Bay Rivers Group Makes New Investment in Reddit Inc. $RDDT

Bay Rivers Group bought a new stake in shares of Reddit Inc. (NYSE:RDDT) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 3,948 shares of the company’s stock, valued at approximately $685,000.

Other institutional investors have also recently made changes to their positions in the company. Capital World Investors bought a new stake in shares of Reddit in the fourth quarter worth approximately $1,293,258,000. Norges Bank bought a new position in Reddit during the fourth quarter valued at approximately $372,047,000. Invesco Ltd. lifted its position in Reddit by 419.0% during the third quarter. Invesco Ltd. now owns 1,487,941 shares of the company’s stock valued at $342,212,000 after purchasing an additional 1,201,237 shares during the period. State Street Corp boosted its holdings in Reddit by 138.5% in the second quarter. State Street Corp now owns 2,030,139 shares of the company’s stock worth $305,678,000 after purchasing an additional 1,178,890 shares during the last quarter. Finally, Vanguard Group Inc. boosted its holdings in Reddit by 8.9% in the fourth quarter. Vanguard Group Inc. now owns 13,322,048 shares of the company’s stock worth $3,062,339,000 after purchasing an additional 1,083,540 shares during the last quarter.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. Oppenheimer decreased their target price on shares of Reddit from $225.00 to $200.00 and set an “outperform” rating for the company in a research note on Friday, July 31st. KeyCorp started coverage on Reddit in a research note on Wednesday, July 29th. They issued an “overweight” rating and a $225.00 price target on the stock. Wells Fargo & Company cut their price objective on Reddit from $187.00 to $142.00 and set an “equal weight” rating for the company in a report on Friday, July 31st. Raymond James Financial set a $180.00 price objective on Reddit and gave the company a “market perform” rating in a research report on Friday, May 1st. Finally, Telsey Advisory Group set a $240.00 price objective on Reddit in a research report on Friday, July 31st. Two analysts have rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and eleven have given a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $220.90.

Insiders Place Their Bets

In other news, CAO Michelle Marie Reynolds sold 808 shares of Reddit stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $200.00, for a total value of $161,600.00. Following the completion of the transaction, the chief accounting officer owned 15,060 shares in the company, valued at approximately $3,012,000. The trade was a 5.09% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jennifer L. Wong sold 39,166 shares of the business’s stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $176.94, for a total value of $6,930,032.04. Following the transaction, the chief operating officer directly owned 1,050,339 shares in the company, valued at approximately $185,846,982.66. This represents a 3.59% 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. Insiders have sold 169,141 shares of company stock valued at $28,464,485 over the last ninety days. 28.48% of the stock is owned by insiders.

Reddit Stock Up 0.0%

Shares of Reddit stock opened at $161.73 on Monday. The stock’s 50-day simple moving average is $176.68 and its 200-day simple moving average is $161.41. Reddit Inc. has a 52 week low of $119.27 and a 52 week high of $282.95. The company has a market capitalization of $31.12 billion, a price-to-earnings ratio of 37.61, a PEG ratio of 0.54 and a beta of 2.04.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Thursday, July 30th. The company reported $1.25 EPS for the quarter, topping the consensus estimate of $0.95 by $0.30. The business had revenue of $804.91 million for the quarter, compared to analysts’ expectations of $731.00 million. Reddit had a net margin of 31.35% and a return on equity of 29.02%. The business’s quarterly revenue was up 61.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.45 EPS. On average, equities analysts expect that Reddit Inc. will post 5.22 earnings per share for the current year.

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.