13,774 Shares in Reddit Inc. (NYSE:RDDT) Bought by Forsta AP Fonden

Key Points

• Forsta AP Fonden acquired 13,774 shares of Reddit Inc. (NYSE: RDDT) during Q1, representing a total investment of approximately $1.45 million.
• Reddit's latest quarterly earnings exceeded expectations, with earnings per share of $0.45, significantly higher than the forecast of $0.20, and a revenue increase of 77.9% year-over-year.
• Several brokerages have increased their price targets for Reddit shares, with Morgan Stanley raising its target to $230.00, reflecting a growing positive outlook among analysts.

Forsta AP Fonden purchased a new stake in Reddit Inc. (NYSE:RDDT - Free Report) during the first quarter, according to its most recent disclosure with the SEC. The firm purchased 13,774 shares of the company's stock, valued at approximately $1,445,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. CWM LLC lifted its stake in Reddit by 100.0% in the 1st quarter. CWM LLC now owns 256 shares of the company's stock worth $27,000 after purchasing an additional 128 shares in the last quarter. Fourth Dimension Wealth LLC purchased a new position in Reddit in the 4th quarter worth approximately $49,000. Chelsea Counsel Co. purchased a new position in Reddit in the 4th quarter worth approximately $49,000. Quarry LP purchased a new position in Reddit in the 4th quarter worth approximately $59,000. Finally, CoreCap Advisors LLC lifted its stake in Reddit by 3,500.0% in the 4th quarter. CoreCap Advisors LLC now owns 360 shares of the company's stock worth $59,000 after purchasing an additional 350 shares in the last quarter.

Reddit Price Performance

RDDT traded up $2.93 on Friday, hitting $246.40. 6,421,788 shares of the stock were exchanged, compared to its average volume of 8,277,376. Reddit Inc. has a 12 month low of $52.39 and a 12 month high of $248.02. The business has a 50-day moving average of $159.01 and a two-hundred day moving average of $141.45. The firm has a market capitalization of $46.12 billion, a price-to-earnings ratio of 224.00, a PEG ratio of 3.86 and a beta of 2.30.

Reddit (NYSE:RDDT - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The company reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.25. Reddit had a return on equity of 9.93% and a net margin of 12.97%. The company had revenue of $499.63 million during the quarter, compared to the consensus estimate of $424.07 million. During the same quarter in the prior year, the firm posted ($0.06) earnings per share. The firm's revenue was up 77.9% compared to the same quarter last year. Equities research analysts expect that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CTO Christopher Brian Slowe sold 16,000 shares of the firm's stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $145.58, for a total transaction of $2,329,280.00. Following the completion of the sale, the chief technology officer directly owned 241,373 shares of the company's stock, valued at $35,139,081.34. This trade represents a 6.22% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of Reddit stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $202.70, for a total value of $2,837,800.00. Following the completion of the sale, the chief executive officer directly owned 539,631 shares of the company's stock, valued at approximately $109,383,203.70. This trade represents a 2.53% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 352,568 shares of company stock valued at $45,798,117. 34.25% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

RDDT has been the topic of several analyst reports. Bank of America lifted their price target on shares of Reddit from $130.00 to $150.00 and gave the company a "neutral" rating in a research report on Wednesday, July 30th. Wells Fargo & Company lifted their price target on shares of Reddit from $115.00 to $118.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 1st. Roth Capital lifted their price target on shares of Reddit from $130.00 to $145.00 and gave the company a "neutral" rating in a research report on Monday, July 21st. B. Riley reaffirmed a "buy" rating and set a $220.00 price target (down previously from $222.00) on shares of Reddit in a research report on Friday, May 2nd. Finally, Citigroup lifted their price target on shares of Reddit from $158.00 to $163.00 and gave the company a "buy" rating in a research report on Tuesday, June 24th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, Reddit has a consensus rating of "Moderate Buy" and an average price target of $168.43.

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.