4,616 Shares in Reddit Inc. (NYSE:RDDT) Bought by Blueshift Asset Management LLC

Key Points

• Blueshift Asset Management LLC acquired a new stake in Reddit Inc. by purchasing 4,616 shares worth approximately $484,000 in the first quarter.
• Insider selling was significant, with CTO Christopher Brian Slowe and CEO Steve Ladd Huffman selling a combined total of 150,409 shares for over $18 million, resulting in notable decreases in their ownership percentages.
• Analysts have issued varying ratings for Reddit, with recent target price increases from firms like Piper Sandler and Goldman Sachs, suggesting a consensus rating of "Moderate Buy" with an average price target of $164.21.

Blueshift Asset Management LLC purchased a new stake in shares of Reddit Inc. (NYSE:RDDT - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 4,616 shares of the company's stock, valued at approximately $484,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in RDDT. CWM LLC lifted its stake in shares of Reddit by 100.0% in the 1st quarter. CWM LLC now owns 256 shares of the company's stock valued at $27,000 after purchasing an additional 128 shares in the last quarter. Canton Hathaway LLC purchased a new position in Reddit in the first quarter valued at approximately $43,000. Olde Wealth Management LLC acquired a new position in Reddit during the first quarter valued at approximately $46,000. Fourth Dimension Wealth LLC acquired a new position in Reddit during the fourth quarter valued at approximately $49,000. Finally, Chelsea Counsel Co. purchased a new stake in Reddit during the fourth quarter worth approximately $49,000.

Insider Buying and Selling

In related news, CTO Christopher Brian Slowe sold 26,000 shares of the stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $98.43, for a total value of $2,559,180.00. Following the sale, the chief technology officer owned 251,373 shares of the company's stock, valued at $24,742,644.39. This trade represents a 9.37% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Steve Ladd Huffman sold 124,409 shares of Reddit stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $124.45, for a total transaction of $15,482,700.05. Following the completion of the sale, the chief executive officer owned 546,133 shares in the company, valued at approximately $67,966,251.85. This represents a 18.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 506,809 shares of company stock worth $61,884,325. 34.25% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities analysts have recently commented on RDDT shares. Piper Sandler raised their target price on shares of Reddit from $150.00 to $210.00 and gave the company an "overweight" rating in a research note on Friday. The Goldman Sachs Group reissued a "neutral" rating and issued a $212.00 price objective on shares of Reddit in a research report on Friday. B. Riley reaffirmed a "buy" rating and issued a $220.00 target price (down previously from $222.00) on shares of Reddit in a research report on Friday, May 2nd. JPMorgan Chase & Co. increased their target price on Reddit from $145.00 to $190.00 and gave the company a "neutral" rating in a research note on Friday. Finally, Robert W. Baird boosted their price target on Reddit from $120.00 to $151.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 8th. One analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $164.21.

Reddit Stock Performance

NYSE:RDDT opened at $188.60 on Friday. The company has a market capitalization of $34.80 billion, a price-to-earnings ratio of 171.45, a price-to-earnings-growth ratio of 4.05 and a beta of 2.31. Reddit Inc. has a one year low of $49.13 and a one year high of $230.41. The stock has a 50-day simple moving average of $136.97 and a 200 day simple moving average of $138.67.

Reddit (NYSE:RDDT - Get Free Report) last issued its earnings results on Thursday, July 31st. The company reported $0.45 earnings per share for the quarter, topping analysts' consensus estimates of $0.20 by $0.25. Reddit had a net margin of 12.97% and a return on equity of 10.26%. The company 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 company earned ($0.06) earnings per share. The firm's revenue was up 77.9% compared to the same quarter last year. On average, equities research analysts forecast that Reddit Inc. will post 1.12 EPS for the current fiscal year.

Reddit 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.

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