Penserra Capital Management LLC Has $3.59 Million Stock Holdings in Reddit Inc. (NYSE:RDDT)

Penserra Capital Management LLC grew its stake in shares of Reddit Inc. (NYSE:RDDT - Free Report) by 27.7% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 34,248 shares of the company's stock after acquiring an additional 7,439 shares during the period. Penserra Capital Management LLC's holdings in Reddit were worth $3,592,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. raised its stake in shares of Reddit by 27.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 642,456 shares of the company's stock valued at $105,003,000 after acquiring an additional 139,135 shares in the last quarter. EPIQ Capital Group LLC acquired a new stake in Reddit in the 4th quarter valued at approximately $26,658,000. Ogborne Capital Management LLC bought a new position in Reddit in the 4th quarter worth approximately $11,539,000. Wells Fargo & Company MN boosted its position in shares of Reddit by 909.3% in the fourth quarter. Wells Fargo & Company MN now owns 97,183 shares of the company's stock valued at $15,884,000 after acquiring an additional 87,554 shares during the period. Finally, Voloridge Investment Management LLC grew its stake in shares of Reddit by 46.3% in the fourth quarter. Voloridge Investment Management LLC now owns 963,516 shares of the company's stock worth $157,477,000 after acquiring an additional 304,773 shares during the last quarter.

Wall Street Analyst Weigh In

Several research firms have issued reports on RDDT. Morgan Stanley decreased their price target on shares of Reddit from $210.00 to $140.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Redburn Partners set a $75.00 target price on Reddit in a research note on Monday, March 17th. Truist Financial initiated coverage on Reddit in a research report on Monday, April 7th. They issued a "buy" rating and a $150.00 target price for the company. Raymond James Financial decreased their price target on shares of Reddit from $250.00 to $200.00 and set a "strong-buy" rating on the stock in a research note on Wednesday, March 12th. Finally, Roth Mkm increased their price objective on shares of Reddit from $120.00 to $130.00 and gave the company a "neutral" rating in a research note on Friday, May 2nd. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $141.04.

Reddit Stock Up 0.1%

NYSE RDDT traded up $0.18 during trading on Wednesday, reaching $146.14. 4,520,657 shares of the stock traded hands, compared to its average volume of 6,686,246. Reddit Inc. has a fifty-two week low of $49.13 and a fifty-two week high of $230.41. The firm has a market cap of $26.97 billion, a price-to-earnings ratio of 247.39, a price-to-earnings-growth ratio of 3.75 and a beta of 2.33. The stock's 50-day moving average price is $122.69 and its 200 day moving average price is $141.09.

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

Insider Activity at Reddit

In other news, CEO Steve Ladd Huffman sold 124,409 shares of the business's stock in a transaction dated 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 sale, the chief executive officer directly owned 546,133 shares in the company, valued at $67,966,251.85. The trade was a 18.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, COO Jennifer L. Wong sold 33,334 shares of the stock in a transaction dated Wednesday, April 16th. The stock was sold at an average price of $93.99, for a total value of $3,133,062.66. Following the transaction, the chief operating officer owned 1,466,119 shares of the company's stock, valued at approximately $137,800,524.81. The trade was a 2.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 617,285 shares of company stock worth $69,599,110. Corporate insiders own 34.25% of the company's stock.

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.