Independence Bank of Kentucky Has $1.43 Million Stock Position in Reddit Inc. $RDDT

by · The Cerbat Gem

Independence Bank of Kentucky raised its position in Reddit Inc. (NYSE:RDDT – Free Report) by 120.0% during the first quarter, HoldingsChannel.com reports. The firm owned 10,628 shares of the company’s stock after buying an additional 5,797 shares during the quarter. Independence Bank of Kentucky’s holdings in Reddit were worth $1,431,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Ascentis Independent Advisors acquired a new stake in shares of Reddit during the 1st quarter valued at about $30,000. LOM Asset Management Ltd acquired a new position in Reddit in the fourth quarter worth approximately $33,000. Noble Wealth Management PBC acquired a new stake in Reddit in the fourth quarter valued at approximately $34,000. Geneos Wealth Management Inc. lifted its stake in Reddit by 344.6% in 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 bought a new stake in Reddit in the first quarter worth approximately $43,000.

Reddit Stock Performance

Shares of Reddit stock traded down $5.22 on Friday, reaching $195.09. The stock had a trading volume of 3,746,228 shares, compared to its average volume of 3,928,101. The business’s 50-day moving average price is $169.48 and its two-hundred day moving average price is $170.92. The stock has a market cap of $37.56 billion, a P/E ratio of 55.74 and a beta of 1.93. Reddit Inc. has a fifty-two week low of $119.27 and a fifty-two week high of $282.95.

Reddit (NYSE:RDDT – Get Free Report) last posted its earnings results on Thursday, April 30th. The company reported $1.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.39. Reddit had a net margin of 28.60% and a return on equity of 25.48%. The business had revenue of $663.41 million for the quarter, compared to analyst estimates of $607.74 million. During the same period last year, the business posted $0.13 EPS. Reddit’s revenue was up 69.1% compared to the same quarter last year. As a group, equities analysts forecast that Reddit Inc. will post 4.83 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the stock. DA Davidson restated a “buy” rating and set a $200.00 price target on shares of Reddit in a research note on Friday, May 1st. Needham & Company LLC reiterated a “buy” rating and issued a $300.00 price objective on shares of Reddit in a report on Wednesday, June 24th. Zacks Research downgraded shares of Reddit from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, June 3rd. Piper Sandler restated an “overweight” rating and set a $215.00 target price on shares of Reddit in a report on Thursday. Finally, Citigroup reaffirmed a “market outperform” rating on shares of Reddit in a research report on Tuesday, May 26th. Eighteen investment 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 stock has an average rating of “Moderate Buy” and a consensus target price of $231.14.

Read Our Latest Report on RDDT

Insider Buying and Selling

In other news, CAO Michelle Marie Reynolds sold 808 shares of the business’s stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $200.00, for a total transaction of $161,600.00. Following the transaction, the chief accounting officer owned 15,060 shares in the company, valued at approximately $3,012,000. The trade was a 5.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through 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 company’s stock in a transaction dated Thursday, April 16th. The shares were sold at an average price of $161.47, for a total transaction of $6,324,295.49. Following the transaction, the chief operating officer directly owned 1,088,451 shares of the company’s stock, valued at $175,752,182.97. This represents a 3.47% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 226,308 shares of company stock valued at $37,856,340. 28.48% of the stock is owned by company insiders.

Reddit Profile

(Free Report)

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.

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