2,336 Shares in Reddit Inc. (NYSE:RDDT) Purchased by Bank of Nova Scotia

Key Points

• The Bank of Nova Scotia acquired 2,336 shares of Reddit Inc. in Q1, totaling approximately $245,000 in value.
• Insider selling activity saw Reddit's CTO and CFO sell 26,000 and 30,000 shares respectively, indicating a total insider sale of around $63 million over three months.
• Reddit's stock opened at $215.51 and has seen significant analyst upgrades, with target prices raised to as high as $225.00.

Bank of Nova Scotia purchased a new position in shares of Reddit Inc. (NYSE:RDDT - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 2,336 shares of the company's stock, valued at approximately $245,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Whale Rock Capital Management LLC bought a new position in Reddit during the 4th quarter worth about $204,054,000. Voya Investment Management LLC bought a new position in Reddit during the 4th quarter worth about $157,984,000. Cresset Asset Management LLC grew its holdings in Reddit by 159.6% during the 4th quarter. Cresset Asset Management LLC now owns 1,308,797 shares of the company's stock worth $213,910,000 after acquiring an additional 804,591 shares in the last quarter. Nuveen Asset Management LLC raised its position in shares of Reddit by 424.6% in the 4th quarter. Nuveen Asset Management LLC now owns 932,991 shares of the company's stock worth $152,488,000 after acquiring an additional 755,152 shares in the last quarter. Finally, Polar Capital Holdings Plc purchased a new stake in shares of Reddit during the 4th quarter worth $123,115,000.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on RDDT shares. B. Riley reiterated a "buy" rating and issued a $220.00 price target (down from $222.00) on shares of Reddit in a research note on Friday, May 2nd. Citigroup increased their price objective on shares of Reddit from $158.00 to $163.00 and gave the company a "buy" rating in a research report on Tuesday, June 24th. Needham & Company LLC increased their price objective on shares of Reddit from $165.00 to $215.00 and gave the company a "buy" rating in a research report on Friday, August 1st. The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $212.00 price objective on shares of Reddit in a research report on Friday, August 1st. Finally, Piper Sandler increased their price objective on shares of Reddit from $150.00 to $210.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Reddit has a consensus rating of "Moderate Buy" and a consensus price target of $168.43.

Insider Activity at Reddit

In related news, CEO Steve Ladd Huffman sold 14,000 shares of the business's stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $202.70, for a total value of $2,837,800.00. Following the sale, the chief executive officer directly owned 539,631 shares in the company, valued at approximately $109,383,203.70. The trade was a 2.53% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Christopher Brian Slowe sold 16,000 shares of the business's stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $145.58, for a total transaction of $2,329,280.00. Following the completion of the sale, the chief technology officer owned 241,373 shares in the company, valued at approximately $35,139,081.34. This trade represents a 6.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 510,309 shares of company stock valued at $63,881,845 in the last quarter. Corporate insiders own 34.25% of the company's stock.

Reddit Trading Up 1.4%

NYSE RDDT traded up $3.13 on Tuesday, reaching $223.88. 4,725,759 shares of the company were exchanged, compared to its average volume of 7,916,771. The business's fifty day moving average price is $149.30 and its 200 day moving average price is $139.41. The stock has a market capitalization of $41.90 billion, a P/E ratio of 203.52, a price-to-earnings-growth ratio of 3.42 and a beta of 2.30. Reddit Inc. has a fifty-two week low of $52.39 and a fifty-two week high of $230.41.

Reddit (NYSE:RDDT - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The company reported $0.45 earnings per share for the quarter, topping analysts' consensus estimates of $0.20 by $0.25. Reddit had a return on equity of 9.93% and a net margin of 12.97%. The company had revenue of $499.63 million for the quarter, compared to analyst estimates of $424.07 million. During the same quarter in the previous year, the company posted ($0.06) earnings per share. The firm's revenue for the quarter was up 77.9% compared to the same quarter last year. Equities research analysts forecast that Reddit Inc. will post 1.12 earnings per share 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.