Syquant Capital Sas Buys Shares of 3,940 Reddit Inc. (NYSE:RDDT)

Syquant Capital Sas bought a new stake in Reddit Inc. (NYSE:RDDT) in the first quarter, HoldingsChannel reports. The institutional investor bought 3,940 shares of the company’s stock, valued at approximately $413,000. Reddit comprises 0.3% of Syquant Capital Sas’ holdings, making the stock its 13th biggest position.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Balboa Wealth Partners acquired a new stake in Reddit in the first quarter valued at $1,143,000. Asset Management One Co. Ltd. acquired a new stake in Reddit in the first quarter valued at $2,735,000. Whalen Wealth Management Inc. acquired a new stake in Reddit in the first quarter valued at $425,000. Palumbo Wealth Management LLC lifted its holdings in Reddit by 30.7% in the first quarter. Palumbo Wealth Management LLC now owns 2,158 shares of the company’s stock valued at $226,000 after acquiring an additional 507 shares during the period. Finally, Cambridge Investment Research Advisors Inc. lifted its holdings in Reddit by 2.7% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 14,683 shares of the company’s stock valued at $1,540,000 after acquiring an additional 383 shares during the period.

Wall Street Analysts Forecast Growth

RDDT has been the subject of a number of recent analyst reports. Loop Capital reduced their target price on Reddit from $210.00 to $200.00 and set a “buy” rating for the company in a report on Thursday, June 12th. JMP Securities reaffirmed a “market outperform” rating and set a $180.00 price target on shares of Reddit in a research note on Friday, May 2nd. Wall Street Zen raised Reddit from a “hold” rating to a “buy” rating in a research note on Saturday, June 14th. Piper Sandler reaffirmed an “overweight” rating and set a $150.00 price target (up previously from $140.00) on shares of Reddit in a research note on Friday, May 2nd. Finally, Sanford C. Bernstein raised Reddit from an “underperform” rating to a “market perform” rating and set a $130.00 price target for the company in a research note on Friday, May 2nd. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, thirteen have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $139.35.

Insider Buying and Selling at Reddit

In other Reddit news, COO Jennifer L. Wong sold 33,334 shares of Reddit stock in a transaction dated Wednesday, April 16th. The stock was sold at an average price of $93.99, for a total value of $3,133,062.66. Following the completion of the sale, the chief operating officer now owns 1,466,119 shares in the company, valued at $137,800,524.81. The trade was a 2.22% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Steve Ladd Huffman sold 124,408 shares of Reddit stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $96.65, for a total value of $12,024,033.20. Following the completion of the sale, the chief executive officer now owns 577,013 shares of the company’s stock, valued at $55,768,306.45. This trade represents a 17.74% decrease in their position. The disclosure for this sale can be found here. Insiders sold 597,785 shares of company stock worth $66,215,370 in the last 90 days. 34.25% of the stock is owned by company insiders.

Reddit Trading Down 3.8%

Reddit stock opened at $133.92 on Tuesday. The stock has a market cap of $24.71 billion, a PE ratio of 226.99, a P/E/G ratio of 3.57 and a beta of 2.02. The stock has a 50-day moving average price of $112.97 and a 200 day moving average price of $142.22. Reddit Inc. has a 52 week low of $49.13 and a 52 week high of $230.41.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Thursday, May 1st. The company reported $0.13 EPS for the quarter, beating the consensus estimate of $0.02 by $0.11. The company had revenue of $392.36 million during the quarter, compared to analysts’ expectations of $370.55 million. Reddit had a return on equity of 5.69% and a net margin of 8.07%. The firm’s revenue was up 61.5% on a year-over-year basis. During the same quarter in the previous year, the business earned ($8.19) EPS. On average, equities analysts predict that Reddit Inc. will post 1.12 EPS for the current year.

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.