First Hawaiian Bank Buys New Holdings in Reddit, Inc. (NYSE:RDDT)

First Hawaiian Bank purchased a new stake in shares of Reddit, Inc. (NYSE:RDDT - Free Report) in the first quarter, according to its most recent 13F filing with the SEC. The fund purchased 7,795 shares of the company's stock, valued at approximately $818,000.

Other institutional investors have also recently made changes to their positions in the company. Plato Investment Management Ltd purchased a new stake in Reddit during the fourth quarter valued at about $27,000. EverSource Wealth Advisors LLC purchased a new stake in shares of Reddit during the fourth quarter valued at approximately $28,000. Farmers & Merchants Investments Inc. bought a new position in shares of Reddit in the fourth quarter worth approximately $33,000. Bogart Wealth LLC purchased a new position in shares of Reddit in the fourth quarter worth $33,000. Finally, Spire Wealth Management purchased a new position in shares of Reddit in the fourth quarter worth $35,000.

Reddit Price Performance

Shares of NYSE RDDT traded down $0.99 during midday trading on Tuesday, reaching $111.12. 5,400,575 shares of the stock traded hands, compared to its average volume of 6,148,739. The company's 50 day moving average is $106.07 and its 200 day moving average is $144.34. Reddit, Inc. has a one year low of $49.13 and a one year high of $230.41. The stock has a market capitalization of $20.50 billion, a PE ratio of -14.38, a P/E/G ratio of 4.72 and a beta of 2.90.

Reddit (NYSE:RDDT - Get Free Report) last announced its earnings results on Thursday, May 1st. The company reported $0.13 EPS for the quarter, topping analysts' consensus estimates of $0.02 by $0.11. Reddit had a negative return on equity of 24.71% and a negative net margin of 37.25%. The firm had revenue of $392.36 million during the quarter, compared to analysts' expectations of $370.55 million. During the same quarter in the previous year, the business earned ($8.19) EPS. The company's quarterly revenue was up 61.5% on a year-over-year basis. As a group, equities analysts forecast that Reddit, Inc. will post 1.12 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on RDDT. Roth Mkm upped their price objective 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. The Goldman Sachs Group boosted their price target on Reddit from $124.00 to $140.00 and gave the company a "neutral" rating in a report on Friday, May 2nd. Guggenheim dropped their price objective on Reddit from $170.00 to $165.00 and set a "buy" rating for the company in a report on Friday, May 2nd. Raymond James cut their price objective on Reddit from $250.00 to $200.00 and set a "strong-buy" rating on the stock in a research report on Wednesday, March 12th. Finally, Oppenheimer started coverage on Reddit in a research note on Wednesday, April 16th. They set an "outperform" rating and a $125.00 target price on the stock. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $139.78.

Insider Buying and Selling

In related news, Director David C. Habiger acquired 774 shares of the stock in a transaction dated Wednesday, March 12th. The stock was acquired at an average cost of $130.36 per share, for a total transaction of $100,898.64. Following the completion of the purchase, the director now owns 30,808 shares of the company's stock, valued at approximately $4,016,130.88. This represents a 2.58% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Michelle Marie Reynolds sold 2,729 shares of the company's stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $98.85, for a total value of $269,761.65. Following the completion of the transaction, the chief accounting officer now directly owns 42,277 shares in the company, valued at approximately $4,179,081.45. The trade was a 6.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 663,875 shares of company stock valued at $75,192,294 over the last 90 days.

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.