BNP Paribas Financial Markets Acquires 6,003 Shares of Reddit Inc. $RDDT

Key Points

• BNP Paribas Financial Markets increased its Reddit stake by 11.8% in the fourth quarter, adding 6,003 shares to bring its total holdings to 56,673 shares worth about $13.0 million.
• Reddit insiders have been selling shares recently: COO Jennifer L. Wong and CEO Steve Huffman both made Rule 10b5-1 sales, and insiders have sold 250,499 shares worth about $38.5 million over the last 90 days.
• Analysts remain generally constructive on RDDT, with an average rating of Moderate Buy and a consensus price target of $230.75; the company also reported strong Q1 results, including $1.01 EPS and 69.1% revenue growth year over year.

BNP Paribas Financial Markets grew its holdings in shares of Reddit Inc. (NYSE:RDDT - Free Report) by 11.8% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 56,673 shares of the company's stock after purchasing an additional 6,003 shares during the quarter. BNP Paribas Financial Markets' holdings in Reddit were worth $13,027,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. NewEdge Advisors LLC boosted its position in shares of Reddit by 143.3% in the first quarter. NewEdge Advisors LLC now owns 7,982 shares of the company's stock valued at $837,000 after acquiring an additional 4,701 shares during the period. Empowered Funds LLC bought a new position in shares of Reddit in the first quarter valued at approximately $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Reddit by 106.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 216,960 shares of the company's stock valued at $22,759,000 after acquiring an additional 111,780 shares during the period. Focus Partners Wealth boosted its position in shares of Reddit by 40.8% in the first quarter. Focus Partners Wealth now owns 10,224 shares of the company's stock valued at $1,073,000 after acquiring an additional 2,965 shares during the period. Finally, Geneos Wealth Management Inc. boosted its position in shares of Reddit by 344.6% in the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company's stock valued at $39,000 after acquiring an additional 286 shares during the period.

Insider Buying and Selling at Reddit

In other Reddit news, COO Jennifer L. Wong sold 39,167 shares of the business's stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $158.52, for a total value of $6,208,752.84. Following the completion of the sale, the chief operating officer owned 1,088,451 shares in the company, valued at approximately $172,541,252.52. The trade was a 3.47% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Steve Ladd Huffman sold 18,000 shares of the company's stock in a transaction on Friday, May 29th. The stock was sold at an average price of $174.13, for a total value of $3,134,340.00. Following the completion of the sale, the chief executive officer directly owned 373,814 shares in the company, valued at approximately $65,092,231.82. The trade was a 4.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 250,499 shares of company stock worth $38,515,283. 28.48% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have recently commented on RDDT shares. Needham & Company LLC restated a "buy" rating and issued a $300.00 price objective on shares of Reddit in a research report on Friday, May 1st. Loop Capital restated a "buy" rating and issued a $260.00 price objective on shares of Reddit in a research report on Thursday. Bank of America cut their price objective on shares of Reddit from $205.00 to $175.00 and set a "neutral" rating for the company in a research report on Thursday, April 2nd. Oppenheimer reissued an "outperform" rating and issued a $225.00 price target on shares of Reddit in a research note on Friday, May 1st. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Reddit in a report on Friday, May 8th. Eighteen equities research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $230.75.

Reddit Stock Performance

Shares of RDDT stock opened at $173.37 on Monday. Reddit Inc. has a fifty-two week low of $110.85 and a fifty-two week high of $282.95. The stock has a 50 day moving average price of $153.12 and a two-hundred day moving average price of $177.29. The company has a market capitalization of $33.37 billion, a P/E ratio of 49.53 and a beta of 1.91.

Reddit (NYSE:RDDT - Get Free Report) last announced its quarterly earnings data on Thursday, April 30th. The company reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.39. Reddit had a return on equity of 25.48% and a net margin of 28.60%.The firm had revenue of $663.41 million during the quarter, compared to the consensus estimate of $607.74 million. During the same quarter in the previous year, the company posted $0.13 earnings per share. The business's revenue was up 69.1% on a year-over-year basis. As a group, equities analysts predict that Reddit Inc. will post 4.83 earnings per share for the current year.

About Reddit

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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