Reddit Inc. (NYSE:RDDT) Shares Sold by Natixis Advisors LLC

Key Points

• Natixis Advisors LLC reduced its holdings in Reddit Inc. by 26.7%, owning 11,437 shares worth $1.20 million after selling 4,158 shares in Q1.
• Reddit reported earnings of $0.45 EPS, significantly exceeding the expected $0.20 EPS, with a 77.9% year-over-year revenue increase to $499.63 million.
• Several analysts have upgraded Reddit's ratings, with Piper Sandler raising their target price from $150 to $210 and Wolfe Research giving it an "outperform" rating.

Natixis Advisors LLC decreased its holdings in shares of Reddit Inc. (NYSE:RDDT - Free Report) by 26.7% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 11,437 shares of the company's stock after selling 4,158 shares during the period. Natixis Advisors LLC's holdings in Reddit were worth $1,200,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in RDDT. Franklin Resources Inc. bought a new position in shares of Reddit during the fourth quarter valued at approximately $396,000. National Bank of Canada FI bought a new position in shares of Reddit during the fourth quarter valued at approximately $83,000. Wells Fargo & Company MN increased its stake in shares of Reddit by 909.3% during the fourth quarter. Wells Fargo & Company MN now owns 97,183 shares of the company's stock valued at $15,884,000 after purchasing an additional 87,554 shares in the last quarter. Envestnet Asset Management Inc. increased its stake in shares of Reddit by 2,292.0% during the fourth quarter. Envestnet Asset Management Inc. now owns 81,736 shares of the company's stock valued at $13,359,000 after purchasing an additional 78,319 shares in the last quarter. Finally, Cerity Partners LLC increased its stake in shares of Reddit by 34.4% during the fourth quarter. Cerity Partners LLC now owns 9,099 shares of the company's stock valued at $1,487,000 after purchasing an additional 2,330 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Roth Capital raised their target price on shares of Reddit from $130.00 to $145.00 and gave the company a "neutral" rating in a research note on Monday, July 21st. Raymond James Financial reiterated a "strong-buy" rating and set a $225.00 price target (up previously from $175.00) on shares of Reddit in a report on Friday, August 1st. B. Riley reiterated a "buy" rating and set a $220.00 price target (down previously from $222.00) on shares of Reddit in a report on Friday, May 2nd. Robert W. Baird increased their price target on shares of Reddit from $120.00 to $151.00 and gave the company a "neutral" rating in a report on Tuesday, July 8th. Finally, Wall Street Zen upgraded shares of Reddit from a "hold" rating to a "buy" rating in a report on Saturday, June 14th. One analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $168.43.

Insider Buying and Selling at Reddit

In other news, CTO Christopher Brian Slowe sold 16,000 shares of the company's stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $145.58, for a total value of $2,329,280.00. Following the completion of the sale, the chief technology officer owned 241,373 shares of the company's stock, valued at approximately $35,139,081.34. This represents a 6.22% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Steve Ladd Huffman sold 14,000 shares of the company's stock in a transaction that occurred on Tuesday, August 5th. The stock was sold at an average price of $202.70, for a total transaction 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 $109,383,203.70. The trade was a 2.53% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 510,309 shares of company stock worth $63,881,845 over the last quarter. 34.25% of the stock is currently owned by company insiders.

Reddit Price Performance

RDDT stock traded up $3.13 during mid-day trading on Tuesday, reaching $223.88. The company had a trading volume of 4,741,523 shares, compared to its average volume of 8,021,601. The firm has a 50 day moving average of $151.55 and a 200 day moving average of $140.00. Reddit Inc. has a 12 month low of $52.39 and a 12 month high of $230.41. The company has a market capitalization of $41.90 billion, a PE ratio of 203.52, a price-to-earnings-growth ratio of 3.50 and a beta of 2.30.

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

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.