International Assets Investment Management LLC Purchases 3,255 Shares of Reddit Inc. $RDDT

International Assets Investment Management LLC raised its position in Reddit Inc. (NYSE:RDDT) by 75.2% during the first quarter, according to its most recent filing with the SEC. The firm owned 7,586 shares of the company’s stock after purchasing an additional 3,255 shares during the period. International Assets Investment Management LLC’s holdings in Reddit were worth $1,033,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of the company. Ascentis Independent Advisors acquired a new stake in shares of Reddit during the first quarter worth $30,000. LOM Asset Management Ltd bought a new position in Reddit during the fourth quarter worth $33,000. Noble Wealth Management PBC acquired a new position in Reddit in the fourth quarter valued at $34,000. Geneos Wealth Management Inc. lifted its holdings in Reddit by 344.6% in the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock valued at $39,000 after buying an additional 286 shares during the period. Finally, V Square Quantitative Management LLC bought a new stake in Reddit during the first quarter valued at $43,000.

Insider Buying and Selling at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 18,000 shares of the firm’s stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of $173.13, for a total value of $3,116,340.00. Following the transaction, the chief executive officer directly owned 373,814 shares of the company’s stock, valued at approximately $64,718,417.82. This trade represents a 4.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jennifer L. Wong sold 39,166 shares of Reddit stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $176.94, for a total transaction of $6,930,032.04. Following the transaction, the chief operating officer owned 1,050,339 shares of the company’s stock, valued at $185,846,982.66. This represents a 3.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 226,308 shares of company stock worth $37,856,340. 28.48% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on RDDT. Piper Sandler reiterated an “overweight” rating and set a $215.00 price target on shares of Reddit in a report on Thursday. Cantor Fitzgerald boosted their price objective on Reddit from $170.00 to $180.00 and gave the company a “neutral” rating in a research note on Friday, May 1st. Raymond James Financial set a $180.00 target price on Reddit and gave the company a “market perform” rating in a research report on Friday, May 1st. Oppenheimer reaffirmed an “outperform” rating and set a $225.00 target price on shares of Reddit in a research note on Friday, May 1st. Finally, Truist Financial set a $265.00 target price on Reddit in a research note on Friday, May 1st. Eighteen investment analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $231.14.

Reddit Stock Up 2.7%

NYSE RDDT opened at $200.64 on Tuesday. The company has a market cap of $38.62 billion, a price-to-earnings ratio of 57.33 and a beta of 1.93. Reddit Inc. has a 52 week low of $119.27 and a 52 week high of $282.95. The business has a 50 day moving average price of $170.54 and a 200-day moving average price of $170.30.

Reddit (NYSE:RDDT) last issued its earnings results on Thursday, April 30th. The company reported $1.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.39. Reddit had a return on equity of 25.48% and a net margin of 28.60%.The company had revenue of $663.41 million for the quarter, compared to analysts’ expectations of $607.74 million. During the same period last year, the business earned $0.13 EPS. Reddit’s quarterly revenue was up 69.1% compared to the same quarter last year. On average, equities research analysts anticipate that Reddit Inc. will post 4.83 earnings per share for the current year.

Reddit Company Profile

Reddit is an online social news aggregation, discussion and content-sharing platform organized around user-created communities called “subreddits,” each focused on a particular topic or interest. Registered users submit links, text posts, images and video, and community members vote and comment to surface popular content. The site is accessed via its web platform and mobile apps for iOS and Android, and it supports live events such as Ask Me Anything (AMA) sessions and community-driven discussions.

Founded in 2005 by Steve Huffman and Alexis Ohanian, Reddit is headquartered in San Francisco and serves a global audience with particularly large user bases in the United States and other English-speaking markets.