Charles Schwab Investment Management Inc. Increases Position in Reddit Inc. (NYSE:RDDT)

Key Points

• Charles Schwab Investment Management Inc. increased its stake in Reddit Inc. by 2.0% by buying an additional 12,771 shares, bringing its total ownership to 655,227 shares valued at approximately $68.7 million.
• The company's stock price rose to $246.40 recently, showcasing significant growth from a 52-week low of $52.39, and Reddit reported a revenue increase of 77.9% year-over-year.
• CEO Steve Ladd Huffman and COO Jennifer L. Wong sold significant portions of their holdings, with Huffman disposing of shares worth about $15.5 million, reflecting ongoing insider trading activity.

Charles Schwab Investment Management Inc. raised its stake in Reddit Inc. (NYSE:RDDT - Free Report) by 2.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 655,227 shares of the company's stock after acquiring an additional 12,771 shares during the period. Charles Schwab Investment Management Inc. owned approximately 0.36% of Reddit worth $68,733,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. ASR Vermogensbeheer N.V. purchased a new stake in shares of Reddit in the first quarter worth approximately $191,000. Vanguard Group Inc. raised its position in shares of Reddit by 11.1% in the first quarter. Vanguard Group Inc. now owns 10,198,552 shares of the company's stock worth $1,069,828,000 after buying an additional 1,017,162 shares in the last quarter. Campbell Capital Management Inc. boosted its stake in Reddit by 77.9% during the first quarter. Campbell Capital Management Inc. now owns 11,110 shares of the company's stock valued at $1,165,000 after buying an additional 4,866 shares during the period. Atria Wealth Solutions Inc. boosted its stake in Reddit by 108.7% during the first quarter. Atria Wealth Solutions Inc. now owns 4,718 shares of the company's stock valued at $495,000 after buying an additional 2,457 shares during the period. Finally, Blair William & Co. IL purchased a new stake in Reddit during the first quarter valued at about $238,000.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Royal Bank Of Canada set a $125.00 price target on Reddit and gave the company a "sector perform" rating in a research report on Wednesday, June 25th. Raymond James Financial reiterated a "strong-buy" rating and issued a $225.00 price objective (up previously from $175.00) on shares of Reddit in a report on Friday, August 1st. Wall Street Zen upgraded Reddit from a "hold" rating to a "buy" rating in a report on Saturday, June 14th. Robert W. Baird lifted their price objective on Reddit from $120.00 to $151.00 and gave the stock a "neutral" rating in a report on Tuesday, July 8th. Finally, Roth Capital lifted their price objective on Reddit from $130.00 to $145.00 and gave the stock a "neutral" rating in a report on Monday, July 21st. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $168.43.

Reddit Stock Up 1.2%

Shares of NYSE RDDT traded up $2.93 during mid-day trading on Friday, reaching $246.40. 6,421,788 shares of the company were exchanged, compared to its average volume of 8,277,376. The stock has a market cap of $46.12 billion, a price-to-earnings ratio of 224.00, a P/E/G ratio of 3.91 and a beta of 2.30. Reddit Inc. has a 1 year low of $52.39 and a 1 year high of $248.02. The firm has a 50-day moving average of $159.01 and a 200 day moving average of $141.03.

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

Insider Buying and Selling

In other Reddit news, CAO Michelle Marie Reynolds sold 3,500 shares of Reddit stock in a transaction on Tuesday, August 5th. The shares were sold at an average price of $202.60, for a total value of $709,100.00. Following the transaction, the chief accounting officer directly owned 34,368 shares of the company's stock, valued at approximately $6,962,956.80. The trade was a 9.24% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Jennifer L. Wong sold 33,334 shares of Reddit stock in a transaction on Wednesday, July 16th. The stock was sold at an average price of $142.06, for a total transaction of $4,735,428.04. Following the completion of the transaction, the chief operating officer directly owned 1,428,007 shares in the company, valued at $202,862,674.42. This represents a 2.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 352,568 shares of company stock valued at $45,798,117. Company 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.