ASR Vermogensbeheer N.V. Acquires Shares of 1,817 Reddit Inc. (NYSE:RDDT)

Key Points

• ASR Vermogensbeheer N.V. purchased 1,817 shares of Reddit Inc., valued at approximately $191,000, signaling growing interest from institutional investors in the company's stock.
• Reddit's quarterly earnings surpassed expectations, reporting $0.45 EPS against a consensus estimate of $0.20, with revenues rising 77.9% year-over-year to $499.63 million.
• Insider activity shows that CAO Michelle Marie Reynolds and CEO Steve Ladd Huffman sold significant portions of their holdings, reducing their ownership by 9.24% and 2.53% respectively.

ASR Vermogensbeheer N.V. bought a new position in shares of Reddit Inc. (NYSE:RDDT - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 1,817 shares of the company's stock, valued at approximately $191,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. lifted its position in shares of Reddit by 11.1% in the 1st quarter. Vanguard Group Inc. now owns 10,198,552 shares of the company's stock worth $1,069,828,000 after acquiring an additional 1,017,162 shares during the period. Lord Abbett & CO. LLC raised its stake in shares of Reddit by 12.8% in the fourth quarter. Lord Abbett & CO. LLC now owns 1,861,998 shares of the company's stock valued at $304,325,000 after purchasing an additional 211,636 shares in the last quarter. Cresset Asset Management LLC lifted its position in Reddit by 159.6% in the fourth quarter. Cresset Asset Management LLC now owns 1,308,797 shares of the company's stock worth $213,910,000 after purchasing an additional 804,591 shares during the period. Whale Rock Capital Management LLC acquired a new stake in Reddit during the fourth quarter worth $204,054,000. Finally, Voya Investment Management LLC bought a new stake in Reddit in the 4th quarter valued at $157,984,000.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Piper Sandler increased their price objective on shares of Reddit from $150.00 to $210.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. B. Riley reissued a "buy" rating and issued a $220.00 price target (down previously from $222.00) on shares of Reddit in a research report on Friday, May 2nd. Roth Mkm lifted their price objective on Reddit from $120.00 to $130.00 and gave the company a "neutral" rating in a report on Friday, May 2nd. JPMorgan Chase & Co. upped their price objective on Reddit from $145.00 to $190.00 and gave the company a "neutral" rating in a research note on Friday, August 1st. Finally, Wolfe Research upgraded Reddit to an "outperform" rating in a research report on Sunday, August 3rd. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have given a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $168.43.

Reddit Stock Performance

RDDT traded up $3.13 during midday trading on Tuesday, hitting $223.88. The company had a trading volume of 4,741,523 shares, compared to its average volume of 8,021,601. Reddit Inc. has a twelve month low of $52.39 and a twelve month high of $230.41. The company has a market capitalization of $41.90 billion, a PE ratio of 203.52, a P/E/G ratio of 3.50 and a beta of 2.30. The firm's 50-day simple moving average is $151.55 and its 200-day simple moving average is $140.00.

Reddit (NYSE:RDDT - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The company reported $0.45 EPS for the quarter, beating the consensus estimate of $0.20 by $0.25. Reddit had a net margin of 12.97% and a return on equity of 9.93%. The business had revenue of $499.63 million for the quarter, compared to analysts' expectations of $424.07 million. During the same period in the prior year, the firm earned ($0.06) earnings per share. Reddit's revenue was up 77.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Reddit Inc. will post 1.12 EPS for the current fiscal year.

Insider Transactions at Reddit

In related news, CFO Andrew Vollero sold 30,000 shares of the firm's stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $117.64, for a total value of $3,529,200.00. Following the transaction, the chief financial officer owned 333,806 shares in the company, valued at $39,268,937.84. This trade represents a 8.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Jennifer L. Wong sold 33,334 shares of Reddit stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $142.06, for a total value of $4,735,428.04. Following the completion of the sale, the chief operating officer owned 1,428,007 shares of the company's stock, valued at approximately $202,862,674.42. The trade was a 2.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 510,309 shares of company stock valued at $63,881,845 over the last 90 days. 34.25% of the stock is currently owned by corporate insiders.

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.