Andra AP fonden Increases Stock Position in Reddit Inc. $RDDT

Key Points

• Andra AP fonden boosted its Reddit stake by 152.6% in Q1, ending with 172,100 shares worth about $23.2 million.
• Reddit executives also sold shares recently, including CEO Steve Huffman and CAO Michelle Marie Reynolds, while insiders sold a total of 169,141 shares last quarter.
• Reddit reported strong quarterly results, with EPS of $1.01 and revenue of $663.4 million, both topping estimates; Wall Street currently has a Moderate Buy consensus and an average price target of $232.48.

Andra AP fonden grew its stake in Reddit Inc. (NYSE:RDDT - Free Report) by 152.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 172,100 shares of the company's stock after buying an additional 103,972 shares during the period. Andra AP fonden owned approximately 0.09% of Reddit worth $23,173,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the stock. Ascentis Independent Advisors bought a new position in Reddit in the first quarter valued at $30,000. LOM Asset Management Ltd bought a new stake in Reddit during the fourth quarter worth about $33,000. Geneos Wealth Management Inc. boosted its holdings in shares of Reddit by 344.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 369 shares of the company's stock worth $39,000 after purchasing an additional 286 shares in the last quarter. V Square Quantitative Management LLC purchased a new position in shares of Reddit in the 1st quarter worth about $43,000. Finally, Cassaday & Co Wealth Management LLC bought a new position in Reddit during the first quarter valued at approximately $46,000.

Insider Activity

In other Reddit news, CAO Michelle Marie Reynolds sold 808 shares of the firm's stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $200.00, for a total transaction 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 trade represents a 5.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Steve Ladd Huffman sold 18,000 shares of the business's stock in a transaction on Monday, June 15th. The shares were sold at an average price of $178.26, for a total transaction of $3,208,680.00. Following the sale, the chief executive officer owned 373,814 shares in the company, valued at approximately $66,636,083.64. This trade represents a 4.59% 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. Insiders sold a total of 169,141 shares of company stock worth $28,680,845 in the last quarter. 28.48% of the stock is owned by company insiders.

Reddit Stock Up 0.5%

Shares of RDDT stock opened at $182.08 on Tuesday. The firm has a market capitalization of $35.05 billion, a price-to-earnings ratio of 52.02 and a beta of 1.93. The stock has a fifty day moving average of $173.23 and a 200 day moving average of $168.93. Reddit Inc. has a 52 week low of $119.27 and a 52 week high of $282.95.

Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings data on Thursday, April 30th. The company reported $1.01 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.62 by $0.39. Reddit had a net margin of 28.60% and a return on equity of 25.48%. The business had revenue of $663.41 million for the quarter, compared to the consensus estimate of $607.74 million. During the same period in the previous year, the firm earned $0.13 EPS. The company's quarterly revenue was up 69.1% compared to the same quarter last year. Equities research analysts anticipate that Reddit Inc. will post 4.85 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on RDDT. Truist Financial set a $265.00 price target on Reddit in a research report on Friday, May 1st. Oppenheimer reissued an "outperform" rating and set a $225.00 price objective on shares of Reddit in a research note on Friday, May 1st. Wells Fargo & Company raised their target price on shares of Reddit from $176.00 to $187.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 7th. Citigroup reaffirmed a "market outperform" rating on shares of Reddit in a research note on Tuesday, May 26th. Finally, The Goldman Sachs Group reiterated a "neutral" rating and set a $200.00 price target on shares of Reddit in a report on Friday, May 1st. Nineteen investment analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the stock. According to MarketBeat, Reddit presently has a consensus rating of "Moderate Buy" and an average price target of $232.48.

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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