BNP Paribas Financial Markets Buys 415,634 Shares of Reddit, Inc. (NYSE:RDDT)

BNP Paribas Financial Markets increased its stake in shares of Reddit, Inc. (NYSE:RDDT) by 29,415.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 417,047 shares of the company’s stock after buying an additional 415,634 shares during the quarter. BNP Paribas Financial Markets owned 0.24% of Reddit worth $27,492,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Whittier Trust Co. bought a new stake in Reddit during the third quarter worth about $42,000. SOA Wealth Advisors LLC. bought a new stake in Reddit during the 2nd quarter worth approximately $78,000. Daiwa Securities Group Inc. acquired a new stake in Reddit during the 3rd quarter valued at $85,000. UMB Bank n.a. bought a new position in Reddit in the 2nd quarter valued at $88,000. Finally, Hsbc Holdings PLC acquired a new position in Reddit in the second quarter worth $203,000.

Insider Buying and Selling at Reddit

In other Reddit news, CFO Andrew Vollero sold 19,838 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $143.22, for a total transaction of $2,841,198.36. Following the sale, the chief financial officer now directly owns 703,615 shares in the company, valued at approximately $100,771,740.30. This trade represents a 2.74 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Benjamin Seong Lee sold 18,519 shares of Reddit stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $146.06, for a total transaction of $2,704,885.14. Following the completion of the transaction, the insider now directly owns 138,401 shares in the company, valued at approximately $20,214,850.06. The trade was a 11.80 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 311,644 shares of company stock valued at $29,210,730.

Reddit Stock Performance

Shares of NYSE RDDT opened at $140.69 on Friday. Reddit, Inc. has a 52-week low of $37.35 and a 52-week high of $158.49. The firm has a 50 day moving average price of $99.72 and a 200 day moving average price of $74.27.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.07) by $0.23. Reddit had a negative net margin of 47.83% and a negative return on equity of 40.54%. The company had revenue of $348.40 million during the quarter, compared to analyst estimates of $313.61 million. The company’s revenue for the quarter was up 67.9% compared to the same quarter last year. On average, sell-side analysts forecast that Reddit, Inc. will post -3.63 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on RDDT. Citigroup lifted their price target on Reddit from $70.00 to $120.00 and gave the company a “buy” rating in a report on Wednesday, October 30th. Needham & Company LLC boosted their target price on shares of Reddit from $85.00 to $120.00 and gave the stock a “buy” rating in a research note on Wednesday, October 30th. Piper Sandler reissued an “overweight” rating and set a $150.00 price target (up from $115.00) on shares of Reddit in a research note on Tuesday, November 19th. Bank of America raised their price target on shares of Reddit from $84.00 to $99.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Finally, Cannonball Research began coverage on Reddit in a research report on Tuesday, August 6th. They issued a “buy” rating and a $67.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $98.17.

Reddit Company 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.