Reddit Inc. $RDDT Shares Purchased by Lazard Asset Management LLC

Key Points

• Lazard Asset Management increased its Reddit stake by 175% in the first quarter, purchasing 127,515 additional shares and bringing its holdings to 200,383 shares valued at approximately $27.0 million.
• Reddit insiders sold 169,141 shares worth $28.7 million during the last quarter, including significant sales by the chief operating officer and chief accounting officer under pre-arranged Rule 10b5-1 plans.
• Reddit reported strong quarterly results, with revenue up 69.1% year over year to $663.4 million and EPS of $1.01 versus the $0.62 consensus estimate. Analysts maintain a “Moderate Buy” consensus, with an average price target of $232.48 compared with the stock’s $178.73 opening price.

Lazard Asset Management LLC boosted its position in Reddit Inc. (NYSE:RDDT - Free Report) by 175.0% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 200,383 shares of the company's stock after purchasing an additional 127,515 shares during the quarter. Lazard Asset Management LLC owned about 0.10% of Reddit worth $26,982,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Corsair Capital Management L.P. acquired a new stake in shares of Reddit during the 1st quarter worth about $673,000. Ardmore Road Asset Management LP acquired a new position in shares of Reddit in the first quarter valued at approximately $12,118,000. Weiss Asset Management LP acquired a new position in shares of Reddit in the first quarter valued at approximately $212,000. Lombard Odier Asset Management Switzerland SA purchased a new position in shares of Reddit during the first quarter valued at approximately $591,000. Finally, Cumberland Partners Ltd purchased a new position in shares of Reddit during the first quarter valued at approximately $808,000.

Insider Buying and Selling at Reddit

In other news, CAO Michelle Marie Reynolds sold 808 shares of the business's stock in a transaction on Wednesday, July 1st. The shares were sold at an average price of $200.00, for a total transaction of $161,600.00. Following the completion of the sale, the chief accounting officer directly owned 15,060 shares of the company's stock, valued at $3,012,000. The trade was a 5.09% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jennifer L. Wong sold 39,167 shares of the business's stock in a transaction on Monday, May 18th. The shares were sold at an average price of $158.52, for a total transaction of $6,208,752.84. Following the sale, the chief operating officer directly owned 1,088,451 shares of the company's stock, valued at $172,541,252.52. This represents a 3.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 169,141 shares of company stock worth $28,680,845 in the last quarter. 28.48% of the stock is owned by insiders.

Reddit Price Performance

Shares of RDDT stock opened at $178.73 on Wednesday. The firm has a market cap of $34.41 billion, a P/E ratio of 51.07 and a beta of 1.93. Reddit Inc. has a 1-year low of $119.27 and a 1-year high of $282.95. The firm's 50-day simple moving average is $175.55 and its 200-day simple moving average is $166.09.

Reddit (NYSE:RDDT - Get Free Report) last released its earnings results on Thursday, April 30th. The company reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.39. Reddit had a net margin of 28.60% and a return on equity of 25.48%. The business had revenue of $663.41 million for the quarter, compared to analysts' expectations of $607.74 million. During the same period last year, the company earned $0.13 earnings per share. The company's quarterly revenue was up 69.1% on a year-over-year basis. Analysts expect that Reddit Inc. will post 4.85 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of analysts recently issued reports on RDDT shares. Loop Capital restated a "buy" rating and set a $260.00 target price on shares of Reddit in a research report on Thursday, June 4th. Oppenheimer reiterated an "outperform" rating and issued a $225.00 price target on shares of Reddit in a report on Friday, May 1st. KeyCorp assumed coverage on Reddit in a research note on Wednesday. They set an "overweight" rating on the stock. Weiss Ratings reissued a "hold (c)" rating on shares of Reddit in a research note on Friday, May 8th. Finally, Wells Fargo & Company raised their price objective on Reddit from $176.00 to $187.00 and gave the stock an "equal weight" rating in a report on Tuesday, July 7th. Twenty research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company. According to data from MarketBeat.com, Reddit presently has an average rating of "Moderate Buy" and an average target price of $232.48.

Reddit Company Profile

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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