Leonteq Securities AG Acquires New Shares in Reddit Inc. $RDDT

Leonteq Securities AG acquired a new stake in Reddit Inc. (NYSE:RDDT) during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 3,738 shares of the company’s stock, valued at approximately $859,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in RDDT. NewEdge Advisors LLC lifted its position in Reddit by 143.3% in the 1st quarter. NewEdge Advisors LLC now owns 7,982 shares of the company’s stock valued at $837,000 after acquiring an additional 4,701 shares in the last quarter. Empowered Funds LLC bought a new position in shares of Reddit during the 1st quarter valued at $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Reddit by 106.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 216,960 shares of the company’s stock valued at $22,759,000 after buying an additional 111,780 shares during the period. Focus Partners Wealth lifted its holdings in shares of Reddit by 40.8% during the 1st quarter. Focus Partners Wealth now owns 10,224 shares of the company’s stock valued at $1,073,000 after buying an additional 2,965 shares during the period. Finally, Geneos Wealth Management Inc. lifted its holdings in shares of Reddit by 344.6% during the 1st 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.

Insider Buying and Selling

In related news, COO Jennifer L. Wong sold 39,167 shares of the firm’s stock in a transaction on Thursday, April 16th. The stock was sold at an average price of $161.47, for a total value of $6,324,295.49. Following the transaction, the chief operating officer directly owned 1,088,451 shares of the company’s stock, valued at approximately $175,752,182.97. This trade represents a 3.47% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Steve Ladd Huffman sold 18,000 shares of the firm’s stock in a transaction on Friday, February 27th. The stock was sold at an average price of $145.12, for a total value of $2,612,160.00. Following the completion of the transaction, the chief executive officer directly owned 411,195 shares in the company, valued at approximately $59,672,618.40. This represents a 4.19% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 326,144 shares of company stock valued at $48,788,412. 34.25% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on RDDT. Roth Mkm increased their price target on Reddit from $210.00 to $215.00 and gave the company a “neutral” rating in a report on Friday, January 30th. Robert W. Baird set a $200.00 price target on Reddit in a report on Friday, February 6th. Wall Street Zen cut Reddit from a “buy” rating to a “hold” rating in a report on Sunday, May 10th. Weiss Ratings reissued a “hold (c)” rating on shares of Reddit in a report on Friday, May 8th. Finally, The Goldman Sachs Group reissued a “neutral” rating and set a $200.00 price target on shares of Reddit in a report on Friday, May 1st. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and eleven have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $228.61.

Reddit Stock Performance

Shares of Reddit stock opened at $141.87 on Friday. Reddit Inc. has a one year low of $95.23 and a one year high of $282.95. The stock’s fifty day moving average is $147.67 and its 200 day moving average is $179.50. The stock has a market cap of $27.31 billion, a P/E ratio of 40.53 and a beta of 1.85.

Reddit (NYSE:RDDT) last announced 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. 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 firm earned $0.13 EPS. Reddit’s revenue for the quarter was up 69.1% compared to the same quarter last year. Analysts predict that Reddit Inc. will post 4.83 EPS for the current year.

About Reddit

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.