Zurcher Kantonalbank Zurich Cantonalbank Buys 27,171 Shares of Reddit Inc. (NYSE:RDDT)

Key Points

• Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Reddit Inc. by 187.6%, acquiring an additional 27,171 shares in the first quarter, bringing its total holdings to 41,657 shares, valued at approximately $4.37 million.
• Analysts have revised their price targets for Reddit, with Roth Capital increasing its target from $130 to $145 and Robert W. Baird raising it to $151, while maintaining a "neutral" rating.
• Despite significant insider selling, with executives offloading a total of 506,809 shares in the last quarter, Reddit's stock recently saw an uptick of 7.9%, reflecting strong market interest.

Zurcher Kantonalbank Zurich Cantonalbank grew its position in Reddit Inc. (NYSE:RDDT - Free Report) by 187.6% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 41,657 shares of the company's stock after purchasing an additional 27,171 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Reddit were worth $4,370,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Whale Rock Capital Management LLC bought a new position in Reddit in the 4th quarter valued at $204,054,000. Renaissance Technologies LLC increased its stake in shares of Reddit by 265.4% in the fourth quarter. Renaissance Technologies LLC now owns 1,650,500 shares of the company's stock valued at $269,758,000 after buying an additional 1,198,800 shares in the last quarter. Voya Investment Management LLC bought a new position in shares of Reddit in the fourth quarter valued at about $157,984,000. FMR LLC lifted its position in Reddit by 7.5% during the 4th quarter. FMR LLC now owns 13,070,780 shares of the company's stock worth $2,136,288,000 after buying an additional 913,189 shares in the last quarter. Finally, Cresset Asset Management LLC grew its holdings in Reddit by 159.6% during the 4th quarter. Cresset Asset Management LLC now owns 1,308,797 shares of the company's stock worth $213,910,000 after acquiring an additional 804,591 shares during the last quarter.

Insider Transactions at Reddit

In related news, COO Jennifer L. Wong sold 33,334 shares of Reddit stock in a transaction that occurred on Wednesday, July 16th. The stock was sold at an average price of $142.06, for a total value of $4,735,428.04. Following the sale, the chief operating officer owned 1,428,007 shares of the company's stock, valued at approximately $202,862,674.42. This trade represents a 2.28% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Andrew Vollero sold 30,000 shares of the company's stock in a transaction that occurred on Friday, June 13th. The stock was sold at an average price of $117.64, for a total value of $3,529,200.00. Following the transaction, the chief financial officer directly owned 333,806 shares of the company's stock, valued at approximately $39,268,937.84. This trade represents a 8.25% decrease in their position. The disclosure for this sale can be found here. Insiders sold 506,809 shares of company stock valued at $61,884,325 over the last three months. 34.25% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Citigroup boosted their target price on shares of Reddit from $158.00 to $163.00 and gave the stock a "buy" rating in a research note on Tuesday, June 24th. Sanford C. Bernstein raised their price target on shares of Reddit from $130.00 to $150.00 and gave the company a "market perform" rating in a report on Tuesday, July 22nd. JMP Securities upped their price objective on Reddit from $180.00 to $225.00 and gave the stock a "market outperform" rating in a report on Friday. Wells Fargo & Company increased their price objective on Reddit from $115.00 to $118.00 and gave the company an "equal weight" rating in a research report on Tuesday, July 1st. Finally, Roth Mkm lifted their target price on Reddit from $120.00 to $130.00 and gave the company a "neutral" rating in a research note on Friday, May 2nd. One research analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Reddit currently has an average rating of "Moderate Buy" and an average target price of $164.21.

Reddit Price Performance

Shares of Reddit stock traded up $28.01 on Friday, hitting $188.60. The company had a trading volume of 27,233,418 shares, compared to its average volume of 5,643,536. The stock has a 50-day moving average of $136.97 and a 200-day moving average of $138.67. Reddit Inc. has a twelve month low of $49.13 and a twelve month high of $230.41. The firm has a market capitalization of $34.80 billion, a P/E ratio of 171.45, a P/E/G ratio of 4.76 and a beta of 2.31.

Reddit (NYSE:RDDT - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The company reported $0.45 EPS for the quarter, beating the consensus estimate of $0.20 by $0.25. The business had revenue of $499.63 million for the quarter, compared to analysts' expectations of $424.07 million. Reddit had a net margin of 12.97% and a return on equity of 10.26%. The firm's revenue was up 77.9% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.06) EPS. Equities analysts predict that Reddit Inc. will post 1.12 EPS for the current year.

Reddit 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.