7,607 Shares in Reddit Inc. $RDDT Purchased by Entropy Technologies LP

Entropy Technologies LP acquired a new position in Reddit Inc. (NYSE:RDDT) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 7,607 shares of the company’s stock, valued at approximately $1,749,000.

Other institutional investors have also bought and sold shares of the company. Raiffeisen Bank International AG acquired a new stake in Reddit in the third quarter worth about $25,000. GW&K Investment Management LLC acquired a new stake in Reddit in the third quarter worth about $30,000. LOM Asset Management Ltd acquired a new stake in Reddit in the fourth quarter worth about $33,000. Noble Wealth Management PBC acquired a new stake in Reddit in the fourth quarter worth about $34,000. Finally, Geneos Wealth Management Inc. lifted its holdings in Reddit by 344.6% in the first 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 period.

Reddit Trading Up 12.2%

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

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Thursday, April 30th. The company reported $1.01 EPS for the quarter, beating 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 company had revenue of $663.41 million during the quarter, compared to analyst estimates of $607.74 million. During the same period in the prior year, the firm earned $0.13 earnings per share. The business’s quarterly revenue 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.

Insider Buying and Selling at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 18,000 shares of the company’s stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $174.13, for a total transaction of $3,134,340.00. Following the completion of the sale, the chief executive officer directly owned 373,814 shares of the company’s stock, valued at approximately $65,092,231.82. This represents a 4.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through 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 dated Monday, May 18th. The shares were sold at an average price of $158.52, for a total transaction of $6,208,752.84. Following the sale, the chief operating officer directly owned 1,088,451 shares of the company’s stock, valued at $172,541,252.52. This 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. Over the last ninety days, insiders sold 232,499 shares of company stock valued at $36,123,803. 28.48% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on RDDT. Truist Financial set a $265.00 price target on shares of Reddit in a report on Friday, May 1st. Raymond James Financial set a $180.00 price target on shares of Reddit and gave the company a “market perform” rating in a report on Friday, May 1st. Cantor Fitzgerald upped their price target on shares of Reddit from $170.00 to $180.00 and gave the company a “neutral” rating in a report on Friday, May 1st. Wells Fargo & Company upped their price target on shares of Reddit from $149.00 to $176.00 and gave the company an “equal weight” rating in a report on Friday, May 1st. Finally, Wall Street Zen downgraded shares of Reddit from a “buy” rating to a “hold” rating in a report on Sunday, May 10th. Eighteen equities research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $230.75.

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.