Reddit Inc. (NYSE:RDDT) Shares Purchased by Charles Schwab Investment Management Inc.

Charles Schwab Investment Management Inc. boosted its holdings in Reddit Inc. (NYSE:RDDT) by 2.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 655,227 shares of the company’s stock after purchasing an additional 12,771 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 0.36% of Reddit worth $68,733,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the business. ASR Vermogensbeheer N.V. acquired a new position in Reddit in the first quarter worth $191,000. Vanguard Group Inc. lifted its stake in Reddit by 11.1% in the first quarter. Vanguard Group Inc. now owns 10,198,552 shares of the company’s stock valued at $1,069,828,000 after buying an additional 1,017,162 shares during the last quarter. Campbell Capital Management Inc. lifted its stake in Reddit by 77.9% in the first quarter. Campbell Capital Management Inc. now owns 11,110 shares of the company’s stock valued at $1,165,000 after buying an additional 4,866 shares during the last quarter. Atria Wealth Solutions Inc. lifted its stake in Reddit by 108.7% in the first quarter. Atria Wealth Solutions Inc. now owns 4,718 shares of the company’s stock valued at $495,000 after buying an additional 2,457 shares during the last quarter. Finally, Blair William & Co. IL bought a new stake in Reddit in the first quarter valued at $238,000.

Reddit Trading Up 3.5%

Shares of RDDT opened at $243.08 on Friday. The business’s 50-day moving average price is $156.51 and its 200 day moving average price is $141.08. The stock has a market capitalization of $45.49 billion, a P/E ratio of 220.98, a P/E/G ratio of 3.72 and a beta of 2.30. Reddit Inc. has a 1-year low of $52.39 and a 1-year high of $244.85.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Thursday, July 31st. The company reported $0.45 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.25. The firm had revenue of $499.63 million for the quarter, compared to analysts’ expectations of $424.07 million. Reddit had a return on equity of 9.93% and a net margin of 12.97%. Reddit’s revenue was up 77.9% on a year-over-year basis. During the same quarter last year, the business posted ($0.06) EPS. On average, research analysts predict that Reddit Inc. will post 1.12 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Andrew Vollero sold 30,000 shares of Reddit stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $117.64, for a total value of $3,529,200.00. Following the transaction, the chief financial officer owned 333,806 shares of the company’s stock, valued at approximately $39,268,937.84. This trade represents a 8.25% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CTO Christopher Brian Slowe sold 26,000 shares of Reddit stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $98.43, for a total value of $2,559,180.00. Following the completion of the transaction, the chief technology officer directly owned 251,373 shares in the company, valued at $24,742,644.39. This represents a 9.37% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 352,568 shares of company stock worth $45,798,117. Company insiders own 34.25% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on RDDT. Sanford C. Bernstein raised their target price on Reddit from $130.00 to $150.00 and gave the company a “market perform” rating in a research note on Tuesday, July 22nd. Seaport Res Ptn upgraded Reddit from a “hold” rating to a “strong-buy” rating in a research note on Monday, May 5th. Needham & Company LLC raised their target price on Reddit from $165.00 to $215.00 and gave the company a “buy” rating in a research note on Friday, August 1st. Bank of America raised their target price on Reddit from $130.00 to $150.00 and gave the company a “neutral” rating in a research note on Wednesday, July 30th. Finally, The Goldman Sachs Group reiterated a “neutral” rating and issued a $212.00 target price on shares of Reddit in a research note on Friday, August 1st. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $168.43.

Reddit Company Profile

Reddit, Inc operates a website that organizes digital communities. It organizes communities based on specific interests that enable users to engage in conversations by sharing experiences, submitting links, uploading images and videos, and replying to one another. The company was founded in 2005 and is headquartered in San Francisco, California.