Swiss National Bank Boosts Holdings in Reddit Inc. (NYSE:RDDT)

Key Points

• The Swiss National Bank increased its stake in Reddit Inc. by 67.4% in Q1, owning 186,300 shares worth approximately $19.5 million.
• Analysts have set a consensus target price of $168.43 for Reddit, with various ratings ranging from "sell" to "strong buy" from different brokerages.
• Reddit reported a significant earnings growth with an EPS of $0.45 for the last quarter, surpassing expectations and growing 77.9% in revenue year-over-year.

Swiss National Bank grew its holdings in Reddit Inc. (NYSE:RDDT - Free Report) by 67.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 186,300 shares of the company's stock after acquiring an additional 75,000 shares during the period. Swiss National Bank owned about 0.10% of Reddit worth $19,543,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in RDDT. Franklin Resources Inc. purchased a new stake in shares of Reddit in the 4th quarter valued at $396,000. Wells Fargo & Company MN boosted its holdings in Reddit by 909.3% during the fourth quarter. Wells Fargo & Company MN now owns 97,183 shares of the company's stock worth $15,884,000 after buying an additional 87,554 shares in the last quarter. Envestnet Asset Management Inc. boosted its holdings in Reddit by 2,292.0% during the fourth quarter. Envestnet Asset Management Inc. now owns 81,736 shares of the company's stock worth $13,359,000 after buying an additional 78,319 shares in the last quarter. Cerity Partners LLC boosted its holdings in Reddit by 34.4% during the fourth quarter. Cerity Partners LLC now owns 9,099 shares of the company's stock worth $1,487,000 after buying an additional 2,330 shares in the last quarter. Finally, Bank of Montreal Can purchased a new stake in Reddit during the fourth quarter worth $1,176,000.

Reddit Stock Performance

Shares of NYSE RDDT traded up $2.93 during mid-day trading on Friday, reaching $246.40. The company's stock had a trading volume of 6,421,788 shares, compared to its average volume of 8,277,376. The stock has a 50-day moving average of $159.01 and a two-hundred day moving average of $141.45. The stock has a market capitalization of $46.12 billion, a P/E ratio of 224.00, a P/E/G ratio of 3.86 and a beta of 2.30. Reddit Inc. has a 1-year low of $52.39 and a 1-year high of $248.02.

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

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. Wolfe Research raised shares of Reddit to an "outperform" rating in a report on Sunday, August 3rd. Needham & Company LLC increased their price target on shares of Reddit from $165.00 to $215.00 and gave the stock a "buy" rating in a report on Friday, August 1st. Royal Bank Of Canada set a $125.00 price target on shares of Reddit and gave the stock a "sector perform" rating in a report on Wednesday, June 25th. The Goldman Sachs Group reissued a "neutral" rating and set a $212.00 price target on shares of Reddit in a report on Friday, August 1st. Finally, Sanford C. Bernstein increased their price target on shares of Reddit from $130.00 to $150.00 and gave the stock a "market perform" rating in a report on Tuesday, July 22nd. 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 assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $168.43.

Insider Activity

In other Reddit news, CTO Christopher Brian Slowe sold 16,000 shares of the stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $145.58, for a total transaction of $2,329,280.00. Following the completion of the transaction, the chief technology officer owned 241,373 shares of the company's stock, valued at $35,139,081.34. This trade represents a 6.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Steve Ladd Huffman sold 14,000 shares of the stock in a transaction dated Tuesday, August 5th. The stock was sold at an average price of $202.70, for a total transaction of $2,837,800.00. Following the transaction, the chief executive officer directly owned 539,631 shares of the company's stock, valued at approximately $109,383,203.70. This trade represents a 2.53% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 352,568 shares of company stock valued at $45,798,117 in the last ninety days. 34.25% of the stock is currently owned by company insiders.

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.