Independence Bank of Kentucky Makes New $1.11 Million Investment in Reddit Inc. $RDDT

Independence Bank of Kentucky bought a new stake in shares of Reddit Inc. (NYSE:RDDT) during the fourth quarter, Holdings Channel reports. The fund bought 4,831 shares of the company’s stock, valued at approximately $1,111,000.

Several other large investors have also modified their holdings of RDDT. Vanguard Group Inc. lifted its position in shares of Reddit by 12.9% in the 3rd quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company’s stock worth $2,814,734,000 after purchasing an additional 1,401,293 shares during the period. State Street Corp increased its holdings in Reddit by 22.3% during the third quarter. State Street Corp now owns 2,481,931 shares of the company’s stock valued at $570,819,000 after buying an additional 451,792 shares during the period. Bank of America Corp DE increased its holdings in Reddit by 38.4% during the third quarter. Bank of America Corp DE now owns 1,724,560 shares of the company’s stock valued at $396,632,000 after buying an additional 478,095 shares during the period. Invesco Ltd. raised its stake in Reddit by 419.0% in the third quarter. Invesco Ltd. now owns 1,487,941 shares of the company’s stock worth $342,212,000 after buying an additional 1,201,237 shares in the last quarter. Finally, Amundi raised its stake in Reddit by 2,060.5% in the second quarter. Amundi now owns 1,307,231 shares of the company’s stock worth $208,294,000 after buying an additional 1,246,725 shares in the last quarter.

Reddit Trading Up 0.0%

Shares of RDDT stock opened at $136.06 on Friday. Reddit Inc. has a 12-month low of $79.75 and a 12-month high of $282.95. The business’s fifty day simple moving average is $147.02 and its 200-day simple moving average is $194.16. The company has a market cap of $25.99 billion, a PE ratio of 51.93, a PEG ratio of 0.99 and a beta of 2.40.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Thursday, February 5th. The company reported $1.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.96 by $0.28. Reddit had a return on equity of 20.89% and a net margin of 24.05%.The firm had revenue of $725.61 million during the quarter, compared to analysts’ expectations of $665.80 million. During the same quarter last year, the firm earned $0.36 EPS. The business’s quarterly revenue was up 69.7% on a year-over-year basis. On average, equities analysts forecast that Reddit Inc. will post 1.12 earnings per share for the current year.

Insiders Place Their Bets

In other news, CTO Christopher Brian Slowe sold 9,500 shares of the company’s stock in a transaction dated Monday, March 23rd. The shares were sold at an average price of $141.28, for a total transaction of $1,342,160.00. Following the transaction, the chief technology officer owned 38,413 shares in the company, valued at $5,426,988.64. This represents a 19.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, COO Jennifer L. Wong sold 33,507 shares of the stock in a transaction that occurred on Wednesday, March 18th. The shares were sold at an average price of $143.41, for a total transaction of $4,805,238.87. Following the completion of the transaction, the chief operating officer directly owned 1,088,451 shares of the company’s stock, valued at $156,094,757.91. The trade was a 2.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have purchased 61,000 shares of company stock valued at $8,870,815 and have sold 355,078 shares valued at $63,644,203. 34.25% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several analysts have issued reports on RDDT shares. JPMorgan Chase & Co. dropped their target price on Reddit from $227.00 to $200.00 and set a “neutral” rating on the stock in a research report on Friday, February 6th. Argus set a $300.00 price target on Reddit in a research report on Friday, January 9th. Weiss Ratings restated a “hold (c-)” rating on shares of Reddit in a research note on Monday, December 29th. Bank of America dropped their price objective on Reddit from $205.00 to $175.00 and set a “neutral” rating on the stock in a research report on Thursday. Finally, The Goldman Sachs Group reduced their target price on shares of Reddit from $236.00 to $206.00 and set a “neutral” rating for the company in a report on Friday, February 6th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and eleven have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $240.85.

About Reddit

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.