2,046 Shares in Reddit Inc. (NYSE:RDDT) Purchased by Accuvest Global Advisors

Key Points

• Accuvest Global Advisors acquired a new stake in Reddit Inc. by purchasing 2,046 shares valued at approximately $215,000 during Q1, highlighting increased interest from institutional investors.
• Corporate insiders at Reddit have been actively selling shares, with CAO Michelle Marie Reynolds selling 3,500 shares and CFO Andrew Vollero selling 30,000 shares, leading to notable decreases in their ownership stakes.
• Analysts have raised price targets for Reddit's stock, with JMP Securities setting a new target of $225.00 and Morgan Stanley raising theirs to $230.00, reflecting a generally positive outlook on the company despite some analysts maintaining sell or hold ratings.

Accuvest Global Advisors acquired a new stake in Reddit Inc. (NYSE:RDDT - Free Report) during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 2,046 shares of the company's stock, valued at approximately $215,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Deutsche Bank AG boosted its stake in Reddit by 47.8% in the first quarter. Deutsche Bank AG now owns 631,135 shares of the company's stock valued at $66,206,000 after acquiring an additional 204,030 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Reddit by 2.0% in the first quarter. Charles Schwab Investment Management Inc. now owns 655,227 shares of the company's stock valued at $68,733,000 after acquiring an additional 12,771 shares during the last quarter. ASR Vermogensbeheer N.V. bought a new position in Reddit in the first quarter valued at approximately $191,000. Vanguard Group Inc. boosted its stake in Reddit by 11.1% in the first quarter. Vanguard Group Inc. now owns 10,198,552 shares of the company's stock valued at $1,069,828,000 after acquiring an additional 1,017,162 shares during the last quarter. Finally, Campbell Capital Management Inc. boosted its stake in Reddit by 77.9% in the first quarter. Campbell Capital Management Inc. now owns 11,110 shares of the company's stock valued at $1,165,000 after acquiring an additional 4,866 shares during the last quarter.

Insider Activity

In other news, CFO Andrew Vollero sold 30,000 shares of Reddit stock in a transaction dated Friday, June 13th. The shares were sold at an average price of $117.64, for a total value of $3,529,200.00. Following the completion of the transaction, the chief financial officer owned 333,806 shares of the company's stock, valued at $39,268,937.84. This trade represents a 8.25% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CTO Christopher Brian Slowe sold 26,000 shares of Reddit stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $98.43, for a total transaction of $2,559,180.00. Following the completion of the transaction, the chief technology officer directly owned 251,373 shares of the company's stock, valued at approximately $24,742,644.39. This trade represents a 9.37% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 510,309 shares of company stock worth $63,881,845. Insiders own 34.25% of the company's stock.

Wall Street Analysts Forecast Growth

RDDT has been the topic of several analyst reports. Needham & Company LLC increased their target price on shares of Reddit from $165.00 to $215.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Wolfe Research upgraded shares of Reddit to an "outperform" rating in a report on Sunday, August 3rd. JMP Securities increased their target price on shares of Reddit from $180.00 to $225.00 and gave the stock a "market outperform" rating in a report on Friday, August 1st. Wells Fargo & Company increased their target price on shares of Reddit from $115.00 to $118.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 1st. Finally, B. Riley reiterated a "buy" rating and issued a $220.00 target price (down from $222.00) on shares of Reddit in a report on Friday, May 2nd. One investment 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 MarketBeat.com, Reddit has an average rating of "Moderate Buy" and a consensus price target of $168.43.

Reddit Stock Performance

Reddit stock traded up $3.69 during mid-day trading on Friday, reaching $215.51. The company's stock had a trading volume of 4,719,803 shares, compared to its average volume of 7,913,331. The company has a market capitalization of $39.77 billion, a price-to-earnings ratio of 195.92, a price-to-earnings-growth ratio of 3.36 and a beta of 2.30. Reddit Inc. has a 12 month low of $50.80 and a 12 month high of $230.41. The business's 50 day simple moving average is $147.12 and its 200 day simple moving average is $139.74.

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