Lombard Odier Asset Management Switzerland SA Takes $591,000 Position in Reddit Inc. $RDDT

Lombard Odier Asset Management Switzerland SA bought a new stake in shares of Reddit Inc. (NYSE:RDDT) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 4,389 shares of the company’s stock, valued at approximately $591,000.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. NewEdge Advisors LLC lifted its holdings in Reddit by 143.3% during the first quarter. NewEdge Advisors LLC now owns 7,982 shares of the company’s stock valued at $837,000 after purchasing an additional 4,701 shares in the last quarter. Empowered Funds LLC purchased a new stake in shares of Reddit during the first quarter worth about $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in shares of Reddit by 106.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 216,960 shares of the company’s stock worth $22,759,000 after purchasing an additional 111,780 shares in the last quarter. Focus Partners Wealth raised its position in shares of Reddit by 40.8% during the 1st quarter. Focus Partners Wealth now owns 10,224 shares of the company’s stock worth $1,073,000 after purchasing an additional 2,965 shares during the last quarter. Finally, Geneos Wealth Management Inc. raised its position in shares of Reddit by 344.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock worth $39,000 after purchasing an additional 286 shares during the last quarter.

Reddit Trading Down 0.3%

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

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Thursday, April 30th. The company reported $1.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.39. The company had revenue of $663.41 million during 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%. Reddit’s revenue was up 69.1% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.13 EPS. As a group, analysts predict that Reddit Inc. will post 4.85 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

RDDT has been the topic of several research analyst reports. Citigroup reiterated a “market outperform” rating on shares of Reddit in a report on Tuesday, May 26th. Bank of America reduced their target price on Reddit from $205.00 to $175.00 and set a “neutral” rating for the company in a report on Thursday, April 2nd. Truist Financial set a $265.00 target price on Reddit in a research report on Friday, May 1st. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $200.00 price target on shares of Reddit in a research note on Monday, July 20th. Finally, The Goldman Sachs Group reiterated a “neutral” rating and set a $200.00 price target on shares of Reddit in a research report on Friday, May 1st. Twenty equities research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $232.48.

Insider Transactions at Reddit

In other news, CAO Michelle Marie Reynolds sold 808 shares of the business’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $200.00, for a total transaction of $161,600.00. Following the transaction, the chief accounting officer directly owned 15,060 shares in the company, valued at $3,012,000. The trade was a 5.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jennifer L. Wong sold 39,167 shares of the company’s stock in a transaction that occurred on Monday, May 18th. The shares were sold at an average price of $158.52, for a total value of $6,208,752.84. Following the completion of the sale, the chief operating officer owned 1,088,451 shares of the company’s stock, valued at $172,541,252.52. This trade represents a 3.47% 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 a total of 169,141 shares of company stock worth $28,680,845 in the last ninety days. Insiders own 28.48% of the company’s stock.

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.