Reddit Inc. $RDDT Shares Bought by Neuberger Berman Group LLC

Neuberger Berman Group LLC increased its position in Reddit Inc. (NYSE:RDDT) by 78.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 642,124 shares of the company’s stock after buying an additional 282,063 shares during the period. Neuberger Berman Group LLC owned about 0.34% of Reddit worth $147,682,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Raiffeisen Bank International AG purchased a new position in Reddit during the third quarter worth about $25,000. GW&K Investment Management LLC purchased a new stake in Reddit in the 3rd quarter valued at about $30,000. Cornerstone Planning Group LLC grew its holdings in Reddit by 13,500.0% in the 3rd quarter. Cornerstone Planning Group LLC now owns 136 shares of the company’s stock valued at $31,000 after buying an additional 135 shares during the period. Geneos Wealth Management Inc. increased its stake 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 acquiring an additional 286 shares during the last quarter. Finally, GAMMA Investing LLC increased 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 valued at $40,000 after acquiring an additional 173 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on RDDT shares. B. Riley Financial increased their price objective on shares of Reddit from $245.00 to $250.00 and gave the stock a “buy” rating in a report on Friday, February 6th. Cantor Fitzgerald lowered their target price on shares of Reddit from $240.00 to $170.00 and set a “neutral” rating for the company in a report on Friday, February 6th. Jefferies Financial Group upped their price target 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. Piper Sandler reaffirmed an “overweight” rating and set a $205.00 price target (down from $290.00) on shares of Reddit in a research note on Friday, February 6th. Finally, Zacks Research lowered shares of Reddit from a “strong-buy” rating to a “hold” rating in a report on Friday, December 26th. 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 issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $238.78.

Insider Activity

In other Reddit news, COO Jennifer L. Wong sold 39,167 shares of the company’s stock in a transaction that occurred on Friday, December 19th. The stock was sold at an average price of $234.37, for a total value of $9,179,569.79. Following the completion of the transaction, the chief operating officer owned 1,184,528 shares in the company, valued at $277,617,827.36. This represents a 3.20% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Steve Ladd Huffman sold 18,000 shares of the company’s stock in a transaction that occurred on Monday, December 15th. The stock was sold at an average price of $220.28, for a total value of $3,965,040.00. Following the completion of the transaction, the chief executive officer owned 448,576 shares of the company’s stock, valued at approximately $98,812,321.28. This represents a 3.86% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 449,084 shares of company stock worth $93,738,449 in the last ninety days. 34.25% of the stock is currently owned by company insiders.

Reddit Price Performance

NYSE:RDDT opened at $139.65 on Friday. The business’s 50-day moving average is $187.51 and its two-hundred day moving average is $208.00. The firm has a market capitalization of $26.68 billion, a PE ratio of 53.30, a price-to-earnings-growth ratio of 1.05 and a beta of 2.40. Reddit Inc. has a 12 month low of $79.75 and a 12 month high of $282.95.

Reddit (NYSE:RDDT) last issued its earnings results on Thursday, February 5th. The company reported $1.24 earnings per share 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 company had revenue of $725.61 million during the quarter, compared to the consensus estimate of $665.80 million. During the same quarter in the prior year, the business earned $0.36 earnings per share. The company’s revenue was up 69.7% compared to the same quarter last year. Equities analysts anticipate that Reddit Inc. will post 1.12 EPS for the current year.

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.