Robeco Institutional Asset Management B.V. Purchases New Stake in Reddit Inc. (NYSE:RDDT)

Robeco Institutional Asset Management B.V. purchased a new stake in shares of Reddit Inc. (NYSE:RDDT - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 11,524 shares of the company's stock, valued at approximately $1,209,000.

A number of other large investors have also added to or reduced their stakes in RDDT. Generate Investment Management Ltd bought a new stake in shares of Reddit in the 1st quarter worth approximately $2,348,000. Syquant Capital Sas purchased a new stake in Reddit in the first quarter worth $413,000. Balboa Wealth Partners bought a new stake in Reddit in the first quarter valued at $1,143,000. Asset Management One Co. Ltd. purchased a new position in Reddit during the 1st quarter valued at $2,735,000. Finally, Whalen Wealth Management Inc. purchased a new position in Reddit during the 1st quarter valued at $425,000.

Reddit Stock Up 4.6%

Shares of RDDT opened at $159.26 on Thursday. The company has a market capitalization of $29.39 billion, a P/E ratio of 269.94, a price-to-earnings-growth ratio of 3.91 and a beta of 2.33. The firm has a 50 day moving average of $119.88 and a 200 day moving average of $141.68. Reddit Inc. has a twelve month low of $49.13 and a twelve month high of $230.41.

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

Insider Activity at Reddit

In other Reddit news, COO Jennifer L. Wong sold 33,333 shares of Reddit stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $124.45, for a total value of $4,148,291.85. Following the completion of the sale, the chief operating officer owned 1,428,007 shares of the company's stock, valued at approximately $177,715,471.15. The trade was a 2.28% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Andrew Vollero sold 30,000 shares of Reddit stock in a transaction that occurred 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 directly owned 333,806 shares of the company's stock, valued at approximately $39,268,937.84. This trade represents a 8.25% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 617,285 shares of company stock valued at $69,599,110 over the last ninety days. Corporate insiders own 34.25% of the company's stock.

Analyst Ratings Changes

Several research firms have recently commented on RDDT. Robert W. Baird dropped their target price on shares of Reddit from $140.00 to $120.00 and set a "neutral" rating for the company in a research report on Wednesday, May 21st. Redburn Atlantic initiated coverage on shares of Reddit in a report on Monday, March 17th. They issued a "sell" rating and a $75.00 price objective for the company. Wells Fargo & Company lifted their price objective on Reddit from $115.00 to $118.00 and gave the company an "equal weight" rating in a research report on Tuesday. Truist Financial assumed coverage on Reddit in a research report on Monday, April 7th. They issued a "buy" rating and a $150.00 target price for the company. Finally, Piper Sandler restated an "overweight" rating and issued a $150.00 target price (up previously from $140.00) on shares of Reddit in a research note on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $139.70.

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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