Bamco Inc. NY Makes New $14.80 Million Investment in Reddit, Inc. (NYSE:RDDT)

Bamco Inc. NY purchased a new stake in shares of Reddit, Inc. (NYSE:RDDT) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 300,000 shares of the company’s stock, valued at approximately $14,796,000. Bamco Inc. NY owned approximately 0.19% of Reddit as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Global Retirement Partners LLC acquired a new stake in Reddit during the first quarter valued at $27,000. BNP Paribas Financial Markets bought a new stake in Reddit in the first quarter worth $37,000. ANTIPODES PARTNERS Ltd bought a new stake in shares of Reddit during the 1st quarter worth about $63,000. SG Americas Securities LLC acquired a new position in shares of Reddit during the 1st quarter valued at about $265,000. Finally, Congress Park Capital LLC acquired a new stake in Reddit in the 1st quarter worth approximately $279,000.

Insider Activity at Reddit

In related news, CFO Andrew Vollero sold 50,580 shares of the firm’s stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of 58.94, for a total value of 2,981,185.20. Following the completion of the sale, the chief financial officer now owns 631,080 shares of the company’s stock, valued at 37,195,855.20. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, CFO Andrew Vollero sold 50,580 shares of the company’s stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of 58.94, for a total transaction of 2,981,185.20. Following the transaction, the chief financial officer now owns 631,080 shares of the company’s stock, valued at 37,195,855.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Steve Ladd Huffman sold 42,299 shares of the firm’s stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of 58.94, for a total value of 2,493,103.06. Following the completion of the transaction, the chief executive officer now owns 689,157 shares in the company, valued at approximately 40,618,913.58. The disclosure for this sale can be found here. Insiders sold 192,689 shares of company stock valued at $11,357,090 over the last ninety days.

Reddit Stock Performance

Shares of NYSE RDDT traded up 0.30 during midday trading on Friday, reaching 62.36. 2,044,200 shares of the company traded hands, compared to its average volume of 2,812,159. Reddit, Inc. has a 12 month low of 37.35 and a 12 month high of 78.08. The business’s 50-day moving average price is 63.15.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Tuesday, May 7th. The company reported -8.19 earnings per share (EPS) for the quarter, missing the consensus estimate of -2.34 by -5.85. The company had revenue of 243.00 million for the quarter, compared to analysts’ expectations of 213.99 million. The firm’s revenue was up 48.4% compared to the same quarter last year. During the same period in the prior year, the company earned ($1.05) earnings per share. Analysts predict that Reddit, Inc. will post -4.62 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Piper Sandler lifted their price target on shares of Reddit from $50.00 to $65.00 and gave the company an “overweight” rating in a research report on Wednesday, May 8th. The Goldman Sachs Group increased their price target on shares of Reddit from $40.00 to $55.00 and gave the company a “neutral” rating in a report on Thursday, May 9th. JMP Securities upped their price objective on shares of Reddit from $70.00 to $84.00 and gave the company a “market outperform” rating in a research report on Tuesday, July 16th. Needham & Company LLC boosted their price target on Reddit from $63.00 to $75.00 and gave the company a “buy” rating in a research note on Tuesday, June 18th. Finally, Deutsche Bank Aktiengesellschaft upped their price target on Reddit from $62.00 to $65.00 and gave the company a “buy” rating in a report on Friday, May 17th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of 63.47.

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.