Vontobel Holding Ltd. Purchases 10,113 Shares of Reddit Inc. (NYSE:RDDT)

Vontobel Holding Ltd. increased its position in shares of Reddit Inc. (NYSE:RDDT - Free Report) by 698.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 11,561 shares of the company's stock after acquiring an additional 10,113 shares during the quarter. Vontobel Holding Ltd.'s holdings in Reddit were worth $1,213,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of RDDT. EverSource Wealth Advisors LLC acquired a new stake in Reddit during the 4th quarter worth approximately $28,000. Tucker Asset Management LLC acquired a new stake in Reddit during the 4th quarter worth approximately $39,000. Farther Finance Advisors LLC raised its holdings in Reddit by 148.5% during the 4th quarter. Farther Finance Advisors LLC now owns 246 shares of the company's stock worth $40,000 after buying an additional 147 shares during the period. Canton Hathaway LLC acquired a new stake in Reddit during the 1st quarter worth approximately $43,000. Finally, Fourth Dimension Wealth LLC acquired a new stake in Reddit during the 4th quarter worth approximately $49,000.

Wall Street Analyst Weigh In

RDDT has been the topic of a number of recent research reports. Bank of America lowered their price objective on shares of Reddit from $190.00 to $110.00 and set a "neutral" rating on the stock in a report on Wednesday, April 9th. JMP Securities reiterated a "market outperform" rating and issued a $180.00 price objective on shares of Reddit in a report on Friday, May 2nd. Loop Capital lowered their price objective on shares of Reddit from $210.00 to $200.00 and set a "buy" rating on the stock in a report on Thursday, June 12th. Wall Street Zen upgraded shares of Reddit from a "hold" rating to a "buy" rating in a report on Saturday, June 14th. Finally, Piper Sandler restated an "overweight" rating and set a $150.00 target price (up from $140.00) on shares of Reddit in a report on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $139.70.

Insider Buying and Selling

In other Reddit news, CTO Christopher Brian Slowe sold 26,000 shares of the firm's stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $98.43, for a total transaction 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 trade represents a 9.37% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Jennifer L. Wong sold 33,334 shares of Reddit stock in a transaction 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 in the company, 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. Insiders have sold a total of 617,285 shares of company stock valued at $69,599,110 in the last 90 days. Insiders own 34.25% of the company's stock.

Reddit Trading Down 1.2%

NYSE RDDT opened at $157.35 on Friday. The company has a fifty day simple moving average of $121.57 and a 200 day simple moving average of $141.46. Reddit Inc. has a 12-month low of $49.13 and a 12-month high of $230.41. The company has a market cap of $29.03 billion, a P/E ratio of 266.70, a PEG ratio of 4.03 and a beta of 2.33.

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, beating the consensus estimate of $0.02 by $0.11. Reddit had a return on equity of 5.69% and a net margin of 8.07%. The business had revenue of $392.36 million for the quarter, compared to analysts' expectations of $370.55 million. During the same period last year, the business earned ($8.19) EPS. The business's revenue was up 61.5% on a year-over-year basis. Sell-side analysts predict that Reddit Inc. will post 1.12 EPS for the current year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.