Calamos Advisors LLC Purchases New Stake in Reddit Inc. (NYSE:RDDT)

Calamos Advisors LLC bought a new stake in Reddit Inc. (NYSE:RDDT - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 37,480 shares of the company's stock, valued at approximately $3,932,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Keybank National Association OH acquired a new position in Reddit during the 1st quarter worth about $11,181,000. Rossby Financial LCC acquired a new position in Reddit during the 1st quarter worth about $84,000. Sumitomo Mitsui DS Asset Management Company Ltd acquired a new position in Reddit during the 1st quarter worth about $657,000. Vontobel Holding Ltd. lifted its stake in Reddit by 698.4% during the 1st quarter. Vontobel Holding Ltd. now owns 11,561 shares of the company's stock worth $1,213,000 after acquiring an additional 10,113 shares in the last quarter. Finally, J.Safra Asset Management Corp acquired a new position in Reddit during the 1st quarter worth about $167,000.

Reddit Stock Performance

Reddit stock traded down $1.99 during mid-day trading on Friday, reaching $157.35. 4,041,162 shares of the company were exchanged, compared to its average volume of 6,661,320. Reddit Inc. has a twelve month low of $49.13 and a twelve month high of $230.41. The firm's 50-day simple moving average is $121.57 and its two-hundred day simple moving average is $141.33. The firm has a market cap of $29.03 billion, a PE ratio of 266.70, a price-to-earnings-growth ratio of 4.03 and a beta of 2.33.

Reddit (NYSE:RDDT - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The company reported $0.13 earnings per share for the quarter, topping 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 company had revenue of $392.36 million during the quarter, compared to analysts' expectations of $370.55 million. During the same period last year, the firm earned ($8.19) EPS. The firm's revenue for the quarter was up 61.5% on a year-over-year basis. As a group, equities research analysts anticipate that Reddit Inc. will post 1.12 EPS for the current year.

Insider Activity at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction that occurred on Monday, June 30th. The stock was sold at an average price of $151.35, for a total transaction of $2,118,900.00. Following the completion of the sale, the chief executive officer directly owned 539,631 shares of the company's stock, valued at approximately $81,673,151.85. This trade represents a 2.53% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Christopher Brian Slowe sold 16,000 shares of the stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $136.47, for a total value of $2,183,520.00. Following the sale, the chief technology officer directly owned 246,373 shares of the company's stock, valued at $33,622,523.31. The trade was a 6.10% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 617,285 shares of company stock worth $69,599,110 in the last ninety days. Company insiders own 34.25% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on RDDT shares. Bank of America decreased their target price on Reddit from $190.00 to $110.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 9th. Citigroup increased their target price on Reddit from $158.00 to $163.00 and gave the stock a "buy" rating in a research note on Tuesday, June 24th. Piper Sandler reissued an "overweight" rating and set a $150.00 target price (up previously from $140.00) on shares of Reddit in a research note on Friday, May 2nd. The Goldman Sachs Group upped their price target on Reddit from $124.00 to $140.00 and gave the stock a "neutral" rating in a report on Friday, May 2nd. Finally, Roth Mkm upped their price target on Reddit from $120.00 to $130.00 and gave the stock a "neutral" rating in a report on Friday, May 2nd. One equities 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 assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $139.70.

Reddit 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.