Caitong International Asset Management Co. Ltd Purchases New Position in Reddit Inc. (NYSE:RDDT)

Key Points

• Caitong International Asset Management Co. Ltd has acquired 4,398 shares of Reddit Inc. (NYSE: RDDT), valued at approximately $461,000 as reported in their recent Form 13F filing.
• Several analysts have increased their price targets for Reddit, with Piper Sandler setting a new target of $210.00, reflecting a growing optimism among equities analysts regarding the company's prospects.
• Insiders at Reddit have been actively selling shares, with COO Jennifer L. Wong and CEO Steve Ladd Huffman selling significant amounts recently, indicating potential changes in insider sentiment.

Caitong International Asset Management Co. Ltd 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 (SEC). The fund purchased 4,398 shares of the company's stock, valued at approximately $461,000.

Other institutional investors have also recently bought and sold shares of the company. CWM LLC raised its position in shares of Reddit by 100.0% in the first quarter. CWM LLC now owns 256 shares of the company's stock valued at $27,000 after purchasing an additional 128 shares during the period. Fourth Dimension Wealth LLC acquired a new stake in shares of Reddit in the 4th quarter valued at approximately $49,000. Chelsea Counsel Co. acquired a new stake in shares of Reddit in the 4th quarter valued at approximately $49,000. Stone House Investment Management LLC acquired a new stake in Reddit during the 1st quarter worth approximately $31,000. Finally, Quarry LP acquired a new stake in Reddit during the 4th quarter worth approximately $59,000.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Piper Sandler increased their price target 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. Roth Mkm raised their target price on shares of Reddit from $120.00 to $130.00 and gave the company a "neutral" rating in a research note on Friday, May 2nd. JMP Securities raised their target price on shares of Reddit from $180.00 to $225.00 and gave the stock a "market outperform" rating in a report on Friday, August 1st. Citigroup lifted their price target on shares of Reddit from $158.00 to $163.00 and gave the company a "buy" rating in a report on Tuesday, June 24th. Finally, Robert W. Baird lifted their price target on shares of Reddit from $120.00 to $151.00 and gave the company a "neutral" rating in a report on Tuesday, July 8th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $168.43.

Insider Transactions at Reddit

In related news, COO Jennifer L. Wong sold 33,334 shares of the firm's stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $142.06, for a total transaction of $4,735,428.04. Following the sale, the chief operating officer owned 1,428,007 shares of the company's stock, valued at $202,862,674.42. This trade represents a 2.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Steve Ladd Huffman sold 124,409 shares of Reddit stock in a transaction dated 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 sale, the chief executive officer directly owned 546,133 shares of the company's stock, valued at $67,966,251.85. This trade represents a 18.55% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 510,309 shares of company stock worth $63,881,845. Corporate insiders own 34.25% of the company's stock.

Reddit Stock Up 1.4%

Shares of RDDT opened at $223.88 on Wednesday. The company has a market cap of $41.90 billion, a PE ratio of 203.52, a P/E/G ratio of 3.50 and a beta of 2.30. The business has a fifty day moving average of $151.55 and a 200 day moving average of $140.00. Reddit Inc. has a 52-week low of $52.39 and a 52-week high of $230.41.

Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The company reported $0.45 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.20 by $0.25. The company had revenue of $499.63 million during the quarter, compared to the consensus estimate of $424.07 million. Reddit had a return on equity of 9.93% and a net margin of 12.97%. Reddit's revenue was up 77.9% on a year-over-year basis. During the same period last year, the company earned ($0.06) earnings per share. As a group, research analysts anticipate that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

Reddit Company Profile

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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