US Bancorp DE Acquires 1,506 Shares of Reddit Inc. (NYSE:RDDT)

Key Points

• US Bancorp DE increased its stake in Reddit Inc. by 56.9%, acquiring an additional 1,506 shares and bringing its total holdings to 4,154 shares, valued at approximately $436,000.
• Reddit reported a quarterly revenue of $499.63 million, significantly exceeding analysts' expectations of $424.07 million, with a notable year-over-year increase of 77.9%.
• Research analysts show a consensus rating of "Moderate Buy" for Reddit, with an average price target of $168.43, highlighting a mix of buy, hold, and sell ratings across the board.

US Bancorp DE increased its holdings in shares of Reddit Inc. (NYSE:RDDT - Free Report) by 56.9% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,154 shares of the company's stock after acquiring an additional 1,506 shares during the period. US Bancorp DE's holdings in Reddit were worth $436,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. CWM LLC grew its holdings in Reddit by 100.0% during the 1st quarter. CWM LLC now owns 256 shares of the company's stock worth $27,000 after acquiring an additional 128 shares during the last quarter. Fourth Dimension Wealth LLC bought a new stake in shares of Reddit during the fourth quarter worth approximately $49,000. Chelsea Counsel Co. bought a new position in Reddit in the fourth quarter valued at approximately $49,000. Quarry LP bought a new stake in shares of Reddit during the 4th quarter valued at $59,000. Finally, CoreCap Advisors LLC boosted its position in shares of Reddit by 3,500.0% in the 4th quarter. CoreCap Advisors LLC now owns 360 shares of the company's stock worth $59,000 after purchasing an additional 350 shares during the last quarter.

Insider Activity

In other Reddit news, CTO Christopher Brian Slowe sold 26,000 shares of the company's stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $98.43, for a total transaction of $2,559,180.00. Following the sale, the chief technology officer owned 251,373 shares of the company's stock, valued at approximately $24,742,644.39. This represents a 9.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Steve Ladd Huffman sold 124,409 shares of Reddit stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $124.45, for a total value 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 approximately $67,966,251.85. The trade was a 18.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 352,568 shares of company stock worth $45,798,117 over the last quarter. Company insiders own 34.25% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Guggenheim boosted their price objective on shares of Reddit from $165.00 to $215.00 and gave the company a "buy" rating in a report on Friday, August 1st. Royal Bank Of Canada set a $125.00 price target on Reddit and gave the company a "sector perform" rating in a report on Wednesday, June 25th. Wells Fargo & Company upped their price target on Reddit from $115.00 to $118.00 and gave the stock an "equal weight" rating in a research report on Tuesday, July 1st. Morgan Stanley increased their target price on shares of Reddit from $170.00 to $230.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Finally, JMP Securities lifted their target price on Reddit from $180.00 to $225.00 and gave the company a "market outperform" rating in a research report on Friday, August 1st. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Reddit has an average rating of "Moderate Buy" and an average target price of $168.43.

Reddit Stock Up 1.2%

Reddit stock traded up $2.93 during trading hours on Friday, hitting $246.40. The stock had a trading volume of 6,421,295 shares, compared to its average volume of 7,902,129. The business's 50 day simple moving average is $156.51 and its 200-day simple moving average is $141.08. Reddit Inc. has a one year low of $52.39 and a one year high of $248.02. The stock has a market cap of $46.12 billion, a price-to-earnings ratio of 224.00, a P/E/G ratio of 3.72 and a beta of 2.30.

Reddit (NYSE:RDDT - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The company reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.25. The firm had revenue of $499.63 million during the quarter, compared to the consensus estimate of $424.07 million. Reddit had a net margin of 12.97% and a return on equity of 9.93%. The company's revenue for the quarter was up 77.9% on a year-over-year basis. During the same quarter last year, the firm earned ($0.06) earnings per share. Research analysts anticipate that Reddit Inc. will post 1.12 EPS for the current fiscal year.

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.