iA Global Asset Management Inc. Purchases Shares of 10,857 Reddit Inc. $RDDT

iA Global Asset Management Inc. purchased a new stake in shares of Reddit Inc. (NYSE:RDDT) in the 4th quarter, Holdings Channel reports. The institutional investor purchased 10,857 shares of the company’s stock, valued at approximately $2,496,000.

Other institutional investors have also added to or reduced their stakes in the company. Raiffeisen Bank International AG purchased a new stake in Reddit during the 3rd quarter valued at $25,000. GW&K Investment Management LLC purchased a new stake in Reddit during the 3rd quarter valued at $30,000. Cornerstone Planning Group LLC boosted its position in Reddit by 13,500.0% during the 3rd quarter. Cornerstone Planning Group LLC now owns 136 shares of the company’s stock valued at $31,000 after buying an additional 135 shares during the period. LOM Asset Management Ltd purchased a new stake in Reddit during the 4th quarter valued at $33,000. Finally, Noble Wealth Management PBC bought a new position in Reddit in the 4th quarter worth $34,000.

Reddit Trading Up 0.5%

Shares of NYSE RDDT opened at $159.01 on Tuesday. The firm has a fifty day simple moving average of $146.78 and a two-hundred day simple moving average of $180.92. The firm has a market capitalization of $30.61 billion, a PE ratio of 45.43 and a beta of 1.85. Reddit Inc. has a 12 month low of $94.89 and a 12 month high of $282.95.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Thursday, April 30th. The company reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.39. The company had revenue of $663.41 million during the quarter, compared to analyst estimates of $607.74 million. Reddit had a net margin of 28.60% and a return on equity of 25.48%. Reddit’s quarterly revenue was up 69.1% compared to the same quarter last year. During the same period last year, the business earned $0.13 EPS. On average, sell-side analysts predict that Reddit Inc. will post 4.83 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts have commented on RDDT shares. Weiss Ratings restated a “hold (c)” rating on shares of Reddit in a report on Friday, May 8th. Citizens Jmp decreased their price objective on shares of Reddit from $250.00 to $240.00 and set a “market outperform” rating for the company in a report on Friday, May 1st. Guggenheim upped their price objective on shares of Reddit from $245.00 to $255.00 and gave the stock a “buy” rating in a report on Friday, February 6th. Truist Financial set a $265.00 price objective on shares of Reddit in a report on Friday, May 1st. Finally, Wall Street Zen lowered shares of Reddit from a “buy” rating to a “hold” rating in a report on Sunday, May 10th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and eleven have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $228.61.

Insider Buying and Selling

In related news, CTO Christopher Brian Slowe sold 19,036 shares of the stock in a transaction dated Monday, February 23rd. The shares were sold at an average price of $144.05, for a total value of $2,742,135.80. Following the completion of the transaction, the chief technology officer directly owned 185,057 shares in the company, valued at $26,657,460.85. This trade represents a 9.33% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Steve Ladd Huffman sold 18,000 shares of the stock in a transaction dated Friday, February 27th. The stock was sold at an average price of $145.12, for a total transaction of $2,612,160.00. Following the completion of the transaction, the chief executive officer owned 411,195 shares of the company’s stock, valued at approximately $59,672,618.40. The trade was a 4.19% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 268,977 shares of company stock worth $39,750,959 in the last three months. 34.25% of the stock is owned by corporate insiders.

Reddit 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.