Reddit Inc. $RDDT Shares Acquired by Lazard Asset Management LLC

Lazard Asset Management LLC lifted its position in shares of Reddit Inc. (NYSE:RDDT) by 175.0% in the first quarter, Holdings Channel reports. The firm owned 200,383 shares of the company’s stock after purchasing an additional 127,515 shares during the period. Lazard Asset Management LLC’s holdings in Reddit were worth $26,982,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Institute for Wealth Management LLC. raised its holdings in Reddit by 6.1% in the fourth quarter. Institute for Wealth Management LLC. now owns 1,071 shares of the company’s stock valued at $246,000 after buying an additional 62 shares during the period. Florida Financial Advisors LLC grew its stake in Reddit by 6.7% during the fourth quarter. Florida Financial Advisors LLC now owns 1,087 shares of the company’s stock worth $250,000 after buying an additional 68 shares during the period. Diversified Trust Co increased its position in shares of Reddit by 2.1% in the first quarter. Diversified Trust Co now owns 3,271 shares of the company’s stock worth $440,000 after acquiring an additional 68 shares in the last quarter. Yousif Capital Management LLC increased its position in shares of Reddit by 5.1% in the fourth quarter. Yousif Capital Management LLC now owns 1,554 shares of the company’s stock worth $350,000 after acquiring an additional 75 shares in the last quarter. Finally, Alta Wealth Advisors LLC increased its position in shares of Reddit by 6.5% in the fourth quarter. Alta Wealth Advisors LLC now owns 1,315 shares of the company’s stock worth $302,000 after acquiring an additional 80 shares in the last quarter.

Reddit Stock Down 0.3%

RDDT opened at $178.73 on Wednesday. The firm has a market capitalization of $34.41 billion, a P/E ratio of 51.07 and a beta of 1.93. The firm’s 50 day moving average is $175.55 and its 200-day moving average is $166.09. Reddit Inc. has a 52-week low of $119.27 and a 52-week high of $282.95.

Reddit (NYSE:RDDT) last posted its earnings results on Thursday, April 30th. The company reported $1.01 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.39. The business had revenue of $663.41 million for the quarter, compared to analysts’ expectations of $607.74 million. Reddit had a net margin of 28.60% and a return on equity of 25.48%. The business’s revenue for the quarter was up 69.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.13 earnings per share. Equities analysts expect that Reddit Inc. will post 4.85 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Reddit news, CEO Steve Ladd Huffman sold 18,000 shares of the company’s stock in a transaction dated 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 completion of the transaction, the chief executive officer directly owned 373,814 shares of the company’s stock, valued at $64,718,417.82. This represents a 4.59% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Michelle Marie Reynolds sold 808 shares of the firm’s stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $200.00, for a total value of $161,600.00. Following the sale, the chief accounting officer owned 15,060 shares of the company’s stock, valued at $3,012,000. This represents a 5.09% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 169,141 shares of company stock valued at $28,680,845 in the last quarter. Company insiders own 28.48% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Jefferies Financial Group set a $250.00 target price on shares of Reddit in a report on Friday, July 10th. Bank of America decreased their price target on shares of Reddit from $205.00 to $175.00 and set a “neutral” rating for the company in a research report on Thursday, April 2nd. Wall Street Zen downgraded Reddit from a “buy” rating to a “hold” rating in a report on Sunday, May 10th. Citizens Jmp cut their price objective on Reddit from $250.00 to $240.00 and set a “market outperform” rating on the stock in a research report on Friday, May 1st. Finally, Zacks Research cut Reddit from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 3rd. Twenty equities research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $232.48.

Reddit 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.