4,034 Shares in Reddit Inc. (NYSE:RDDT) Bought by KG&L Capital Management LLC

KG&L Capital Management LLC bought a new stake in Reddit Inc. (NYSE:RDDT - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 4,034 shares of the company's stock, valued at approximately $423,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Rhumbline Advisers bought a new stake in Reddit during the fourth quarter worth $739,000. Principal Securities Inc. boosted its stake in Reddit by 5,314.3% in the fourth quarter. Principal Securities Inc. now owns 758 shares of the company's stock valued at $124,000 after buying an additional 744 shares in the last quarter. Allworth Financial LP grew its position in Reddit by 970.0% in the fourth quarter. Allworth Financial LP now owns 214 shares of the company's stock valued at $35,000 after acquiring an additional 194 shares during the last quarter. Sanctuary Advisors LLC raised its stake in Reddit by 188.4% during the fourth quarter. Sanctuary Advisors LLC now owns 6,315 shares of the company's stock worth $1,032,000 after acquiring an additional 4,125 shares in the last quarter. Finally, Truist Financial Corp lifted its holdings in shares of Reddit by 86.6% in the fourth quarter. Truist Financial Corp now owns 7,476 shares of the company's stock worth $1,222,000 after acquiring an additional 3,469 shares during the last quarter.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on RDDT shares. Redburn Partners set a $75.00 price objective on shares of Reddit in a research report on Monday, March 17th. Needham & Company LLC increased their price target on Reddit from $135.00 to $145.00 and gave the company a "buy" rating in a research note on Friday, May 2nd. Redburn Atlantic initiated coverage on Reddit in a research report on Monday, March 17th. They set a "sell" rating and a $75.00 price objective on the stock. Wells Fargo & Company set a $115.00 target price on Reddit and gave the company an "equal weight" rating in a research report on Monday, May 19th. Finally, Piper Sandler restated an "overweight" rating and issued a $150.00 price objective (up from $140.00) on shares of Reddit in a report on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $139.57.

Insiders Place Their Bets

In other news, insider Benjamin Seong Lee sold 6,854 shares of Reddit stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $98.42, for a total value of $674,570.68. Following the completion of the transaction, the insider now owns 99,277 shares in the company, valued at $9,770,842.34. This trade represents a 6.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Michelle Marie Reynolds sold 2,729 shares of the company's stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $98.85, for a total transaction of $269,761.65. Following the sale, the chief accounting officer now owns 42,277 shares in the company, valued at $4,179,081.45. The trade was a 6.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 613,785 shares of company stock valued at $68,398,890. Insiders own 34.25% of the company's stock.

Reddit Trading Up 0.6%

Shares of NYSE:RDDT opened at $141.70 on Thursday. Reddit Inc. has a 1-year low of $49.13 and a 1-year high of $230.41. The stock has a market cap of $26.15 billion, a PE ratio of 240.17, a price-to-earnings-growth ratio of 3.61 and a beta of 1.99. The stock's fifty day simple moving average is $114.79 and its two-hundred day simple moving average is $142.20.

Reddit (NYSE:RDDT - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The company reported $0.13 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.11. Reddit had a net margin of 8.07% and a return on equity of 5.69%. The business had revenue of $392.36 million for the quarter, compared to analysts' expectations of $370.55 million. During the same period in the previous year, the company earned ($8.19) earnings per share. The firm's revenue for the quarter was up 61.5% compared to the same quarter last year. On average, sell-side analysts forecast that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

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.

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