Pictet Asset Management Holding SA Grows Position in Reddit Inc. $RDDT

Key Points

• Pictet Asset Management boosted its stake in Reddit by 52.9% in Q4 to 203,184 shares, worth about $46.7 million.
• Company insiders have been net sellers recently — the CTO sold 19,036 shares and the CEO sold 18,000, with insiders selling 298,441 shares versus buying 61,000 over the past three months — though insiders still own 34.25% of the stock.
• Analysts show a consensus rating of Moderate Buy with a consensus target price of $229.79, despite several firms trimming their price targets.

Pictet Asset Management Holding SA raised its holdings in shares of Reddit Inc. (NYSE:RDDT - Free Report) by 52.9% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 203,184 shares of the company's stock after purchasing an additional 70,315 shares during the period. Pictet Asset Management Holding SA owned 0.11% of Reddit worth $46,707,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in RDDT. NewEdge Advisors LLC lifted its position in shares of Reddit by 143.3% in the 1st quarter. NewEdge Advisors LLC now owns 7,982 shares of the company's stock worth $837,000 after purchasing an additional 4,701 shares during the period. Empowered Funds LLC bought a new position in Reddit in the first quarter worth approximately $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Reddit by 106.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 216,960 shares of the company's stock worth $22,759,000 after buying an additional 111,780 shares in the last quarter. Focus Partners Wealth lifted its holdings in Reddit by 40.8% during the first quarter. Focus Partners Wealth now owns 10,224 shares of the company's stock worth $1,073,000 after buying an additional 2,965 shares during the period. Finally, Geneos Wealth Management Inc. lifted its holdings in Reddit by 344.6% during the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company's stock worth $39,000 after buying an additional 286 shares during the period.

Wall Street Analyst Weigh In

RDDT has been the topic of a number of analyst reports. Wall Street Zen downgraded Reddit from a "buy" rating to a "hold" rating in a report on Wednesday, April 8th. Jefferies Financial Group dropped their price objective on Reddit from $285.00 to $250.00 and set a "buy" rating on the stock in a research report on Tuesday, March 10th. Needham & Company LLC reiterated a "buy" rating and issued a $300.00 target price on shares of Reddit in a research note on Friday, February 6th. Cantor Fitzgerald reduced their target price on shares of Reddit from $240.00 to $170.00 and set a "neutral" rating for the company in a report on Friday, February 6th. Finally, Piper Sandler reissued an "overweight" rating and set a $205.00 price target (down from $290.00) on shares of Reddit in a research report on Friday, February 6th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and eleven have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $229.79.

Insider Transactions at Reddit

In related news, CTO Christopher Brian Slowe sold 19,036 shares of the company's stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $144.05, for a total value of $2,742,135.80. Following the sale, the chief technology officer owned 185,057 shares in the company, valued at $26,657,460.85. This represents a 9.33% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Steve Ladd Huffman sold 18,000 shares of the stock in a transaction that occurred on Friday, February 27th. The stock was sold at an average price of $145.12, for a total transaction of $2,612,160.00. Following the completion of the transaction, the chief executive officer owned 411,195 shares in the company, valued at approximately $59,672,618.40. This trade represents a 4.19% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders acquired 61,000 shares of company stock valued at $8,870,815 and sold 298,441 shares valued at $44,170,999. Company insiders own 34.25% of the company's stock.

Reddit Trading Down 0.1%

NYSE:RDDT opened at $147.77 on Thursday. Reddit Inc. has a twelve month low of $94.89 and a twelve month high of $282.95. The company has a market cap of $28.23 billion, a PE ratio of 56.40, a P/E/G ratio of 1.17 and a beta of 2.40. The company's 50 day moving average is $144.09 and its two-hundred day moving average is $184.57.

Reddit (NYSE:RDDT - Get Free Report) last announced its quarterly earnings data on Thursday, February 5th. The company reported $1.24 earnings per share for the quarter, beating analysts' consensus estimates of $0.96 by $0.28. Reddit had a net margin of 24.05% and a return on equity of 20.89%. The firm had revenue of $725.61 million for the quarter, compared to analyst estimates of $665.80 million. During the same period in the previous year, the company earned $0.36 earnings per share. The business's quarterly revenue was up 69.7% compared to the same quarter last year. As a group, analysts expect that Reddit Inc. will post 4.02 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.

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