Reddit Inc. (NYSE:RDDT) Stock Position Boosted by KLP Kapitalforvaltning AS

Key Points

• KLP Kapitalforvaltning AS increased its shareholding in Reddit Inc. by 115.8% during Q1, bringing its total to 24,600 shares valued at approximately $2.58 million.
• CEO Steve Ladd Huffman sold 124,409 shares of Reddit stock, resulting in an 18.55% reduction of his position, while CFO Andrew Vollero also sold 30,000 shares, leading to an 8.25% decrease in his ownership.
• Reddit's stock currently stands at $149.73, with a recent EPS of $0.13 for the last quarter, surpassing analysts' expectations, and annual revenue growth of 61.5% year-over-year.

KLP Kapitalforvaltning AS grew its stake in shares of Reddit Inc. (NYSE:RDDT - Free Report) by 115.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 24,600 shares of the company's stock after buying an additional 13,200 shares during the quarter. KLP Kapitalforvaltning AS's holdings in Reddit were worth $2,581,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in RDDT. CWM LLC increased its stake in shares of Reddit by 100.0% during the first quarter. CWM LLC now owns 256 shares of the company's stock valued at $27,000 after acquiring an additional 128 shares during the period. Tucker Asset Management LLC bought a new position in Reddit during the 4th quarter valued at $39,000. Canton Hathaway LLC acquired a new position in shares of Reddit during the 1st quarter valued at $43,000. Olde Wealth Management LLC bought a new stake in shares of Reddit in the 1st quarter worth $46,000. Finally, Fourth Dimension Wealth LLC bought a new stake in shares of Reddit in the 4th quarter worth $49,000.

Insider Transactions at Reddit

In other news, CEO Steve Ladd Huffman sold 124,409 shares of the firm's stock in a transaction on Monday, June 16th. The shares were sold at an average price of $124.45, for a total transaction of $15,482,700.05. Following the transaction, the chief executive officer owned 546,133 shares in the company, valued at approximately $67,966,251.85. This trade represents a 18.55% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Andrew Vollero sold 30,000 shares of the company's stock in a transaction on Friday, June 13th. The stock was sold at an average price of $117.64, for a total transaction of $3,529,200.00. Following the completion of the sale, the chief financial officer owned 333,806 shares of the company's stock, valued at $39,268,937.84. This represents a 8.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 506,809 shares of company stock worth $61,884,325. Corporate insiders own 34.25% of the company's stock.

Reddit Stock Up 1.1%

Reddit stock opened at $149.73 on Friday. Reddit Inc. has a 12 month low of $49.13 and a 12 month high of $230.41. The stock has a market cap of $27.63 billion, a P/E ratio of 253.78, a P/E/G ratio of 3.80 and a beta of 2.33. The company's fifty day simple moving average is $131.22 and its 200-day simple moving average is $138.99.

Reddit (NYSE:RDDT - Get Free Report) last issued its earnings results on Thursday, May 1st. The company reported $0.13 EPS for the quarter, beating analysts' consensus estimates of $0.02 by $0.11. Reddit had a return on equity of 5.69% and a net margin of 8.07%. The firm had revenue of $392.36 million for the quarter, compared to the consensus estimate of $370.55 million. During the same quarter in the previous year, the company posted ($8.19) earnings per share. The business's quarterly revenue was up 61.5% compared to the same quarter last year. On average, equities research analysts expect that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

RDDT has been the subject of several research reports. Truist Financial initiated coverage on Reddit in a research note on Monday, April 7th. They set a "buy" rating and a $150.00 target price for the company. Loop Capital reduced their price objective on shares of Reddit from $210.00 to $200.00 and set a "buy" rating for the company in a research report on Thursday, June 12th. Morgan Stanley lifted their price objective on shares of Reddit from $154.00 to $170.00 and gave the stock an "overweight" rating in a research note on Monday, July 21st. B. Riley reissued a "buy" rating and set a $220.00 target price (down from $222.00) on shares of Reddit in a research note on Friday, May 2nd. Finally, JPMorgan Chase & Co. reduced their target price on shares of Reddit from $185.00 to $110.00 and set a "neutral" rating for the company in a report on Tuesday, April 8th. One analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, Reddit currently has a consensus rating of "Moderate Buy" and a consensus target price of $144.13.

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.

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