Neuberger Berman Group LLC Raises Position in Reddit Inc. (NYSE:RDDT)

Key Points

• Neuberger Berman Group LLC has increased its stake in Reddit Inc. by 15.1% in the first quarter, holding approximately $35 million in shares following the purchase of an additional 43,829 shares.
• In a recent series of insider transactions, COO Jennifer L. Wong and CEO Steve Ladd Huffman sold significant amounts of Reddit stock, resulting in ownership decreases of 2.28% and 18.55% respectively.
• Reddit's latest quarterly earnings exceeded analyst expectations with a reported $0.45 EPS and revenue of $499.63 million, marking a 77.9% increase year-over-year.

Neuberger Berman Group LLC raised its holdings in Reddit Inc. (NYSE:RDDT - Free Report) by 15.1% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 334,804 shares of the company's stock after buying an additional 43,829 shares during the period. Neuberger Berman Group LLC owned approximately 0.19% of Reddit worth $35,121,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. CWM LLC boosted its position in Reddit by 100.0% in the 1st quarter. CWM LLC now owns 256 shares of the company's stock valued at $27,000 after buying an additional 128 shares during the period. Stone House Investment Management LLC purchased a new position in Reddit in the 1st quarter valued at approximately $31,000. Canton Hathaway LLC purchased a new position in Reddit in the 1st quarter valued at approximately $43,000. Olde Wealth Management LLC purchased a new position in Reddit in the 1st quarter valued at approximately $46,000. Finally, Fourth Dimension Wealth LLC purchased a new position in Reddit in the 4th quarter valued at approximately $49,000.

Insider Buying and Selling at Reddit

In other Reddit news, COO Jennifer L. Wong sold 33,334 shares of Reddit stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $142.06, for a total value of $4,735,428.04. Following the transaction, the chief operating officer directly owned 1,428,007 shares in the company, valued at approximately $202,862,674.42. The trade was a 2.28% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Steve Ladd Huffman sold 124,409 shares of Reddit stock in a transaction on Monday, June 16th. The shares were sold at an average price of $124.45, for a total transaction of $15,482,700.05. Following the completion of the transaction, the chief executive officer owned 546,133 shares in the company, valued at approximately $67,966,251.85. This represents a 18.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 385,901 shares of company stock valued at $49,577,413. Company insiders own 34.25% of the company's stock.

Reddit Stock Performance

NYSE RDDT opened at $234.99 on Thursday. The firm has a market cap of $43.98 billion, a PE ratio of 213.63, a P/E/G ratio of 3.55 and a beta of 2.30. Reddit Inc. has a one year low of $52.39 and a one year high of $237.35. The firm's fifty day moving average is $153.89 and its two-hundred day moving average is $140.65.

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

Wall Street Analyst Weigh In

Several research firms have recently issued reports on RDDT. Sanford C. Bernstein lifted their price objective on shares of Reddit from $130.00 to $150.00 and gave the stock a "market perform" rating in a research report on Tuesday, July 22nd. Guggenheim lifted their price objective on shares of Reddit from $165.00 to $215.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. Royal Bank Of Canada set a $125.00 price objective on shares of Reddit and gave the stock a "sector perform" rating in a research report on Wednesday, June 25th. The Goldman Sachs Group reaffirmed a "neutral" rating and set a $212.00 price objective on shares of Reddit in a research report on Friday, August 1st. Finally, Needham & Company LLC lifted their price objective on shares of Reddit from $165.00 to $215.00 and gave the stock a "buy" rating in a research report on Friday, August 1st. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Reddit has a consensus rating of "Moderate Buy" and an average target price of $168.43.

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.

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