Oddo BHF Asset Management Sas Acquires Shares of 38,018 Reddit Inc. $RDDT

Oddo BHF Asset Management Sas acquired a new stake in shares of Reddit Inc. (NYSE:RDDT) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 38,018 shares of the company’s stock, valued at approximately $8,739,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in RDDT. Raiffeisen Bank International AG bought a new position in shares of Reddit during the third quarter valued at $25,000. GW&K Investment Management LLC bought a new position in shares of Reddit in the third quarter valued at about $30,000. LOM Asset Management Ltd bought a new position in shares of Reddit in the fourth quarter valued at about $33,000. Noble Wealth Management PBC bought a new position in shares of Reddit in the fourth quarter valued at about $34,000. Finally, Geneos Wealth Management Inc. raised its holdings in shares of Reddit by 344.6% in the first 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 last quarter.

Reddit Stock Up 12.2%

Shares of RDDT stock opened at $181.83 on Tuesday. The stock has a 50-day moving average price of $158.30 and a 200 day moving average price of $176.49. The firm has a market cap of $35.00 billion, a price-to-earnings ratio of 51.95 and a beta of 1.91. Reddit Inc. has a 12 month low of $119.27 and a 12 month high of $282.95.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Thursday, April 30th. The company reported $1.01 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.39. The firm had revenue of $663.41 million during the quarter, compared to analyst estimates 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 last year, the company earned $0.13 earnings per share. Sell-side analysts predict that Reddit Inc. will post 4.83 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms recently issued reports on RDDT. Oppenheimer reaffirmed an “outperform” rating and issued a $225.00 price target on shares of Reddit in a report on Friday, May 1st. Zacks Research cut Reddit from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 3rd. DA Davidson reaffirmed a “buy” rating and issued a $200.00 price target on shares of Reddit in a report on Friday, May 1st. Rothschild & Co Redburn set a $110.00 price target on Reddit in a report on Monday, April 27th. Finally, Truist Financial set a $265.00 price target on Reddit in a report on Friday, May 1st. Eighteen equities research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $230.75.

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 stock was sold at an average price of $150.67, for a total value of $2,335,385.00. Following the completion of the sale, the chief technology officer directly owned 38,413 shares in the company, valued at $5,787,686.71. This trade represents a 28.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 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 approximately $172,541,252.52. The trade was 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 sold a total of 232,499 shares of company stock worth $36,123,803 over the last three months. 28.48% of the stock is currently owned by company insiders.

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.