Invesco Ltd. Has $97.58 Million Stock Position in Reddit Inc. (NYSE:RDDT)

Key Points

• Invesco Ltd. has increased its stake in Reddit Inc. by 28.8%, now holding 930,173 shares valued at approximately $97.58 million.
• CEO Steve Ladd Huffman and CTO Christopher Brian Slowe have both sold significant shares, decreasing their ownership percentages by 18.55% and 9.37%, respectively.
• Reddit reported a 77.9% increase in quarterly revenue year-over-year, totaling $499.63 million, and beat earnings estimates with an EPS of $0.45.

Invesco Ltd. increased its position in shares of Reddit Inc. (NYSE:RDDT - Free Report) by 28.8% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 930,173 shares of the company's stock after buying an additional 208,215 shares during the quarter. Invesco Ltd. owned about 0.51% of Reddit worth $97,575,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of RDDT. Franklin Resources Inc. purchased a new stake in shares of Reddit in the fourth quarter worth approximately $396,000. Cerity Partners LLC raised its stake in shares of Reddit by 34.4% in the fourth quarter. Cerity Partners LLC now owns 9,099 shares of the company's stock worth $1,487,000 after purchasing an additional 2,330 shares during the last quarter. Bank of Montreal Can purchased a new stake in shares of Reddit in the fourth quarter worth approximately $1,176,000. Rockefeller Capital Management L.P. purchased a new stake in shares of Reddit in the fourth quarter worth approximately $1,672,000. Finally, Mariner LLC raised its stake in shares of Reddit by 244.3% in the fourth quarter. Mariner LLC now owns 21,650 shares of the company's stock worth $3,538,000 after purchasing an additional 15,361 shares during the last quarter.

Insider Buying and Selling

In other news, CTO Christopher Brian Slowe sold 26,000 shares of the firm's stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $98.43, for a total value of $2,559,180.00. Following the completion of the transaction, the chief technology officer directly owned 251,373 shares of the company's stock, valued at $24,742,644.39. This trade represents a 9.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Steve Ladd Huffman sold 124,409 shares of the firm's 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 completion of the transaction, the chief executive officer directly owned 546,133 shares of the company's stock, valued at $67,966,251.85. The trade was a 18.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 352,568 shares of company stock valued at $45,798,117 over the last three months. Insiders own 34.25% of the company's stock.

Reddit Trading Up 1.2%

Shares of NYSE RDDT opened at $246.40 on Friday. The stock has a fifty day simple moving average of $159.01 and a two-hundred day simple moving average of $141.45. Reddit Inc. has a 1-year low of $52.39 and a 1-year high of $248.02. The firm has a market cap of $46.12 billion, a price-to-earnings ratio of 224.00, a price-to-earnings-growth ratio of 3.86 and a beta of 2.30.

Reddit (NYSE:RDDT - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The company reported $0.45 earnings per share 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 business had revenue of $499.63 million during the quarter, compared to analyst estimates of $424.07 million. During the same period in the prior year, the company earned ($0.06) earnings per share. Reddit's revenue was up 77.9% compared to the same quarter last year. Analysts forecast that Reddit Inc. will post 1.12 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Guggenheim increased their price objective on Reddit from $165.00 to $215.00 and gave the stock a "buy" rating in a research note on Friday, August 1st. Wells Fargo & Company increased their price objective on Reddit from $115.00 to $118.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 1st. Roth Capital increased their price objective on Reddit from $130.00 to $145.00 and gave the stock a "neutral" rating in a research note on Monday, July 21st. Bank of America upped their target price on Reddit from $130.00 to $150.00 and gave the company a "neutral" rating in a report on Wednesday, July 30th. Finally, Needham & Company LLC upped their target price on Reddit from $165.00 to $215.00 and gave the company a "buy" rating in a report on Friday, August 1st. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus 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.

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