Keybank Bets Big on Reddit: The Company Buys $11M Worth of the Stock
In the first quarter, Keybank National Association OH acquired a new position in Reddit Inc., the business said in its latest Securities and Exchange Commission filing. The corporation bought 106,586 shares of stock, which were worth about $11,181,000. In its most recent SEC filing, Keybank National Association OH held 0.06% of Reddit.
Reddit Stock Slides to $157 Despite Beating EPS and Revenue Estimates
During Friday’s midday session, shares of RDDT stock dropped $1.99, closing at $157.35. In contrast to its usual trading volume of 6,661,320 shares, the company’s stock had a trading volume of 4,041,162 shares. With a market value of $29.03 billion, the company’s P/E ratio is 266.15, its PEG ratio is 4.03, and its beta is 2.33. The company’s two-hundred-day moving average is $141.33, and its fifty-day moving average is $121.57.
On Thursday, May 1, Reddit last released its quarterly financial results. The firm topped analysts’ consensus projections of $0.02 by $0.11 when it announced $0.13 earnings per share (EPS) for the quarter. Analysts expected $370.55 million in revenue for the quarter, while the company’s actual revenue was $392.36 million. Reddit’s return on equity was 5.69%, and its net margin was 8.07%. Compared to the previous year, the company’s sales increased by 61.5%.
About Reddit
Reddit, Inc. is a website that facilitates the organization of online communities. Arranging communities according to particular interests allows users to participate in discussions by exchanging experiences, providing links, uploading pictures and videos, and responding to one another. San Francisco, California, is home to the company’s headquarters, which was established in 2005.
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