Ontario Teachers Pension Plan Board Decreases Position in Reddit Inc. $RDDT

Ontario Teachers Pension Plan Board lessened its stake in Reddit Inc. (NYSE:RDDT) by 69.7% during the third quarter, HoldingsChannel reports. The firm owned 3,224 shares of the company’s stock after selling 7,425 shares during the period. Ontario Teachers Pension Plan Board’s holdings in Reddit were worth $741,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also bought and sold shares of the company. Cornerstone Planning Group LLC increased its position in Reddit by 13,500.0% in the third quarter. Cornerstone Planning Group LLC now owns 136 shares of the company’s stock worth $31,000 after buying an additional 135 shares during the last quarter. Geneos Wealth Management Inc. lifted its position in shares of Reddit by 344.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock valued at $39,000 after buying an additional 286 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of Reddit by 8,650.0% during the 3rd quarter. GAMMA Investing LLC now owns 175 shares of the company’s stock worth $40,000 after acquiring an additional 173 shares during the period. Cloud Capital Management LLC purchased a new stake in Reddit in the 3rd quarter worth about $47,000. Finally, Covestor Ltd increased its holdings in Reddit by 138.5% in 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 Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Jefferies Financial Group increased their target price on shares of Reddit from $300.00 to $325.00 and gave the stock a “buy” rating in a research report on Thursday, December 11th. Guggenheim boosted their price target on shares of Reddit from $245.00 to $255.00 and gave the company a “buy” rating in a research report on Friday, February 6th. Evercore reiterated an “outperform” rating and issued a $290.00 price objective on shares of Reddit in a research note on Friday, February 6th. Sanford C. Bernstein increased their target price on Reddit from $190.00 to $210.00 and gave the stock a “market perform” rating in a research report on Friday, October 31st. Finally, Morgan Stanley set a $240.00 price objective on Reddit in a research note on Friday, February 6th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $238.78.

Insider Transactions at Reddit

In other Reddit news, CTO Christopher Brian Slowe sold 24,000 shares of the firm’s stock in a transaction dated Monday, November 24th. The stock was sold at an average price of $192.72, for a total transaction of $4,625,280.00. Following the sale, the chief technology officer owned 175,694 shares in the company, valued at $33,859,747.68. This trade represents a 12.02% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Sarah E. Farrell acquired 43,800 shares of the business’s stock in a transaction dated Tuesday, February 10th. The stock was purchased at an average price of $149.52 per share, with a total value of $6,548,976.00. Following the completion of the acquisition, the director directly owned 43,800 shares in the company, valued at approximately $6,548,976. This represents a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders have sold 520,975 shares of company stock worth $112,083,885. Company insiders own 34.25% of the company’s stock.

Reddit Stock Down 1.2%

Shares of NYSE RDDT opened at $145.72 on Friday. The stock’s 50-day simple moving average is $205.33 and its two-hundred day simple moving average is $213.88. Reddit Inc. has a twelve month low of $79.75 and a twelve month high of $282.95. The firm has a market capitalization of $27.84 billion, a P/E ratio of 55.62, a P/E/G ratio of 1.10 and a beta of 2.17.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Thursday, February 5th. The company reported $1.24 EPS for the quarter, topping the consensus estimate of $0.96 by $0.28. The company had revenue of $725.61 million during the quarter, compared to analyst estimates of $665.80 million. Reddit had a return on equity of 20.89% and a net margin of 24.05%.Reddit’s revenue was up 69.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.36 earnings per share. As a group, research analysts anticipate 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.