154,300 Shares in Reddit, Inc. (NYSE:RDDT) Purchased by BOCHK Asset Management Ltd

BOCHK Asset Management Ltd purchased a new position in shares of Reddit, Inc. (NYSE:RDDT) during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 154,300 shares of the company’s stock, valued at approximately $25,219,000. Reddit makes up approximately 7.7% of BOCHK Asset Management Ltd’s holdings, making the stock its 2nd largest position. BOCHK Asset Management Ltd owned 0.09% of Reddit at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Foundations Investment Advisors LLC raised its holdings in Reddit by 3.0% during the 4th quarter. Foundations Investment Advisors LLC now owns 5,325 shares of the company’s stock worth $870,000 after purchasing an additional 155 shares during the last quarter. KBC Group NV bought a new stake in Reddit during the 4th quarter worth about $391,000. Apexium Financial LP bought a new stake in Reddit during the 4th quarter worth about $213,000. Blue Trust Inc. bought a new stake in Reddit during the 4th quarter worth about $59,000. Finally, Arkfeld Wealth Strategies L.L.C. bought a new stake in Reddit during the 4th quarter worth about $373,000.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on RDDT. B. Riley upped their price target on Reddit from $112.00 to $187.00 and gave the company a “buy” rating in a research note on Tuesday, January 14th. Loop Capital upped their price target on Reddit from $120.00 to $180.00 and gave the company a “buy” rating in a research note on Monday, December 2nd. Bank of America upped their price target on Reddit from $99.00 to $180.00 and gave the company a “neutral” rating in a research note on Wednesday, January 8th. Roth Mkm cut Reddit from a “buy” rating to a “neutral” rating and upped their price target for the company from $116.00 to $195.00 in a research note on Wednesday, January 22nd. Finally, Needham & Company LLC upped their price target on Reddit from $120.00 to $190.00 and gave the company a “buy” rating in a research note on Wednesday, December 11th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Reddit currently has an average rating of “Moderate Buy” and a consensus price target of $159.70.

Reddit Stock Up 7.3 %

NYSE:RDDT opened at $194.05 on Wednesday. Reddit, Inc. has a twelve month low of $37.35 and a twelve month high of $196.83. The business has a 50 day moving average price of $165.55 and a two-hundred day moving average price of $106.33.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Tuesday, October 29th. The company reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.23. Reddit had a negative return on equity of 40.54% and a negative net margin of 47.83%. The firm had revenue of $348.40 million during the quarter, compared to the consensus estimate of $313.61 million. The company’s revenue for the quarter was up 67.9% on a year-over-year basis. On average, research analysts expect that Reddit, Inc. will post -3.48 EPS for the current year.

Insiders Place Their Bets

In other news, CTO Christopher Brian Slowe sold 5,000 shares of the stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $184.15, for a total value of $920,750.00. Following the completion of the sale, the chief technology officer now owns 35,252 shares of the company’s stock, valued at approximately $6,491,655.80. This represents a 12.42 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Benjamin Seong Lee sold 18,519 shares of the stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $146.06, for a total value of $2,704,885.14. Following the completion of the sale, the insider now directly owns 138,401 shares of the company’s stock, 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. Insiders sold a total of 264,357 shares of company stock valued at $40,449,488 in the last quarter.

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.