EFG Asset Management Americas Corp. Makes New $779,000 Investment in Reddit Inc. (NYSE:RDDT)

Key Points

• EFG Asset Management Americas Corp. invested approximately $779,000 in Reddit Inc. by acquiring 7,428 shares during the first quarter.
• Reddit's stock has received various ratings from analysts, with a consensus rating of "Moderate Buy"** and a target price of $144.75.
• Insider selling has been notable, with COO Jennifer Wong and CEO Steve Huffman selling large amounts of stock, indicating a possible shift in management sentiment.

EFG Asset Management Americas Corp. purchased a new stake in shares of Reddit Inc. (NYSE:RDDT - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 7,428 shares of the company's stock, valued at approximately $779,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of RDDT. Harbour Investments Inc. raised its holdings in Reddit by 13.6% in the first quarter. Harbour Investments Inc. now owns 3,756 shares of the company's stock worth $394,000 after purchasing an additional 450 shares during the period. Baader Bank Aktiengesellschaft acquired a new stake in shares of Reddit during the first quarter worth $629,000. Arkadios Wealth Advisors acquired a new stake in shares of Reddit during the first quarter worth $1,062,000. Tredje AP fonden grew its position in Reddit by 67.2% in the first quarter. Tredje AP fonden now owns 134,349 shares of the company's stock valued at $14,093,000 after purchasing an additional 54,000 shares in the last quarter. Finally, Vestcor Inc bought a new position in Reddit in the first quarter valued at $126,000.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on RDDT. Truist Financial began coverage on shares of Reddit in a research report on Monday, April 7th. They issued a "buy" rating and a $150.00 target price for the company. Loop Capital decreased their price objective on shares of Reddit from $210.00 to $200.00 and set a "buy" rating for the company in a research report on Thursday, June 12th. Wall Street Zen raised shares of Reddit from a "hold" rating to a "buy" rating in a research report on Saturday, June 14th. Piper Sandler restated 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. Finally, Oppenheimer assumed coverage on shares of Reddit in a research note on Wednesday, April 16th. They set an "outperform" rating and a $125.00 target price for the company. 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 given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $144.75.

Reddit Stock Up 3.2%

NYSE RDDT opened at $149.50 on Thursday. The company has a 50-day moving average price of $133.97 and a 200-day moving average price of $138.54. The firm has a market capitalization of $27.59 billion, a P/E ratio of 253.39, a PEG ratio of 3.71 and a beta of 2.33. Reddit Inc. has a 52 week low of $49.13 and a 52 week high of $230.41.

Reddit (NYSE:RDDT - Get Free Report) last announced 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 net margin of 8.07% and a return on equity of 5.69%. The business had revenue of $392.36 million during the quarter, compared to analyst estimates of $370.55 million. During the same period last year, the firm posted ($8.19) EPS. The company's revenue 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 Buying and Selling at Reddit

In other news, COO Jennifer L. Wong sold 33,334 shares of Reddit stock in a transaction on 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 completion of the sale, the chief operating officer directly owned 1,428,007 shares in the company, valued at approximately $202,862,674.42. This trade represents a 2.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Steve Ladd Huffman sold 124,409 shares of Reddit 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 sale, the chief executive officer owned 546,133 shares of the company's stock, valued at approximately $67,966,251.85. This trade represents a 18.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 506,809 shares of company stock worth $61,884,325 over the last three months. 34.25% of the stock is owned by company insiders.

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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