Vanguard Group Inc. Buys 1,401,293 Shares of Reddit Inc. $RDDT

Vanguard Group Inc. boosted its stake in shares of Reddit Inc. (NYSE:RDDT) by 12.9% during the third quarter, Holdings Channel.com reports. The fund owned 12,238,508 shares of the company’s stock after acquiring an additional 1,401,293 shares during the period. Vanguard Group Inc. owned about 0.07% of Reddit worth $2,814,734,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Cornerstone Planning Group LLC grew its holdings in shares of Reddit by 13,500.0% during the 3rd quarter. Cornerstone Planning Group LLC now owns 136 shares of the company’s stock worth $31,000 after purchasing an additional 135 shares in the last quarter. Geneos Wealth Management Inc. lifted its stake in Reddit by 344.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock valued at $39,000 after purchasing an additional 286 shares during the last quarter. GAMMA Investing LLC lifted its stake in shares of Reddit by 8,650.0% in the 3rd quarter. GAMMA Investing LLC now owns 175 shares of the company’s stock valued at $40,000 after acquiring an additional 173 shares during the last quarter. Cloud Capital Management LLC acquired a new stake in shares of Reddit during the third quarter valued at about $47,000. Finally, Covestor Ltd grew its holdings in Reddit by 138.5% during the 3rd quarter. Covestor Ltd now owns 217 shares of the company’s stock worth $50,000 after acquiring an additional 126 shares during the last quarter.

Wall Street Analyst Weigh In

RDDT has been the topic of a number of recent analyst reports. Argus set a $300.00 price objective on Reddit in a research note on Friday, January 9th. Bank of America lifted their target price on shares of Reddit from $180.00 to $210.00 and gave the stock a “neutral” rating in a research note on Friday, October 31st. Sanford C. Bernstein boosted their target price on shares of Reddit from $190.00 to $210.00 and gave the company a “market perform” rating in a report on Friday, October 31st. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $285.00 price target on shares of Reddit in a report on Tuesday, January 20th. Finally, Oppenheimer dropped their price objective on Reddit from $300.00 to $250.00 and set an “outperform” rating on the stock in a research note on Friday, February 6th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Reddit currently has a consensus rating of “Moderate Buy” and a consensus price target of $238.78.

Insider Buying and Selling

In other Reddit news, COO Jennifer L. Wong sold 63,427 shares of the business’s stock in a transaction on Monday, November 24th. The shares were sold at an average price of $192.72, for a total transaction of $12,223,651.44. Following the completion of the sale, the chief operating officer owned 1,184,528 shares in the company, valued at approximately $228,282,236.16. The trade was a 5.08% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Sarah E. Farrell acquired 43,800 shares of the stock in a transaction on Tuesday, February 10th. The shares were acquired at an average price of $149.52 per share, for a total transaction of $6,548,976.00. Following the acquisition, the director owned 43,800 shares of the company’s stock, valued at approximately $6,548,976. The trade was a ∞ increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders sold 520,975 shares of company stock worth $112,083,885 over the last quarter. Corporate insiders own 34.25% of the company’s stock.

Reddit Price Performance

Shares of RDDT opened at $147.63 on Thursday. Reddit Inc. has a one year low of $79.75 and a one year high of $282.95. The company has a market cap of $28.20 billion, a PE ratio of 56.35, a P/E/G ratio of 1.03 and a beta of 2.17. The stock has a 50-day moving average of $207.07 and a 200-day moving average of $214.36.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Thursday, February 5th. The company reported $1.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.28. Reddit had a return on equity of 20.89% and a net margin of 24.05%.The business had revenue of $725.61 million for the quarter, compared to analyst estimates of $665.80 million. During the same quarter in the prior year, the company earned $0.36 earnings per share. The company’s quarterly revenue was up 69.7% on a year-over-year basis. Analysts expect that Reddit Inc. will post 1.12 EPS for the current fiscal year.

Reddit Company Profile

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.