Reddit Inc. $RDDT Shares Acquired by Swiss Life Asset Management Ltd

Key Points

• Swiss Life Asset Management boosted its Reddit stake by 63.2% in the fourth quarter, ending with 32,003 shares valued at about $7.36 million.
• Several other institutional investors also increased their Reddit holdings, while analyst sentiment remains mostly positive with a Moderate Buy consensus and a $228.61 average price target.
• Reddit’s latest quarter showed strong results, with EPS of $1.01 and revenue of $663.41 million, both topping estimates and revenue rising 69.1% year over year.

Swiss Life Asset Management Ltd lifted its stake in shares of Reddit Inc. (NYSE:RDDT - Free Report) by 63.2% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 32,003 shares of the company's stock after buying an additional 12,398 shares during the quarter. Swiss Life Asset Management Ltd's holdings in Reddit were worth $7,357,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. NewEdge Advisors LLC raised its stake in shares of Reddit by 143.3% during the first quarter. NewEdge Advisors LLC now owns 7,982 shares of the company's stock valued at $837,000 after purchasing an additional 4,701 shares during the period. Empowered Funds LLC purchased a new position in shares of Reddit in the first quarter valued at $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Reddit by 106.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 216,960 shares of the company's stock valued at $22,759,000 after purchasing an additional 111,780 shares in the last quarter. Focus Partners Wealth grew its holdings in Reddit by 40.8% during the 1st quarter. Focus Partners Wealth now owns 10,224 shares of the company's stock valued at $1,073,000 after purchasing an additional 2,965 shares in the last quarter. Finally, Geneos Wealth Management Inc. increased its stake in Reddit by 344.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 369 shares of the company's stock worth $39,000 after buying an additional 286 shares during the period.

Wall Street Analyst Weigh In

RDDT has been the topic of a number of recent analyst reports. Citizens Jmp cut their price objective on shares of Reddit from $250.00 to $240.00 and set a "market outperform" rating on the stock in a report on Friday, May 1st. Truist Financial set a $265.00 target price on Reddit in a research report on Friday, May 1st. Roth Mkm boosted their price target on Reddit from $210.00 to $215.00 and gave the stock a "neutral" rating in a research note on Friday, January 30th. B. Riley Financial raised their price objective on Reddit from $245.00 to $250.00 and gave the company a "buy" rating in a research note on Friday, February 6th. Finally, DA Davidson restated a "buy" rating and set a $200.00 price objective on shares of Reddit in a report on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and eleven have assigned a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $228.61.

Insider Transactions at Reddit

In other Reddit news, Director Sarah E. Farrell bought 10,500 shares of the stock in a transaction on Friday, March 13th. The stock was purchased at an average price of $132.26 per share, for a total transaction of $1,388,730.00. Following the completion of the purchase, the director directly owned 61,000 shares in the company, valued at approximately $8,067,860. This trade represents a 20.79% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Jennifer L. Wong sold 39,167 shares of the stock in a transaction on Thursday, April 16th. The stock was sold at an average price of $161.47, for a total transaction of $6,324,295.49. Following the sale, the chief operating officer directly owned 1,088,451 shares in the company, valued at $175,752,182.97. This trade represents a 3.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 286,977 shares of company stock valued at $42,249,539. 34.25% of the stock is currently owned by insiders.

Reddit Stock Performance

NYSE:RDDT opened at $154.55 on Thursday. The company has a market capitalization of $29.75 billion, a price-to-earnings ratio of 44.16 and a beta of 1.85. Reddit Inc. has a one year low of $94.89 and a one year high of $282.95. The stock has a 50-day simple moving average of $146.04 and a 200 day simple moving average of $182.14.

Reddit (NYSE:RDDT - Get Free Report) last announced its quarterly earnings data on Thursday, April 30th. The company reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.39. The firm had revenue of $663.41 million for the quarter, compared to analysts' expectations of $607.74 million. Reddit had a return on equity of 25.48% and a net margin of 28.60%.Reddit's revenue for the quarter was up 69.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.13 earnings per share. On average, equities research analysts forecast that Reddit Inc. will post 4.78 EPS for the current fiscal year.

About Reddit

Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called "subreddits," each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.

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