Eurizon Capital SGR S.p.A. Purchases Shares of 9,826 Reddit Inc. $RDDT

Eurizon Capital SGR S.p.A. purchased a new stake in Reddit Inc. (NYSE:RDDT) during the 4th quarter, Holdings Channel reports. The firm purchased 9,826 shares of the company’s stock, valued at approximately $2,259,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position 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 acquiring an additional 1,401,293 shares during the period. Optimize Financial Inc bought a new position in shares of Reddit in the 3rd quarter valued at about $1,420,000. Truist Financial Corp grew its position in shares of Reddit by 67.7% in the 4th quarter. Truist Financial Corp now owns 15,659 shares of the company’s stock valued at $3,600,000 after acquiring an additional 6,321 shares during the period. Swiss Life Asset Management Ltd grew its position in shares of Reddit by 63.2% in the 4th quarter. Swiss Life Asset Management Ltd now owns 32,003 shares of the company’s stock valued at $7,357,000 after acquiring an additional 12,398 shares during the period. Finally, WT Asset Management Ltd bought a new position in shares of Reddit in the 3rd quarter valued at about $92,973,000.

Insider Buying and Selling

In related news, CTO Christopher Brian Slowe sold 15,500 shares of Reddit stock in a transaction dated Wednesday, April 8th. The shares were sold at an average price of $150.67, for a total transaction of $2,335,385.00. Following the completion of the sale, the chief technology officer owned 38,413 shares of the company’s stock, valued at approximately $5,787,686.71. The trade was a 28.75% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jennifer L. Wong sold 39,167 shares of Reddit stock in a transaction dated Monday, May 18th. The stock was sold at an average price of $158.52, for a total transaction of $6,208,752.84. Following the sale, the chief operating officer directly owned 1,088,451 shares of the company’s stock, valued at $172,541,252.52. The trade was a 3.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders sold 259,999 shares of company stock valued at $39,812,508. Company insiders own 28.48% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on RDDT shares. Jefferies Financial Group decreased their price objective on shares of Reddit from $285.00 to $250.00 and set a “buy” rating for the company in a research report on Tuesday, March 10th. Piper Sandler reissued an “overweight” rating and issued a $215.00 price objective (up from $205.00) on shares of Reddit in a research report on Friday, May 1st. Wall Street Zen downgraded shares of Reddit from a “buy” rating to a “hold” rating in a research report on Sunday, May 10th. Rothschild & Co Redburn set a $110.00 price objective on shares of Reddit in a research report on Monday, April 27th. Finally, Oppenheimer reissued an “outperform” rating and issued a $225.00 price objective on shares of Reddit in a research report on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and eleven have given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $228.61.

Reddit Stock Performance

Shares of RDDT stock opened at $168.85 on Wednesday. The company has a market capitalization of $32.51 billion, a price-to-earnings ratio of 48.24 and a beta of 1.91. The company has a 50-day simple moving average of $150.34 and a 200 day simple moving average of $177.84. Reddit Inc. has a 52 week low of $109.92 and a 52 week high of $282.95.

Reddit (NYSE:RDDT) last announced its earnings results on Thursday, April 30th. The company reported $1.01 EPS for the quarter, topping the consensus estimate of $0.62 by $0.39. The business had revenue of $663.41 million during the quarter, compared to the consensus estimate of $607.74 million. Reddit had a net margin of 28.60% and a return on equity of 25.48%. Reddit’s revenue was up 69.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.13 EPS. Sell-side analysts forecast 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.