Zurcher Kantonalbank Zurich Cantonalbank Raises Holdings in Reddit Inc. $RDDT

Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Reddit Inc. (NYSE:RDDT) by 23.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 27,551 shares of the company’s stock after purchasing an additional 5,214 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Reddit were worth $6,333,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Belpointe Asset Management LLC boosted its stake in Reddit by 99.2% during the 4th quarter. Belpointe Asset Management LLC now owns 6,857 shares of the company’s stock valued at $1,576,000 after purchasing an additional 3,415 shares during the last quarter. Fortis Capital Advisors LLC boosted its stake in shares of Reddit by 99.2% in the 4th quarter. Fortis Capital Advisors LLC now owns 6,857 shares of the company’s stock worth $1,576,000 after buying an additional 3,415 shares during the last quarter. Krilogy Financial LLC boosted its stake in shares of Reddit by 35.6% in the 4th quarter. Krilogy Financial LLC now owns 1,717 shares of the company’s stock worth $367,000 after buying an additional 451 shares during the last quarter. Institute for Wealth Management LLC. boosted its stake in shares of Reddit by 6.1% in the 4th quarter. Institute for Wealth Management LLC. now owns 1,071 shares of the company’s stock worth $246,000 after buying an additional 62 shares during the last quarter. Finally, Lecap Asset Management Ltd. boosted its stake in shares of Reddit by 90.9% in the 4th quarter. Lecap Asset Management Ltd. now owns 6,609 shares of the company’s stock worth $1,519,000 after buying an additional 3,147 shares during the last quarter.

Analysts Set New Price Targets

A number of research firms have recently issued reports on RDDT. Deutsche Bank Aktiengesellschaft restated a “buy” rating and issued a $285.00 price target on shares of Reddit in a research note on Tuesday, January 20th. Zacks Research downgraded Reddit from a “strong-buy” rating to a “hold” rating in a research note on Friday, December 26th. Wall Street Zen downgraded Reddit from a “buy” rating to a “hold” rating in a research note on Wednesday, April 8th. Oppenheimer decreased their target price on Reddit from $300.00 to $250.00 and set an “outperform” rating on the stock in a report on Friday, February 6th. Finally, The Goldman Sachs Group decreased their target price on Reddit from $206.00 to $180.00 and set a “neutral” rating on the stock in a report on Tuesday, April 14th. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and eleven have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $234.22.

Reddit Stock Up 1.2%

NYSE:RDDT opened at $154.79 on Friday. The business’s 50-day simple moving average is $143.49 and its two-hundred day simple moving average is $185.81. The stock has a market cap of $29.57 billion, a PE ratio of 59.08, a P/E/G ratio of 1.11 and a beta of 2.40. Reddit Inc. has a 52 week low of $94.89 and a 52 week high of $282.95.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Thursday, February 5th. The company reported $1.24 EPS for the quarter, beating analysts’ consensus estimates of $0.96 by $0.28. The business had revenue of $725.61 million for the quarter, compared to analysts’ expectations of $665.80 million. Reddit had a return on equity of 20.89% and a net margin of 24.05%.The business’s quarterly revenue was up 69.7% on a year-over-year basis. During the same period last year, the firm earned $0.36 earnings per share. Sell-side analysts anticipate that Reddit Inc. will post 4.02 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Reddit news, CTO Christopher Brian Slowe sold 15,500 shares of the firm’s stock in a transaction dated Wednesday, April 8th. The stock was sold at an average price of $150.67, for a total transaction of $2,335,385.00. Following the sale, the chief technology officer directly owned 38,413 shares of the company’s stock, valued at $5,787,686.71. This trade represents a 28.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Steve Ladd Huffman sold 18,000 shares of the firm’s stock in a transaction dated Wednesday, April 15th. The shares were sold at an average price of $158.40, for a total value of $2,851,200.00. Following the sale, the chief executive officer directly owned 411,195 shares in the company, valued at approximately $65,133,288. This represents a 4.19% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders acquired 61,000 shares of company stock valued at $8,870,815 and sold 298,441 shares valued at $44,170,999. 34.25% of the stock is currently owned by company insiders.

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.