149,300 Shares in Reddit, Inc. (NYSE:RDDT) Acquired by DekaBank Deutsche Girozentrale

DekaBank Deutsche Girozentrale bought a new position in shares of Reddit, Inc. (NYSE:RDDT) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 149,300 shares of the company’s stock, valued at approximately $7,363,000. DekaBank Deutsche Girozentrale owned 0.09% of Reddit at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the business. Global Retirement Partners LLC bought a new position in Reddit in the 1st quarter valued at $27,000. BNP Paribas Financial Markets acquired a new stake in shares of Reddit in the 1st quarter valued at $37,000. ANTIPODES PARTNERS Ltd acquired a new stake in shares of Reddit in the 1st quarter valued at $63,000. Sandia Investment Management LP acquired a new stake in shares of Reddit in the 1st quarter valued at $79,000. Finally, SG Americas Securities LLC acquired a new stake in shares of Reddit in the 1st quarter valued at $265,000.

Reddit Stock Performance

RDDT traded down 1.80 on Friday, hitting 57.58. 3,254,100 shares of the company were exchanged, compared to its average volume of 2,626,763. Reddit, Inc. has a 12 month low of 37.35 and a 12 month high of 78.08. The company has a fifty day moving average price of 63.35.

Reddit (NYSE:RDDT) last released its earnings results on Tuesday, May 7th. The company reported -8.19 EPS for the quarter, missing analysts’ consensus estimates of -2.34 by -5.85. The company had revenue of 243.00 million during the quarter, compared to analyst estimates of 213.99 million. During the same quarter in the previous year, the company posted ($1.05) earnings per share. The firm’s revenue was up 48.4% compared to the same quarter last year. On average, research analysts forecast that Reddit, Inc. will post -4.68 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts recently commented on RDDT shares. Needham & Company LLC lifted their price objective on Reddit from $63.00 to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, June 18th. Loop Capital raised Reddit from a “hold” rating to a “buy” rating and set a $75.00 price objective for the company in a research note on Thursday. Roth Capital reissued a “buy” rating on shares of Reddit in a research note on Monday, April 15th. The Goldman Sachs Group boosted their target price on Reddit from $40.00 to $55.00 and gave the company a “neutral” rating in a research note on Thursday, May 9th. Finally, Citigroup boosted their target price on Reddit from $65.00 to $70.00 and gave the company a “buy” rating in a research note on Friday, May 17th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of 64.80.

Insider Activity

In other news, CAO Michelle Marie Reynolds sold 6,618 shares of the firm’s stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of 58.94, for a total transaction of 390,064.92. Following the transaction, the chief accounting officer now directly owns 89,795 shares of the company’s stock, valued at 5,292,517.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Steve Ladd Huffman sold 42,299 shares of the stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of 58.94, for a total transaction of 2,493,103.06. Following the completion of the sale, the chief executive officer now directly owns 689,157 shares in the company, valued at 40,618,913.58. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Michelle Marie Reynolds sold 6,618 shares of the stock in a transaction dated Thursday, May 23rd. The stock was sold at an average price of 58.94, for a total transaction of 390,064.92. Following the sale, the chief accounting officer now owns 89,795 shares of the company’s stock, valued at 5,292,517.30. The disclosure for this sale can be found here. Over the last three months, insiders have sold 192,689 shares of company stock valued at $11,357,090.

Reddit Profile

Reddit, Inc operates a website that organizes digital communities. It organizes communities based on specific interests that enable users to engage in conversations by sharing experiences, submitting links, uploading images and videos, and replying to one another. The company was founded in 2005 and is headquartered in San Francisco, California.