Pinpoint Asset Management Singapore Pte. Ltd. Takes Position in Reddit Inc. $RDDT

Pinpoint Asset Management Singapore Pte. Ltd. acquired a new position in shares of Reddit Inc. (NYSE:RDDT) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 17,922 shares of the company’s stock, valued at approximately $4,122,000. Reddit comprises about 0.8% of Pinpoint Asset Management Singapore Pte. Ltd.’s portfolio, making the stock its 22nd biggest holding.

A number of other institutional investors have also recently bought and sold shares of the company. Schroder Investment Management Group raised its holdings in Reddit by 122.3% in the third quarter. Schroder Investment Management Group now owns 9,008 shares of the company’s stock worth $2,180,000 after purchasing an additional 4,955 shares during the period. Jefferies Financial Group Inc. grew its holdings in shares of Reddit by 104.8% in the 3rd quarter. Jefferies Financial Group Inc. now owns 7,005 shares of the company’s stock valued at $1,611,000 after buying an additional 3,585 shares during the period. B. Metzler seel. Sohn & Co. AG increased its position in shares of Reddit by 9.7% in the 3rd quarter. B. Metzler seel. Sohn & Co. AG now owns 5,375 shares of the company’s stock valued at $1,236,000 after buying an additional 474 shares in the last quarter. Vinva Investment Management Ltd increased its position in shares of Reddit by 75.6% in the 3rd quarter. Vinva Investment Management Ltd now owns 8,459 shares of the company’s stock valued at $2,047,000 after buying an additional 3,641 shares in the last quarter. Finally, Meiji Yasuda Life Insurance Co acquired a new stake in Reddit during the 3rd quarter worth $676,000.

Insider Activity

In other Reddit news, COO Jennifer L. Wong sold 30,777 shares of the company’s stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $143.42, for a total value of $4,414,037.34. Following the sale, the chief operating officer owned 1,088,451 shares in the company, valued at $156,105,642.42. This represents a 2.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CTO Christopher Brian Slowe sold 19,036 shares of the firm’s stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $144.05, for a total value of $2,742,135.80. Following the completion of the sale, the chief technology officer directly owned 185,057 shares of the company’s stock, valued at approximately $26,657,460.85. The trade was a 9.33% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 435,084 shares of company stock valued at $90,462,589. 34.25% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research analysts have weighed in on the company. Argus set a $300.00 target price on Reddit in a report on Friday, January 9th. Robert W. Baird set a $200.00 target price on Reddit in a report on Friday, February 6th. Truist Financial boosted their price target on Reddit from $270.00 to $275.00 and gave the company a “buy” rating in a report on Friday, February 6th. Wells Fargo & Company set a $196.00 price objective on Reddit in a research report on Monday, February 9th. Finally, JPMorgan Chase & Co. decreased their price objective on Reddit from $227.00 to $200.00 and set a “neutral” rating for the company in a report on Friday, February 6th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $238.78.

Reddit Price Performance

Shares of NYSE RDDT opened at $139.65 on Monday. The business has a 50-day moving average of $187.51 and a 200-day moving average of $207.79. The stock has a market capitalization of $26.68 billion, a price-to-earnings ratio of 53.30, a PEG ratio of 1.01 and a beta of 2.41. Reddit Inc. has a fifty-two week low of $79.75 and a fifty-two week high of $282.95.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Thursday, February 5th. The company reported $1.24 EPS for the quarter, beating the consensus estimate of $0.96 by $0.28. The firm had revenue of $725.61 million during the quarter, compared to analysts’ expectations of $665.80 million. Reddit had a return on equity of 20.89% and a net margin of 24.05%.The business’s quarterly revenue was up 69.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.36 earnings per share. On average, sell-side analysts expect 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.