Reddit Inc. $RDDT Shares Bought by Calamos Advisors LLC

Calamos Advisors LLC raised its holdings in Reddit Inc. (NYSE:RDDT) by 118.8% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 21,875 shares of the company’s stock after purchasing an additional 11,875 shares during the quarter. Calamos Advisors LLC’s holdings in Reddit were worth $2,945,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of RDDT. Ascentis Independent Advisors purchased a new stake in Reddit in the 1st quarter valued at about $30,000. LOM Asset Management Ltd purchased a new position in Reddit during the fourth quarter worth about $33,000. Noble Wealth Management PBC purchased a new position in Reddit during the fourth quarter worth about $34,000. Geneos Wealth Management Inc. increased its position in shares of Reddit by 344.6% during the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock valued at $39,000 after acquiring an additional 286 shares during the last quarter. Finally, V Square Quantitative Management LLC acquired a new stake in shares of Reddit during the first quarter valued at about $43,000.

Reddit Price Performance

Shares of NYSE:RDDT opened at $198.02 on Thursday. The firm has a market capitalization of $38.12 billion, a PE ratio of 56.58 and a beta of 1.93. Reddit Inc. has a 1 year low of $119.27 and a 1 year high of $282.95. The firm’s 50-day moving average is $171.83 and its two-hundred day moving average is $169.95.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Thursday, April 30th. The company reported $1.01 EPS for the quarter, beating the consensus estimate of $0.62 by $0.39. The business had revenue of $663.41 million during the quarter, compared to analyst estimates of $607.74 million. Reddit had a net margin of 28.60% and a return on equity of 25.48%. The business’s revenue for the quarter was up 69.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.13 earnings per share. Analysts expect that Reddit Inc. will post 4.83 EPS for the current fiscal year.

Insider Buying and Selling at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 18,000 shares of the business’s stock in a transaction on Monday, June 15th. The shares were sold at an average price of $178.26, for a total value of $3,208,680.00. Following the completion of the transaction, the chief executive officer owned 373,814 shares in the company, valued at $66,636,083.64. The trade was a 4.59% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jennifer L. Wong sold 39,167 shares of the business’s stock in a transaction on Monday, May 18th. The stock was sold at an average price of $158.52, for a total value of $6,208,752.84. Following the transaction, the chief operating officer directly owned 1,088,451 shares of the company’s stock, valued at $172,541,252.52. The trade was a 3.47% 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. Insiders sold 169,141 shares of company stock valued at $28,680,845 in the last 90 days. Company insiders own 28.48% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently commented on RDDT. Wells Fargo & Company upped their price objective on shares of Reddit from $176.00 to $187.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 7th. The Goldman Sachs Group reiterated a “neutral” rating and issued a $200.00 target price on shares of Reddit in a report on Friday, May 1st. Raymond James Financial set a $180.00 target price on Reddit and gave the company a “market perform” rating in a research report on Friday, May 1st. Truist Financial set a $265.00 price target on Reddit in a research note on Friday, May 1st. Finally, UBS Group restated a “mixed” rating on shares of Reddit in a research note on Thursday, July 9th. Eighteen equities research analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $231.14.

Reddit Company 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.