Amundi Raises Holdings in Reddit Inc. $RDDT

Key Points

• Amundi increased its Reddit stake by 6.5% in the first quarter, adding 13,629 shares to own 224,601 shares valued at approximately $30.2 million.
• Reddit reported stronger-than-expected quarterly results, with EPS of $1.25 versus a $0.95 consensus estimate and revenue of $804.9 million, up 61% year over year.
• RDDT opened at $155.31, below its 50-day average of $176.98, while analysts maintained a “Moderate Buy” consensus and an average price target of $220.90; insiders have sold roughly $25.6 million of shares over the past 90 days.

Amundi grew its stake in Reddit Inc. (NYSE:RDDT - Free Report) by 6.5% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 224,601 shares of the company's stock after buying an additional 13,629 shares during the quarter. Amundi owned 0.12% of Reddit worth $30,243,000 as of its most recent filing with the SEC.

A number of other large investors have also recently made changes to their positions in the company. Institute for Wealth Management LLC. grew its holdings in Reddit by 6.1% during the 4th quarter. Institute for Wealth Management LLC. now owns 1,071 shares of the company's stock worth $246,000 after acquiring an additional 62 shares in the last quarter. Florida Financial Advisors LLC increased its holdings in Reddit by 6.7% in the fourth quarter. Florida Financial Advisors LLC now owns 1,087 shares of the company's stock valued at $250,000 after buying an additional 68 shares during the last quarter. Diversified Trust Co raised its stake in Reddit by 2.1% in the first quarter. Diversified Trust Co now owns 3,271 shares of the company's stock valued at $440,000 after buying an additional 68 shares in the last quarter. Yousif Capital Management LLC lifted its holdings in Reddit by 5.1% during the 4th quarter. Yousif Capital Management LLC now owns 1,554 shares of the company's stock worth $350,000 after buying an additional 75 shares during the last quarter. Finally, Alta Wealth Advisors LLC boosted its position in shares of Reddit by 6.5% during the 4th quarter. Alta Wealth Advisors LLC now owns 1,315 shares of the company's stock worth $302,000 after acquiring an additional 80 shares in the last quarter.

Reddit Price Performance

Shares of NYSE RDDT opened at $155.31 on Tuesday. The company has a market cap of $29.90 billion, a PE ratio of 36.12 and a beta of 2.04. The stock has a fifty day moving average price of $176.98 and a 200 day moving average price of $163.63. Reddit Inc. has a 1-year low of $119.27 and a 1-year high of $282.95.

Reddit (NYSE:RDDT - Get Free Report) last released its earnings results on Thursday, July 30th. The company reported $1.25 EPS 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 29.97%. The business's revenue was up 61.0% on a year-over-year basis. During the same quarter last year, the business earned $0.45 EPS. Analysts anticipate that Reddit Inc. will post 4.85 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, COO Jennifer L. Wong sold 39,166 shares of the firm's stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $176.94, for a total value of $6,930,032.04. Following the completion of the transaction, the chief operating officer directly owned 1,050,339 shares of the company's stock, valued at $185,846,982.66. This trade represents a 3.59% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 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 on Wednesday, July 1st. The shares were sold at an average price of $200.00, for a total value of $161,600.00. Following the completion of the transaction, the chief accounting officer owned 15,060 shares of the company's stock, valued at approximately $3,012,000. This represents a 5.09% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 151,141 shares of company stock valued at $25,588,445. Corporate insiders own 28.48% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have commented on RDDT shares. Rothschild & Co Redburn set a $110.00 price target on shares of Reddit in a research note on Monday, April 27th. Weiss Ratings restated a "hold (c)" rating on shares of Reddit in a report on Friday, May 8th. Wells Fargo & Company cut their price target on shares of Reddit from $187.00 to $142.00 and set an "equal weight" rating on the stock in a research note on Friday. Raymond James Financial set a $180.00 price objective on shares of Reddit and gave the company a "market perform" rating in a research note on Friday, May 1st. Finally, Loop Capital reiterated a "buy" rating and set a $260.00 target price on shares of Reddit in a research report on Thursday, June 4th. Two investment analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and eleven have given a Hold rating to the company. According to MarketBeat, Reddit has an average rating of "Moderate Buy" and a consensus target price of $220.90.

Reddit 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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