17,797 Shares in Reddit Inc. $RDDT Acquired by Motley Fool Asset Management LLC

Motley Fool Asset Management LLC bought a new position in Reddit Inc. (NYSE:RDDT) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 17,797 shares of the company’s stock, valued at approximately $4,091,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Raiffeisen Bank International AG purchased a new stake in shares of Reddit in the third quarter worth $25,000. GW&K Investment Management LLC purchased a new stake in shares of Reddit in the third quarter worth $30,000. LOM Asset Management Ltd purchased a new stake in shares of Reddit in the fourth quarter worth $33,000. Noble Wealth Management PBC purchased a new stake in shares of Reddit in the fourth quarter worth $34,000. Finally, Sound Income Strategies LLC purchased a new stake in shares of Reddit in the fourth quarter worth $47,000.

Insider Buying and Selling

In related news, CEO Steve Ladd Huffman sold 18,000 shares of the company’s stock in a transaction on Tuesday, March 31st. The shares were 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 owned 411,195 shares in the company, valued at approximately $54,594,360.15. This represents a 4.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through 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 on Wednesday, April 8th. The stock was sold at an average price of $150.67, for a total transaction of $2,335,385.00. Following the transaction, the chief technology officer owned 38,413 shares of the company’s stock, valued at approximately $5,787,686.71. This represents a 28.75% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 250,499 shares of company stock worth $38,515,283. 28.48% of the stock is owned by insiders.

Reddit Stock Performance

Shares of NYSE:RDDT opened at $172.54 on Thursday. The firm has a fifty day moving average price of $156.09 and a 200 day moving average price of $177.06. Reddit Inc. has a fifty-two week low of $110.85 and a fifty-two week high of $282.95. The firm has a market cap of $33.22 billion, a price-to-earnings ratio of 49.30 and a beta of 1.91.

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

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Wells Fargo & Company increased their price objective on shares of Reddit from $149.00 to $176.00 and gave the stock an “equal weight” rating in a research note on Friday, May 1st. Truist Financial set a $265.00 price objective on shares of Reddit in a research note on Friday, May 1st. Citigroup reissued a “market outperform” rating on shares of Reddit in a research note on Tuesday, May 26th. Citizens Jmp reduced their price objective on shares of Reddit from $250.00 to $240.00 and set a “market outperform” rating for the company in a research note on Friday, May 1st. Finally, Raymond James Financial set a $180.00 price objective on shares of Reddit and gave the stock a “market perform” rating in a research note on Friday, May 1st. Eighteen 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, Reddit currently has an average rating of “Moderate Buy” and a consensus price target of $230.75.

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.