Reddit, Inc. (NYSE:RDDT) Shares Bought by Renaissance Capital LLC

Renaissance Capital LLC raised its position in Reddit, Inc. (NYSE:RDDT - Free Report) by 10.9% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 34,636 shares of the company's stock after acquiring an additional 3,400 shares during the quarter. Reddit makes up about 2.8% of Renaissance Capital LLC's holdings, making the stock its 14th biggest holding. Renaissance Capital LLC's holdings in Reddit were worth $3,633,000 at the end of the most recent reporting period.

Other institutional investors also recently added to or reduced their stakes in the company. Plato Investment Management Ltd purchased a new stake in shares of Reddit during the 4th quarter worth approximately $27,000. EverSource Wealth Advisors LLC acquired a new position in shares of Reddit in the 4th quarter valued at $28,000. Farmers & Merchants Investments Inc. acquired a new position in shares of Reddit in the 4th quarter valued at $33,000. Bogart Wealth LLC acquired a new position in shares of Reddit in the 4th quarter valued at $33,000. Finally, Allworth Financial LP increased its holdings in shares of Reddit by 970.0% in the 4th quarter. Allworth Financial LP now owns 214 shares of the company's stock valued at $35,000 after acquiring an additional 194 shares during the period.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on RDDT shares. Wall Street Zen cut shares of Reddit from a "buy" rating to a "hold" rating in a report on Friday, May 30th. Loop Capital reaffirmed a "buy" rating and issued a $210.00 target price on shares of Reddit in a report on Tuesday, March 11th. The Goldman Sachs Group lifted their target price on shares of Reddit from $124.00 to $140.00 and gave the company a "neutral" rating in a report on Friday, May 2nd. Redburn Atlantic started coverage on shares of Reddit in a report on Monday, March 17th. They issued a "sell" rating and a $75.00 target price on the stock. Finally, Wells Fargo & Company set a $115.00 target price on shares of Reddit and gave the company an "equal weight" rating in a report on Monday, May 19th. One research analyst has rated the stock with a sell rating, ten have given a hold rating, twelve have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Reddit has an average rating of "Moderate Buy" and a consensus price target of $139.78.

Insider Activity at Reddit

In related news, CEO Steve Ladd Huffman sold 124,408 shares of the stock in a transaction dated Friday, March 14th. The shares were sold at an average price of $127.36, for a total value of $15,844,602.88. Following the sale, the chief executive officer now directly owns 583,515 shares of the company's stock, valued at approximately $74,316,470.40. This represents a 17.57% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David C. Habiger acquired 774 shares of the stock in a transaction that occurred on Wednesday, March 12th. The stock was acquired at an average cost of $130.36 per share, for a total transaction of $100,898.64. Following the completion of the purchase, the director now owns 30,808 shares in the company, valued at $4,016,130.88. The trade was a 2.58% increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have sold 677,875 shares of company stock valued at $76,732,994. Insiders own 34.25% of the company's stock.

Reddit Trading Down 0.1%

Shares of NYSE:RDDT traded down $0.16 on Tuesday, reaching $117.37. 5,617,374 shares of the company were exchanged, compared to its average volume of 6,244,797. Reddit, Inc. has a 1-year low of $49.13 and a 1-year high of $230.41. The firm has a market cap of $21.66 billion, a price-to-earnings ratio of -15.18, a price-to-earnings-growth ratio of 4.72 and a beta of 1.99. The company has a 50-day moving average of $107.25 and a 200-day moving average of $143.27.

Reddit (NYSE:RDDT - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The company reported $0.13 earnings per share for the quarter, topping analysts' consensus estimates of $0.02 by $0.11. Reddit had a negative net margin of 37.25% and a negative return on equity of 24.71%. The business had revenue of $392.36 million for the quarter, compared to analysts' expectations of $370.55 million. During the same period in the prior year, the company posted ($8.19) EPS. The business's revenue for the quarter was up 61.5% on a year-over-year basis. As a group, analysts forecast that Reddit, Inc. will post 1.12 earnings per share for the current year.

Reddit Company 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.