10,857 Shares in Reddit Inc. $RDDT Acquired by iA Global Asset Management Inc.

Key Points

• iA Global Asset Management disclosed a new fourth-quarter position in Reddit, buying 10,857 shares valued at about $2.5 million.
• Several other institutions also boosted their Reddit holdings, while analysts remain generally constructive: the stock carries a Moderate Buy rating with an average target price of $228.61.
• Reddit’s latest earnings beat expectations, reporting $1.01 EPS and $663.4 million in revenue, up 69.1% year over year; meanwhile, CEO Steve Huffman and CTO Christopher Slowe both sold shares in prearranged transactions.

iA Global Asset Management Inc. bought a new position in shares of Reddit Inc. (NYSE:RDDT - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 10,857 shares of the company's stock, valued at approximately $2,496,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Resona Asset Management Co. Ltd. increased its holdings in shares of Reddit by 53.2% in the 3rd quarter. Resona Asset Management Co. Ltd. now owns 30,944 shares of the company's stock worth $7,166,000 after buying an additional 10,743 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Reddit by 12.9% in the 3rd quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company's stock worth $2,814,734,000 after buying an additional 1,401,293 shares during the last quarter. Optimize Financial Inc bought a new position in shares of Reddit in the 3rd quarter worth $1,420,000. Truist Financial Corp increased its holdings in shares of Reddit by 67.7% in the 4th quarter. Truist Financial Corp now owns 15,659 shares of the company's stock worth $3,600,000 after buying an additional 6,321 shares during the last quarter. Finally, Swiss Life Asset Management Ltd increased its holdings in shares of Reddit by 63.2% in the 4th quarter. Swiss Life Asset Management Ltd now owns 32,003 shares of the company's stock worth $7,357,000 after buying an additional 12,398 shares during the last quarter.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Needham & Company LLC reissued a "buy" rating and issued a $300.00 price target on shares of Reddit in a report on Friday, May 1st. Truist Financial set a $265.00 price target on shares of Reddit in a report on Friday, May 1st. Wells Fargo & Company increased their price target on shares of Reddit from $149.00 to $176.00 and gave the stock an "equal weight" rating in a report on Friday, May 1st. Cantor Fitzgerald increased their price target on shares of Reddit from $170.00 to $180.00 and gave the stock a "neutral" rating in a report on Friday, May 1st. Finally, Raymond James Financial set a $180.00 price objective on shares of Reddit and gave the company a "market perform" rating in a research note on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and eleven have given a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $228.61.

Reddit Stock Performance

Shares of Reddit stock opened at $159.01 on Tuesday. Reddit Inc. has a 52-week low of $94.89 and a 52-week high of $282.95. The stock has a market capitalization of $30.61 billion, a price-to-earnings ratio of 45.43 and a beta of 1.85. The company has a fifty day moving average of $146.78 and a 200-day moving average of $180.92.

Reddit (NYSE:RDDT - Get Free Report) last announced its quarterly earnings data on Thursday, April 30th. The company reported $1.01 earnings per share (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 company had revenue of $663.41 million during the quarter, compared to analysts' expectations of $607.74 million. During the same quarter in the prior year, the company earned $0.13 EPS. The firm's revenue was up 69.1% on a year-over-year basis. On average, equities research analysts forecast that Reddit Inc. will post 4.83 earnings per share for the current fiscal year.

Insider Buying and Selling at Reddit

In other news, CEO Steve Ladd Huffman sold 18,000 shares of the company's stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $171.80, for a total value of $3,092,400.00. Following the completion of the sale, the chief executive officer owned 411,195 shares of the company's stock, valued at approximately $70,643,301. This represents a 4.19% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Christopher Brian Slowe sold 15,500 shares of the stock in a transaction on Wednesday, April 8th. The shares were sold at an average price of $150.67, for a total transaction of $2,335,385.00. Following the sale, the chief technology officer directly owned 38,413 shares of the company's stock, valued at $5,787,686.71. The trade was a 28.75% decrease in their position. 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. Insiders sold a total of 268,977 shares of company stock worth $39,750,959 over the last 90 days. Company insiders own 34.25% 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.

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