 0.3%

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

Reddit (NYSE:RDDT - Get Free Report) last posted its quarterly earnings results on Thursday, April 30th. The company reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.39. The business had revenue of $663.41 million for the quarter, compared to analysts' expectations of $607.74 million. Reddit had a return on equity of 25.48% and a net margin of 28.60%.The firm's quarterly revenue was up 69.1% compared to the same quarter last year. During the same quarter last year, the business earned $0.13 earnings per share. As a group, equities research analysts anticipate that Reddit Inc. will post 4.85 earnings per share for the current fiscal year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.