Erste Asset Management GmbH Acquires Shares of 65,000 Reddit Inc. $RDDT

Erste Asset Management GmbH bought a new stake in Reddit Inc. (NYSE:RDDT) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 65,000 shares of the company’s stock, valued at approximately $15,252,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. increased its stake in shares of Reddit by 12.9% in the 3rd quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company’s stock valued at $2,814,734,000 after buying an additional 1,401,293 shares during the period. Truist Financial Corp increased its holdings in Reddit by 67.7% in the fourth quarter. Truist Financial Corp now owns 15,659 shares of the company’s stock valued at $3,600,000 after purchasing an additional 6,321 shares during the last quarter. Swiss Life Asset Management Ltd increased its holdings in Reddit by 63.2% in the fourth quarter. Swiss Life Asset Management Ltd now owns 32,003 shares of the company’s stock valued at $7,357,000 after purchasing an additional 12,398 shares during the last quarter. WT Asset Management Ltd bought a new stake in Reddit in the third quarter valued at about $92,973,000. Finally, Calamos Advisors LLC bought a new stake in Reddit in the fourth quarter valued at about $2,299,000.

Reddit Trading Down 1.3%

NYSE:RDDT opened at $171.18 on Tuesday. Reddit Inc. has a 1 year low of $110.85 and a 1 year high of $282.95. The stock has a market cap of $32.95 billion, a price-to-earnings ratio of 48.91 and a beta of 1.91. The stock has a 50-day moving average price of $153.99 and a two-hundred day moving average price of $177.19.

Reddit (NYSE:RDDT) last posted its earnings results on Thursday, April 30th. The company reported $1.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.39. The firm had revenue of $663.41 million during the quarter, compared to analysts’ expectations of $607.74 million. Reddit had a return on equity of 25.48% and a net margin of 28.60%.The company’s revenue was up 69.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.13 earnings per share. Sell-side analysts forecast that Reddit Inc. will post 4.83 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on RDDT shares. Cantor Fitzgerald upped their price objective on Reddit from $170.00 to $180.00 and gave the company a “neutral” rating in a report on Friday, May 1st. Citigroup reiterated a “market outperform” rating on shares of Reddit in a report on Tuesday, May 26th. Weiss Ratings reiterated a “hold (c)” rating on shares of Reddit in a report on Friday, May 8th. Zacks Research downgraded Reddit from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 3rd. Finally, Bank of America decreased their target price on Reddit from $205.00 to $175.00 and set a “neutral” rating for the company in a research note on Thursday, April 2nd. Eighteen research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $230.75.

Insider Transactions at Reddit

In other news, CEO Steve Ladd Huffman sold 18,000 shares of the company’s stock in a transaction dated Tuesday, March 31st. The stock was sold at an average price of $132.77, for a total transaction of $2,389,860.00. Following the completion of the transaction, the chief executive officer directly owned 411,195 shares of the company’s stock, valued at $54,594,360.15. This represents a 4.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Christopher Brian Slowe sold 15,500 shares of the company’s stock in a transaction dated Wednesday, April 8th. The stock was sold at an average price of $150.67, for a total value of $2,335,385.00. Following the transaction, the chief technology officer directly owned 38,413 shares of the company’s stock, valued at $5,787,686.71. This represents a 28.75% 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 sold 250,499 shares of company stock valued at $38,515,283 over the last three months. Company insiders own 28.48% of the company’s stock.

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.