Oak Ridge Investments LLC Increases Stock Holdings in Reddit Inc. (NYSE:RDDT)

Key Points

• Oak Ridge Investments LLC increased its stake in Reddit Inc. (NYSE:RDDT) by 12.2%, owning 28,056 shares worth approximately $2.9 million after acquiring more shares in the 1st quarter.
• Reddit recently reported earnings of $0.45 per share, significantly exceeding analyst expectations and reflecting a 77.9% year-over-year revenue growth to nearly $500 million.
• Several analysts have upgraded their ratings on Reddit, with Needham & Company setting a new price target of $215 and the consensus rating being a "Moderate Buy" at an average price target of $168.43.

Oak Ridge Investments LLC lifted its position in Reddit Inc. (NYSE:RDDT - Free Report) by 12.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 28,056 shares of the company's stock after buying an additional 3,053 shares during the quarter. Oak Ridge Investments LLC's holdings in Reddit were worth $2,943,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of RDDT. Whale Rock Capital Management LLC bought a new position in shares of Reddit during the 4th quarter valued at approximately $204,054,000. Vanguard Group Inc. boosted its position in Reddit by 11.1% in the 1st quarter. Vanguard Group Inc. now owns 10,198,552 shares of the company's stock worth $1,069,828,000 after purchasing an additional 1,017,162 shares in the last quarter. Voya Investment Management LLC acquired a new position in shares of Reddit during the 4th quarter worth approximately $157,984,000. JPMorgan Chase & Co. raised its stake in Reddit by 98.2% in the 1st quarter. JPMorgan Chase & Co. now owns 1,907,495 shares of the company's stock valued at $200,096,000 after purchasing an additional 944,847 shares during the last quarter. Finally, Cresset Asset Management LLC grew its holdings in shares of Reddit by 159.6% during the 4th quarter. Cresset Asset Management LLC now owns 1,308,797 shares of the company's stock worth $213,910,000 after purchasing an additional 804,591 shares during the period.

Reddit Trading Up 1.2%

Shares of NYSE:RDDT traded up $2.93 during midday trading on Friday, reaching $246.40. The company had a trading volume of 6,421,788 shares, compared to its average volume of 8,277,376. The company's 50 day moving average price is $159.01 and its 200 day moving average price is $141.03. The stock has a market cap of $46.12 billion, a P/E ratio of 224.00, a P/E/G ratio of 3.91 and a beta of 2.30. Reddit Inc. has a 52-week low of $52.39 and a 52-week high of $248.02.

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

Analyst Ratings Changes

Several analysts have issued reports on the stock. The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $212.00 price objective on shares of Reddit in a research report on Friday, August 1st. Roth Capital upped their price target on Reddit from $130.00 to $145.00 and gave the company a "neutral" rating in a research report on Monday, July 21st. Citigroup lifted their target price on Reddit from $158.00 to $163.00 and gave the company a "buy" rating in a research report on Tuesday, June 24th. Roth Mkm raised their price target on Reddit from $120.00 to $130.00 and gave the stock a "neutral" rating in a research report on Friday, May 2nd. Finally, Wolfe Research raised Reddit to an "outperform" rating in a research note on Sunday, August 3rd. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $168.43.

Insiders Place Their Bets

In other Reddit news, CEO Steve Ladd Huffman sold 124,409 shares of the stock in a transaction on 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 owned 546,133 shares in the company, valued at $67,966,251.85. This trade represents a 18.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Jennifer L. Wong sold 33,334 shares of the business's stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $142.06, for a total value of $4,735,428.04. Following the sale, the chief operating officer owned 1,428,007 shares in the company, valued at $202,862,674.42. The trade was a 2.28% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 352,568 shares of company stock valued at $45,798,117. 34.25% of the stock is owned by company insiders.

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.