Oddo BHF Asset Management Sas Purchases Shares of 38,018 Reddit Inc. $RDDT

Key Points

• Oddo BHF Asset Management opened a new position in Reddit, buying 38,018 shares valued at about $8.74 million in the fourth quarter.
• Other institutions also moved on the stock, including major increases from Vanguard and smaller new stakes from firms like Calamos, while some funds expanded holdings significantly.
• Analysts remain constructive on Reddit overall: the stock has a Moderate Buy rating consensus with an average price target of $230.75, despite recent insider sales by CEO Steve Huffman and COO Jennifer Wong.

Oddo BHF Asset Management Sas purchased a new stake in shares of Reddit Inc. (NYSE:RDDT - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 38,018 shares of the company's stock, valued at approximately $8,739,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in Reddit by 12.9% during the third quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company's stock valued at $2,814,734,000 after purchasing an additional 1,401,293 shares during the last quarter. Truist Financial Corp grew its holdings in Reddit by 67.7% during the fourth quarter. Truist Financial Corp now owns 15,659 shares of the company's stock valued at $3,600,000 after purchasing an additional 6,321 shares during the last quarter. Swiss Life Asset Management Ltd grew its holdings in Reddit by 63.2% during the fourth quarter. Swiss Life Asset Management Ltd now owns 32,003 shares of the company's stock valued at $7,357,000 after purchasing an additional 12,398 shares during the last quarter. WT Asset Management Ltd acquired a new stake in shares of Reddit in the third quarter worth $92,973,000. Finally, Calamos Advisors LLC acquired a new stake in shares of Reddit in the fourth quarter worth $2,299,000.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on RDDT. DA Davidson restated a "buy" rating and issued a $200.00 price objective on shares of Reddit in a research note on Friday, May 1st. Oppenheimer restated an "outperform" rating and issued a $225.00 price objective on shares of Reddit in a research note on Friday, May 1st. Citizens Jmp lowered their price objective on shares of Reddit from $250.00 to $240.00 and set a "market outperform" rating on the stock in a research note on Friday, May 1st. Citigroup restated a "market outperform" rating on shares of Reddit in a research note on Tuesday, May 26th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Reddit in a research note on Friday, May 8th. Eighteen investment analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the stock. Based on data from MarketBeat.com, Reddit currently has an average rating of "Moderate Buy" and an average price target of $230.75.

Insiders Place Their Bets

In other Reddit news, CEO Steve Ladd Huffman sold 18,000 shares of Reddit stock in a transaction on Friday, May 29th. The shares were sold at an average price of $174.13, for a total transaction of $3,134,340.00. Following the sale, the chief executive officer owned 373,814 shares in the company, valued at $65,092,231.82. The trade was a 4.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jennifer L. Wong sold 39,167 shares of Reddit stock in a transaction on Monday, May 18th. The shares were sold at an average price of $158.52, for a total value of $6,208,752.84. Following the transaction, the chief operating officer directly owned 1,088,451 shares of the company's stock, valued at approximately $172,541,252.52. The trade was a 3.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 232,499 shares of company stock worth $36,123,803 over the last 90 days. Corporate insiders own 28.48% of the company's stock.

Reddit Price Performance

RDDT opened at $181.83 on Tuesday. Reddit Inc. has a fifty-two week low of $119.27 and a fifty-two week high of $282.95. The firm's fifty day moving average price is $158.30 and its two-hundred day moving average price is $176.49. The company has a market capitalization of $35.00 billion, a P/E ratio of 51.95 and a beta of 1.91.

Reddit (NYSE:RDDT - Get Free Report) last posted its quarterly earnings results on Thursday, April 30th. The company reported $1.01 earnings per share for the quarter, topping analysts' consensus estimates of $0.62 by $0.39. Reddit had a net margin of 28.60% and a return on equity of 25.48%. The firm had revenue of $663.41 million for the quarter, compared to the consensus estimate of $607.74 million. During the same quarter in the previous year, the company earned $0.13 earnings per share. The business's revenue was up 69.1% compared to the same quarter last year. On average, equities research analysts expect that Reddit Inc. will post 4.83 EPS for the current fiscal year.

About Reddit

Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called "subreddits," each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.

Want to see what other hedge funds are holding RDDT? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Reddit Inc. (NYSE:RDDT - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.