Reddit Inc. (NYSE:RDDT) Shares Bought by OVERSEA CHINESE BANKING Corp Ltd

OVERSEA CHINESE BANKING Corp Ltd grew its position in shares of Reddit Inc. (NYSE:RDDT - Free Report) by 196.1% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 122,009 shares of the company's stock after buying an additional 80,809 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd owned 0.07% of Reddit worth $12,799,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of RDDT. Signaturefd LLC raised its position in shares of Reddit by 3.5% during the 1st quarter. Signaturefd LLC now owns 2,859 shares of the company's stock worth $300,000 after purchasing an additional 97 shares during the last quarter. Proficio Capital Partners LLC raised its holdings in Reddit by 2.1% in the 4th quarter. Proficio Capital Partners LLC now owns 5,908 shares of the company's stock valued at $966,000 after acquiring an additional 120 shares during the last quarter. CWM LLC grew its stake in shares of Reddit by 100.0% during 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. Farther Finance Advisors LLC grew its stake in shares of Reddit by 148.5% during the 4th quarter. Farther Finance Advisors LLC now owns 246 shares of the company's stock valued at $40,000 after buying an additional 147 shares during the period. Finally, EverSource Wealth Advisors LLC purchased a new stake in shares of Reddit during the 4th quarter valued at $28,000.

Analyst Ratings Changes

RDDT has been the subject of a number of research reports. Redburn Partners set a $75.00 price target on shares of Reddit in a research report on Monday, March 17th. Guggenheim restated a "buy" rating and issued a $165.00 price target on shares of Reddit in a research note on Tuesday, June 24th. Truist Financial initiated coverage on shares of Reddit in a research note on Monday, April 7th. They issued a "buy" rating and a $150.00 price target on the stock. Royal Bank Of Canada set a $125.00 price target on shares of Reddit and gave the company a "sector perform" rating in a research note on Wednesday, June 25th. Finally, Wall Street Zen upgraded shares of Reddit from a "hold" rating to a "buy" rating in a research note on Saturday, June 14th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $141.04.

Insiders Place Their Bets

In other Reddit news, CEO Steve Ladd Huffman sold 14,000 shares of the business's stock in a transaction dated Monday, June 30th. The shares were sold at an average price of $151.35, for a total value of $2,118,900.00. Following the completion of the transaction, the chief executive officer directly owned 539,631 shares in the company, valued at approximately $81,673,151.85. The trade was a 2.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Michelle Marie Reynolds sold 3,500 shares of Reddit stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $150.64, for a total transaction of $527,240.00. Following the completion of the sale, the chief accounting officer owned 37,868 shares of the company's stock, valued at $5,704,435.52. This trade represents a 8.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 492,877 shares of company stock worth $57,575,076. Insiders own 34.25% of the company's stock.

Reddit Stock Down 0.2%

Shares of NYSE:RDDT traded down $0.25 on Tuesday, hitting $146.13. 2,189,431 shares of the company traded hands, compared to its average volume of 6,685,615. Reddit Inc. has a 52 week low of $49.13 and a 52 week high of $230.41. The stock has a 50 day simple moving average of $125.02 and a 200-day simple moving average of $140.03. The company has a market cap of $26.96 billion, a PE ratio of 249.06, a PEG ratio of 3.74 and a beta of 2.33.

Reddit (NYSE:RDDT - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The company reported $0.13 earnings per share for the quarter, beating analysts' consensus estimates of $0.02 by $0.11. Reddit had a return on equity of 5.69% and a net margin of 8.07%. The firm had revenue of $392.36 million for the quarter, compared to analysts' expectations of $370.55 million. During the same period in the previous year, the firm earned ($8.19) EPS. The business's quarterly revenue was up 61.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Reddit Inc. will post 1.12 earnings per share for the current year.

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.