BNP Paribas Financial Markets Grows Position in Reddit Inc. $RDDT

BNP Paribas Financial Markets lifted its holdings in shares of Reddit Inc. (NYSE:RDDT) by 11.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 56,673 shares of the company’s stock after buying an additional 6,003 shares during the period. BNP Paribas Financial Markets’ holdings in Reddit were worth $13,027,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of RDDT. Raiffeisen Bank International AG purchased a new stake in shares of Reddit during the third quarter valued at $25,000. GW&K Investment Management LLC purchased a new stake in shares of Reddit during the third quarter valued at $30,000. LOM Asset Management Ltd purchased a new stake in shares of Reddit during the fourth quarter valued at $33,000. Noble Wealth Management PBC purchased a new stake in shares of Reddit during the fourth quarter valued at $34,000. Finally, Geneos Wealth Management Inc. boosted its position in shares of Reddit by 344.6% during 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.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on RDDT shares. Citizens Jmp lowered their target price on Reddit from $250.00 to $240.00 and set a “market outperform” rating on the stock in a report on Friday, May 1st. Needham & Company LLC reissued a “buy” rating and issued a $300.00 target price on shares of Reddit in a research report on Friday, May 1st. Loop Capital reissued a “buy” rating and issued a $260.00 target price on shares of Reddit in a research report on Thursday. Wall Street Zen cut Reddit from a “buy” rating to a “hold” rating in a research report on Sunday, May 10th. Finally, Truist Financial set a $265.00 target price on Reddit in a research report on Friday, May 1st. Eighteen research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $230.75.

Insider Activity at Reddit

In related news, CEO Steve Ladd Huffman sold 18,000 shares of Reddit stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $174.13, for a total transaction of $3,134,340.00. Following the sale, the chief executive officer owned 373,814 shares of the company’s stock, valued at approximately $65,092,231.82. This trade represents a 4.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Christopher Brian Slowe sold 15,500 shares of Reddit stock in a transaction that occurred on Wednesday, April 8th. The shares were sold at an average price of $150.67, for a total value of $2,335,385.00. Following 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 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 have sold 250,499 shares of company stock valued at $38,515,283. 28.48% of the stock is owned by company insiders.

Reddit Stock Down 0.0%

NYSE RDDT opened at $173.37 on Monday. The stock’s 50-day moving average price is $153.12 and its 200-day moving average price is $177.29. Reddit Inc. has a 52 week low of $110.85 and a 52 week high of $282.95. The company has a market capitalization of $33.37 billion, a P/E ratio of 49.53 and a beta of 1.91.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Thursday, April 30th. The company reported $1.01 EPS for the quarter, topping the consensus estimate of $0.62 by $0.39. Reddit had a return on equity of 25.48% and a net margin of 28.60%.The firm had revenue of $663.41 million for the quarter, compared to the consensus estimate of $607.74 million. During the same quarter last year, the company earned $0.13 earnings per share. The business’s revenue for the quarter was up 69.1% compared to the same quarter last year. Research analysts anticipate 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.