Victory Capital Management Inc. Has $31.29 Million Holdings in Reddit Inc. (NYSE:RDDT)

Victory Capital Management Inc. lifted its stake in Reddit Inc. (NYSE:RDDT - Free Report) by 22.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 298,326 shares of the company's stock after buying an additional 54,451 shares during the period. Victory Capital Management Inc. owned about 0.16% of Reddit worth $31,294,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of RDDT. Ogborne Capital Management LLC bought a new position in Reddit in the 4th quarter valued at $11,539,000. Wells Fargo & Company MN boosted its position in Reddit by 909.3% in the 4th quarter. Wells Fargo & Company MN now owns 97,183 shares of the company's stock valued at $15,884,000 after buying an additional 87,554 shares during the last quarter. Voloridge Investment Management LLC boosted its position in Reddit by 46.3% in the 4th quarter. Voloridge Investment Management LLC now owns 963,516 shares of the company's stock valued at $157,477,000 after buying an additional 304,773 shares during the last quarter. FMR LLC boosted its position in Reddit by 7.5% in the 4th quarter. FMR LLC now owns 13,070,780 shares of the company's stock valued at $2,136,288,000 after buying an additional 913,189 shares during the last quarter. Finally, Renaissance Capital LLC boosted its position in shares of Reddit by 10.9% in the 1st quarter. Renaissance Capital LLC now owns 34,636 shares of the company's stock worth $3,633,000 after purchasing an additional 3,400 shares during the last quarter.

Reddit Stock Performance

Shares of NYSE:RDDT opened at $148.29 on Monday. The company has a fifty day moving average of $127.99 and a 200-day moving average of $139.48. The company has a market capitalization of $27.36 billion, a PE ratio of 251.34, a price-to-earnings-growth ratio of 3.81 and a beta of 2.33. Reddit Inc. has a 52-week low of $49.13 and a 52-week high of $230.41.

Reddit (NYSE:RDDT - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The company reported $0.13 earnings per share 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 company had revenue of $392.36 million for the quarter, compared to analysts' expectations of $370.55 million. During the same quarter in the previous year, the firm posted ($8.19) earnings per share. Reddit's revenue for the quarter was up 61.5% on a year-over-year basis. On average, equities analysts forecast that Reddit Inc. will post 1.12 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages recently commented on RDDT. Roth Capital reaffirmed a "neutral" rating on shares of Reddit in a research note on Friday, May 2nd. Piper Sandler reissued an "overweight" rating and issued a $150.00 price target (up previously from $140.00) on shares of Reddit in a research note on Friday, May 2nd. The Goldman Sachs Group lifted their price target on Reddit from $124.00 to $140.00 and gave the company a "neutral" rating in a research note on Friday, May 2nd. B. Riley restated a "buy" rating and issued a $220.00 price objective (down previously from $222.00) on shares of Reddit in a report on Friday, May 2nd. Finally, Loop Capital decreased their price objective on Reddit from $210.00 to $200.00 and set a "buy" rating for the company in a report on Thursday, June 12th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $141.04.

Insider Buying and Selling

In related news, CTO Christopher Brian Slowe sold 16,000 shares of the business's stock in a transaction on Monday, June 23rd. The shares were sold at an average price of $136.47, for a total value of $2,183,520.00. Following the sale, the chief technology officer owned 246,373 shares of the company's stock, valued at $33,622,523.31. The trade was a 6.10% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Andrew Vollero sold 30,000 shares of the business's stock in a transaction 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 in the company, valued at approximately $39,268,937.84. This represents a 8.25% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 492,877 shares of company stock valued at $59,177,442 over the last quarter. 34.25% of the stock is currently owned by company insiders.

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.

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