Sumitomo Mitsui DS Asset Management Company Ltd Takes $657,000 Position in Reddit Inc. (NYSE:RDDT)

Sumitomo Mitsui DS Asset Management Company Ltd bought a new position in shares of Reddit Inc. (NYSE:RDDT - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 6,260 shares of the company's stock, valued at approximately $657,000.

A number of other institutional investors have also modified their holdings of the company. EverSource Wealth Advisors LLC acquired a new stake in shares of Reddit in the fourth quarter worth $28,000. Tucker Asset Management LLC acquired a new stake in shares of Reddit during the fourth quarter worth $39,000. Farther Finance Advisors LLC raised its holdings in shares of Reddit by 148.5% during the fourth quarter. Farther Finance Advisors LLC now owns 246 shares of the company's stock worth $40,000 after purchasing an additional 147 shares during the period. Canton Hathaway LLC acquired a new stake in shares of Reddit during the first quarter worth $43,000. Finally, Fourth Dimension Wealth LLC acquired a new stake in shares of Reddit in the 4th quarter worth about $49,000.

Reddit Stock Performance

Shares of NYSE RDDT traded down $6.25 during midday trading on Tuesday, hitting $147.12. 4,417,172 shares of the company's stock traded hands, compared to its average volume of 8,020,744. Reddit Inc. has a 1 year low of $49.13 and a 1 year high of $230.41. The stock has a market capitalization of $27.15 billion, a price-to-earnings ratio of 249.36, a price-to-earnings-growth ratio of 4.03 and a beta of 2.33. The firm has a fifty day moving average of $122.21 and a 200 day moving average of $141.05.

Reddit (NYSE:RDDT - Get Free Report) last released its earnings results on Thursday, May 1st. The company reported $0.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.11. The company had revenue of $392.36 million during the quarter, compared to analyst estimates 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 period in the prior year, the firm posted ($8.19) EPS. On average, equities analysts anticipate that Reddit Inc. will post 1.12 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have commented on RDDT shares. Loop Capital lowered their target price on shares of Reddit from $210.00 to $200.00 and set a "buy" rating on the stock in a research note on Thursday, June 12th. Raymond James Financial lowered their price objective on shares of Reddit from $250.00 to $200.00 and set a "strong-buy" rating on the stock in a research report on Wednesday, March 12th. Robert W. Baird boosted their price objective on shares of Reddit from $120.00 to $151.00 and gave the company a "neutral" rating in a research report on Tuesday. Redburn Partners set a $75.00 target price on shares of Reddit in a research note on Monday, March 17th. Finally, Truist Financial initiated coverage on shares of Reddit in a report on Monday, April 7th. They issued a "buy" rating and a $150.00 target price on the stock. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $141.04.

Insider Transactions at Reddit

In other news, CEO Steve Ladd Huffman sold 124,409 shares of the business's stock in a transaction dated 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 completion of the sale, the chief executive officer owned 546,133 shares of the company's stock, valued at $67,966,251.85. The trade was a 18.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Jennifer L. Wong sold 33,334 shares of the business's stock in a transaction that occurred on Wednesday, April 16th. The stock was sold at an average price of $93.99, for a total value of $3,133,062.66. Following the sale, the chief operating officer owned 1,466,119 shares of the company's stock, valued at $137,800,524.81. The trade was a 2.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 617,285 shares of company stock worth $69,599,110. Corporate insiders own 34.25% of the company's stock.

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.