7,926 Shares in Reddit Inc. $RDDT Acquired by Bensler LLC

Key Points

• Bensler LLC acquired 7,926 Reddit shares during the second quarter, valued at approximately $1.376 million. Several other institutional investors also increased their Reddit holdings.
• Analysts maintain a generally positive outlook, with Reddit receiving a “Moderate Buy” consensus rating and an average price target of $220.90; individual targets range from $170 to $300.
• Reddit exceeded quarterly expectations with adjusted earnings of $1.25 per share versus a $0.95 estimate and revenue of $804.91 million, up 61% year over year. However, insiders sold 151,141 shares worth approximately $25.6 million over the past 90 days.

Bensler LLC acquired a new stake in Reddit Inc. (NYSE:RDDT - Free Report) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 7,926 shares of the company's stock, valued at approximately $1,376,000.

Several other institutional investors have also added to or reduced their stakes in RDDT. Truist Financial Corp increased its stake in shares of Reddit by 67.7% in the 4th quarter. Truist Financial Corp now owns 15,659 shares of the company's stock valued at $3,600,000 after purchasing an additional 6,321 shares during the last quarter. Swiss Life Asset Management Ltd lifted its position in shares of Reddit by 63.2% during 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. Calamos Advisors LLC bought a new stake in shares of Reddit during the 4th quarter worth $2,299,000. Handelsbanken Fonder AB lifted its position in shares of Reddit by 22.9% during the 4th quarter. Handelsbanken Fonder AB now owns 37,000 shares of the company's stock worth $8,505,000 after buying an additional 6,900 shares during the last quarter. Finally, Berkshire Capital Holdings Inc. boosted its stake in Reddit by 326,400.0% in the fourth quarter. Berkshire Capital Holdings Inc. now owns 32,650 shares of the company's stock valued at $7,505,000 after buying an additional 32,640 shares in the last quarter.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Cantor Fitzgerald decreased their target price on Reddit from $200.00 to $170.00 and set a "neutral" rating on the stock in a research report on Friday, July 31st. KeyCorp assumed coverage on shares of Reddit in a research note on Wednesday, July 29th. They issued an "overweight" rating and a $225.00 price target on the stock. Evercore reaffirmed an "outperform" rating and set a $265.00 price target on shares of Reddit in a report on Friday, July 31st. Telsey Advisory Group set a $240.00 price objective on shares of Reddit in a research report on Friday, July 31st. Finally, Needham & Company LLC reissued a "buy" rating and issued a $300.00 price objective on shares of Reddit in a research note on Wednesday, June 24th. Two equities research analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and eleven have given a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $220.90.

Insiders Place Their Bets

In related news, COO Jennifer L. Wong sold 39,166 shares of the company's stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $176.94, for a total transaction of $6,930,032.04. Following the sale, the chief operating officer owned 1,050,339 shares in the company, valued at $185,846,982.66. This represents a 3.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Michelle Marie Reynolds sold 808 shares of the firm's stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $200.00, for a total value of $161,600.00. Following the sale, the chief accounting officer directly owned 15,060 shares of the company's stock, valued at $3,012,000. This represents a 5.09% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 151,141 shares of company stock worth $25,635,785. Company insiders own 28.48% of the company's stock.

Reddit Price Performance

Shares of RDDT stock opened at $158.10 on Friday. The business's 50 day simple moving average is $175.21 and its 200 day simple moving average is $159.70. Reddit Inc. has a one year low of $119.27 and a one year high of $282.95. The stock has a market capitalization of $30.42 billion, a PE ratio of 36.77, a PEG ratio of 0.52 and a beta of 2.03.

Reddit (NYSE:RDDT - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The company reported $1.25 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.30. The company had revenue of $804.91 million during the quarter, compared to analysts' expectations of $731.00 million. Reddit had a net margin of 31.35% and a return on equity of 29.02%. Reddit's revenue for the quarter was up 61.0% compared to the same quarter last year. During the same period in the prior year, the company posted $0.45 earnings per share. As a group, research analysts expect that Reddit Inc. will post 5.22 earnings per share for the current 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.

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