Y Intercept Hong Kong Ltd Acquires Shares of 39,624 Reddit Inc. (NYSE:RDDT)

Y Intercept Hong Kong Ltd acquired a new stake in shares of Reddit Inc. (NYSE:RDDT - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 39,624 shares of the company's stock, valued at approximately $4,157,000.

Other institutional investors have also added to or reduced their stakes in the company. CWM LLC lifted its holdings in Reddit by 100.0% during the first quarter. CWM LLC now owns 256 shares of the company's stock valued at $27,000 after purchasing an additional 128 shares during the last quarter. Tucker Asset Management LLC bought a new stake in shares of Reddit during the fourth quarter valued at about $39,000. Farther Finance Advisors LLC increased its position in shares of Reddit by 148.5% during the fourth quarter. Farther Finance Advisors LLC now owns 246 shares of the company's stock valued at $40,000 after buying an additional 147 shares during the period. Canton Hathaway LLC bought a new stake in shares of Reddit during the first quarter valued at about $43,000. Finally, Olde Wealth Management LLC bought a new stake in shares of Reddit during the first quarter valued at about $46,000.

Reddit Trading Up 1.1%

Shares of RDDT stock traded up $1.69 during trading hours on Friday, hitting $149.82. 1,902,488 shares of the company's stock were exchanged, compared to its average volume of 7,732,667. The company has a market capitalization of $27.64 billion, a PE ratio of 254.03, a PEG ratio of 3.75 and a beta of 2.33. Reddit Inc. has a 12-month low of $49.13 and a 12-month high of $230.41. The business's 50 day simple moving average is $130.49 and its 200-day simple moving average is $139.14.

Reddit (NYSE:RDDT - Get Free Report) last issued 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 firm had revenue of $392.36 million for the quarter, compared to analysts' expectations of $370.55 million. Reddit had a net margin of 8.07% and a return on equity of 5.69%. The business's revenue was up 61.5% on a year-over-year basis. During the same quarter last year, the business earned ($8.19) earnings per share. Equities analysts anticipate that Reddit Inc. will post 1.12 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Citigroup upped their price target on Reddit from $158.00 to $163.00 and gave the company a "buy" rating in a research report on Tuesday, June 24th. Wall Street Zen upgraded Reddit from a "hold" rating to a "buy" rating in a research report on Saturday, June 14th. Guggenheim reiterated a "buy" rating and set a $165.00 price target on shares of Reddit in a research report on Tuesday, June 24th. Needham & Company LLC upped their price target on Reddit from $145.00 to $165.00 and gave the company a "buy" rating in a research report on Wednesday. Finally, Roth Capital upped their price target on Reddit from $130.00 to $145.00 and gave the company a "neutral" rating in a research report on Monday. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $144.13.

Insider Activity at Reddit

In other Reddit news, COO Jennifer L. Wong sold 33,334 shares of the business's stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $142.06, for a total transaction of $4,735,428.04. Following the transaction, the chief operating officer directly owned 1,428,007 shares of the company's stock, valued at approximately $202,862,674.42. The trade was a 2.28% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Christopher Brian Slowe sold 26,000 shares of the business'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 transaction, the chief technology officer directly owned 251,373 shares in the company, valued at approximately $24,742,644.39. The trade was a 9.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 506,809 shares of company stock valued at $61,884,325 in the last 90 days. 34.25% of the stock is owned by company insiders.

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.