Baader Bank Aktiengesellschaft Invests $629,000 in Reddit Inc. (NYSE:RDDT)

Key Points

• Baader Bank Aktiengesellschaft invested $629,000 in Reddit Inc. by acquiring 6,000 shares, marking a significant new stake in the company.
• CEO Steve Ladd Huffman sold 124,409 shares for approximately $15.48 million, reducing his position by 18.55%.
• Reddit's stock has experienced positive growth, recently opening at $149.50, with a 12-month price range of $49.13 to $230.41.

Baader Bank Aktiengesellschaft bought a new stake in Reddit Inc. (NYSE:RDDT - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 6,000 shares of the company's stock, valued at approximately $629,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. American Century Companies Inc. bought a new stake in Reddit in the fourth quarter worth $1,395,000. LPL Financial LLC boosted its holdings in Reddit by 229.9% in the fourth quarter. LPL Financial LLC now owns 65,784 shares of the company's stock worth $10,752,000 after acquiring an additional 45,844 shares in the last quarter. Prudential Financial Inc. bought a new stake in Reddit in the fourth quarter worth $351,000. Norges Bank bought a new stake in Reddit in the fourth quarter worth $72,017,000. Finally, Pictet Asset Management Holding SA boosted its holdings in Reddit by 123.9% in the fourth quarter. Pictet Asset Management Holding SA now owns 7,244 shares of the company's stock worth $1,184,000 after acquiring an additional 4,009 shares in the last quarter.

Insider Transactions at Reddit

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

Reddit Trading Up 3.2%

Shares of Reddit stock opened at $149.50 on Thursday. Reddit Inc. has a 12 month low of $49.13 and a 12 month high of $230.41. The stock has a 50 day moving average of $133.97 and a 200 day moving average of $138.54. The firm has a market cap of $27.59 billion, a PE ratio of 253.39, a PEG ratio of 3.71 and a beta of 2.33.

Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The company reported $0.13 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.02 by $0.11. Reddit had a return on equity of 5.69% and a net margin of 8.07%. The business had revenue of $392.36 million for the quarter, compared to the consensus estimate of $370.55 million. During the same period in the prior year, the business posted ($8.19) earnings per share. The company's quarterly revenue was up 61.5% compared to the same quarter last year. As a group, equities research analysts forecast that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. Wells Fargo & Company boosted their target price on Reddit from $115.00 to $118.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 1st. Truist Financial initiated coverage on Reddit in a research note on Monday, April 7th. They issued a "buy" rating and a $150.00 price target for the company. Royal Bank Of Canada set a $125.00 price target on Reddit and gave the stock a "sector perform" rating in a research note on Wednesday, June 25th. The Goldman Sachs Group boosted their price target on Reddit from $124.00 to $140.00 and gave the stock a "neutral" rating in a research note on Friday, May 2nd. Finally, Sanford C. Bernstein boosted their price target on Reddit from $130.00 to $150.00 and gave the stock a "market perform" rating in a research note on Tuesday, July 22nd. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $144.75.

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.

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