Jupiter Asset Management Ltd. Acquires 73,583 Shares of Reddit Inc. (NYSE:RDDT)

Key Points

• Jupiter Asset Management Ltd. increased its holdings in Reddit Inc. by 237.6% during the first quarter, owning approximately 0.06% of the company valued at $10.96 million.
• Reddit's CFO and CEO both sold shares recently, with the CFO selling 30,000 shares and the CEO offloading 14,000 shares, indicating a decrease in their positions.
• Reddit reported earnings of $0.45 per share in its latest quarterly results, exceeding analysts' estimates and reflecting a 77.9% year-over-year revenue increase.

Jupiter Asset Management Ltd. grew its position in shares of Reddit Inc. (NYSE:RDDT - Free Report) by 237.6% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 104,556 shares of the company's stock after buying an additional 73,583 shares during the quarter. Jupiter Asset Management Ltd. owned 0.06% of Reddit worth $10,968,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. CWM LLC raised its position in Reddit by 100.0% in the first quarter. CWM LLC now owns 256 shares of the company's stock worth $27,000 after acquiring an additional 128 shares during the period. Canton Hathaway LLC bought a new position in Reddit in the first quarter worth approximately $43,000. Olde Wealth Management LLC bought a new position in Reddit in the first quarter worth approximately $46,000. Fourth Dimension Wealth LLC bought a new position in Reddit in the fourth quarter worth approximately $49,000. Finally, Chelsea Counsel Co. bought a new position in Reddit in the fourth quarter worth approximately $49,000.

Insider Activity

In other news, CEO Steve Ladd Huffman sold 124,409 shares of the business's stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $124.45, for a total value of $15,482,700.05. Following the completion of the sale, the chief executive officer owned 546,133 shares of the company's stock, valued at approximately $67,966,251.85. The trade was a 18.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Andrew Vollero sold 30,000 shares of the firm's stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $117.64, for a total transaction of $3,529,200.00. Following the completion of the transaction, the chief financial officer owned 333,806 shares of the company's stock, valued at approximately $39,268,937.84. This trade represents a 8.25% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 492,809 shares of company stock valued at $60,334,945 in the last ninety days. Corporate insiders own 34.25% of the company's stock.

Reddit Stock Performance

Shares of NYSE:RDDT traded up $4.15 during mid-day trading on Tuesday, hitting $205.91. The stock had a trading volume of 3,287,520 shares, compared to its average volume of 7,930,528. The company has a market cap of $37.99 billion, a PE ratio of 185.58, a P/E/G ratio of 4.76 and a beta of 2.30. Reddit Inc. has a 12-month low of $49.13 and a 12-month high of $230.41. The company's 50 day moving average is $138.97 and its 200-day moving average is $138.38.

Reddit (NYSE:RDDT - Get Free Report) last announced its earnings results on Thursday, July 31st. The company reported $0.45 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.20 by $0.25. The business had revenue of $499.63 million during the quarter, compared to analysts' expectations of $424.07 million. Reddit had a net margin of 12.97% and a return on equity of 10.26%. The firm's revenue for the quarter was up 77.9% on a year-over-year basis. During the same quarter last year, the company posted ($0.06) EPS. On average, equities research analysts predict that Reddit Inc. will post 1.12 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have weighed in on RDDT shares. Piper Sandler increased their price target on shares of Reddit from $150.00 to $210.00 and gave the stock an "overweight" rating in a research report on Friday. Wall Street Zen upgraded shares of Reddit from a "hold" rating to a "buy" rating in a research report on Saturday, June 14th. Bank of America raised their price objective on shares of Reddit from $130.00 to $150.00 and gave the company a "neutral" rating in a research report on Wednesday, July 30th. JMP Securities raised their price objective on shares of Reddit from $180.00 to $225.00 and gave the company a "market outperform" rating in a research report on Friday. Finally, The Goldman Sachs Group restated a "neutral" rating and set a $212.00 price objective on shares of Reddit in a research report on Friday. One analyst has rated the stock with a sell rating, nine have given a hold rating, fourteen have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, Reddit has an average rating of "Moderate Buy" and an average price target of $164.21.

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.