Lombard Odier Asset Management Switzerland SA Purchases Shares of 4,389 Reddit Inc. $RDDT

Lombard Odier Asset Management Switzerland SA acquired a new stake in Reddit Inc. (NYSE:RDDT) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 4,389 shares of the company’s stock, valued at approximately $591,000.

Several other institutional investors have also recently modified their holdings of the company. Capital World Investors purchased a new stake in Reddit in the fourth quarter valued at approximately $1,293,258,000. Norges Bank purchased a new position in Reddit during the 4th quarter worth approximately $372,047,000. Invesco Ltd. raised its position in Reddit by 419.0% during the 3rd quarter. Invesco Ltd. now owns 1,487,941 shares of the company’s stock worth $342,212,000 after buying an additional 1,201,237 shares during the last quarter. State Street Corp raised its position in Reddit by 138.5% during the 2nd quarter. State Street Corp now owns 2,030,139 shares of the company’s stock worth $305,678,000 after buying an additional 1,178,890 shares during the last quarter. Finally, Vanguard Group Inc. lifted its stake in Reddit by 8.9% during the 4th quarter. Vanguard Group Inc. now owns 13,322,048 shares of the company’s stock valued at $3,062,339,000 after acquiring an additional 1,083,540 shares during the period.

Analyst Upgrades and Downgrades

Several research firms have recently commented on RDDT. Raymond James Financial set a $180.00 price objective on shares of Reddit and gave the company a “market perform” rating in a report on Friday, May 1st. Wedbush restated an “outperform” rating on shares of Reddit in a research report on Thursday, July 23rd. Zacks Research downgraded shares of Reddit from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, June 3rd. Citizens Jmp lowered their price target on shares of Reddit from $250.00 to $240.00 and set a “market outperform” rating on the stock in a report on Friday, May 1st. Finally, Bank of America cut their price target on Reddit from $205.00 to $175.00 and set a “neutral” rating on the stock in a research report on Thursday, April 2nd. Twenty research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Reddit has a consensus rating of “Moderate Buy” and a consensus target price of $232.48.

Insider Activity at Reddit

In other news, COO Jennifer L. Wong sold 39,166 shares of the stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $176.94, for a total transaction of $6,930,032.04. Following the sale, the chief operating officer directly owned 1,050,339 shares of the company’s stock, valued at $185,846,982.66. This represents a 3.59% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Steve Ladd Huffman sold 18,000 shares of the stock in a transaction dated Tuesday, June 30th. The stock was sold at an average price of $173.13, for a total transaction of $3,116,340.00. Following the sale, the chief executive officer directly owned 373,814 shares in the company, valued at approximately $64,718,417.82. The trade was a 4.59% 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. Over the last quarter, insiders have sold 169,141 shares of company stock worth $28,680,845. 28.48% of the stock is owned by company insiders.

Reddit Trading Down 0.3%

Reddit stock opened at $178.73 on Wednesday. The firm has a market cap of $34.41 billion, a PE ratio of 51.07 and a beta of 1.93. Reddit Inc. has a 12 month low of $119.27 and a 12 month high of $282.95. The stock’s 50 day simple moving average is $175.55 and its two-hundred day simple moving average is $166.09.

Reddit (NYSE:RDDT) last posted its earnings results on Thursday, April 30th. The company reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.39. Reddit had a net margin of 28.60% and a return on equity of 25.48%. The firm had revenue of $663.41 million during the quarter, compared to analyst estimates of $607.74 million. During the same period in the previous year, the firm earned $0.13 EPS. The business’s quarterly revenue was up 69.1% on a year-over-year basis. On average, equities research analysts forecast that Reddit Inc. will post 4.85 EPS 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.