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

Renaissance Capital LLC boosted its holdings in Reddit, Inc. (NYSE:RDDT - Free Report) by 10.9% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 34,636 shares of the company's stock after purchasing an additional 3,400 shares during the quarter. Reddit comprises approximately 2.8% of Renaissance Capital LLC's portfolio, making the stock its 14th biggest position. Renaissance Capital LLC's holdings in Reddit were worth $3,633,000 as of its most recent SEC filing.

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

Analysts Set New Price Targets

Several research analysts have issued reports on RDDT shares. Citigroup increased their price objective on Reddit from $150.00 to $158.00 and gave the stock a "buy" rating in a research report on Friday, May 2nd. Redburn Partners set a $75.00 price objective on Reddit in a research report on Monday, March 17th. Truist Financial began coverage on Reddit in a research report on Monday, April 7th. They set a "buy" rating and a $150.00 price objective for the company. Oppenheimer assumed coverage on Reddit in a research report on Wednesday, April 16th. They set an "outperform" rating and a $125.00 price objective for the company. Finally, Needham & Company LLC raised their price target on Reddit from $135.00 to $145.00 and gave the stock a "buy" rating in a research note on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, twelve have issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $139.78.

Reddit Price Performance

NYSE:RDDT opened at $121.19 on Friday. Reddit, Inc. has a 12-month low of $49.13 and a 12-month high of $230.41. The firm has a market capitalization of $22.36 billion, a P/E ratio of -15.68, a P/E/G ratio of 4.72 and a beta of 1.99. The business has a 50 day simple moving average of $106.67 and a 200 day simple moving average of $143.70.

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

Insiders Place Their Bets

In other news, CEO Steve Ladd Huffman sold 14,000 shares of the company's stock in a transaction on Friday, May 30th. The stock was sold at an average price of $110.05, for a total value of $1,540,700.00. Following the completion of the sale, the chief executive officer now owns 560,133 shares in the company, valued at $61,642,636.65. This represents a 2.44% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director David C. Habiger bought 774 shares of the business's stock in a transaction dated Wednesday, March 12th. The shares were bought at an average cost of $130.36 per share, for a total transaction of $100,898.64. Following the completion of the transaction, the director now directly owns 30,808 shares of the company's stock, valued at $4,016,130.88. This trade represents a 2.58% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders sold 677,875 shares of company stock worth $76,732,994. 34.25% of the stock is owned by company insiders.

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.

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