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

Sumitomo Mitsui DS Asset Management Company Ltd acquired a new stake in Reddit Inc. (NYSE:RDDT - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 6,260 shares of the company's stock, valued at approximately $657,000.

Several other hedge funds and other institutional investors have also made changes to their positions in RDDT. EverSource Wealth Advisors LLC purchased a new position in Reddit in the fourth quarter worth approximately $28,000. Tucker Asset Management LLC purchased a new position in Reddit in the fourth quarter worth approximately $39,000. Farther Finance Advisors LLC lifted its stake in Reddit by 148.5% in the fourth quarter. Farther Finance Advisors LLC now owns 246 shares of the company's stock worth $40,000 after acquiring an additional 147 shares during the last quarter. Canton Hathaway LLC purchased a new position in Reddit in the first quarter worth approximately $43,000. Finally, Fourth Dimension Wealth LLC purchased a new position in Reddit in the fourth quarter worth approximately $49,000.

Insider Activity

In other Reddit news, CTO Christopher Brian Slowe sold 26,000 shares of the company's stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $98.43, for a total value of $2,559,180.00. Following the transaction, the chief technology officer directly owned 251,373 shares in the company, valued at approximately $24,742,644.39. This represents a 9.37% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Jennifer L. Wong sold 33,334 shares of the company's stock in a transaction dated Wednesday, April 16th. The shares were sold at an average price of $93.99, for a total transaction of $3,133,062.66. Following the completion of the transaction, the chief operating officer owned 1,466,119 shares in the company, valued at approximately $137,800,524.81. This trade represents a 2.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 617,285 shares of company stock valued at $69,599,110 in the last 90 days. Company insiders own 34.25% of the company's stock.

Reddit Stock Down 1.2%

Shares of Reddit stock traded down $1.99 on Friday, hitting $157.35. The company's stock had a trading volume of 4,041,162 shares, compared to its average volume of 6,661,320. Reddit Inc. has a 52-week low of $49.13 and a 52-week high of $230.41. The firm has a fifty day moving average price of $121.57 and a 200-day moving average price of $141.33. The company has a market capitalization of $29.03 billion, a P/E ratio of 266.70, a price-to-earnings-growth ratio of 4.03 and a beta of 2.33.

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

Analyst Ratings Changes

A number of brokerages recently issued reports on RDDT. JPMorgan Chase & Co. decreased their price target on shares of Reddit from $185.00 to $110.00 and set a "neutral" rating for the company in a research note on Tuesday, April 8th. Royal Bank Of Canada set a $125.00 price objective on shares of Reddit and gave the stock a "sector perform" rating in a report on Wednesday, June 25th. Sanford C. Bernstein raised shares of Reddit from an "underperform" rating to a "market perform" rating and set a $130.00 price objective on the stock in a report on Friday, May 2nd. Needham & Company LLC raised their price objective on shares of Reddit from $135.00 to $145.00 and gave the stock a "buy" rating in a report on Friday, May 2nd. Finally, B. Riley reissued a "buy" rating and set a $220.00 price objective (down previously from $222.00) on shares of Reddit in a report on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $139.70.

About Reddit

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.