Keystone Investors PTE Ltd. Invests $10.38 Million in Reddit Inc. $RDDT

Keystone Investors PTE Ltd. purchased a new position in shares of Reddit Inc. (NYSE:RDDT) in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 45,169 shares of the company’s stock, valued at approximately $10,383,000. Reddit makes up approximately 0.9% of Keystone Investors PTE Ltd.’s portfolio, making the stock its 24th biggest position.

Several other large investors also recently made changes to their positions in RDDT. Raiffeisen Bank International AG bought a new stake in shares of Reddit during the 3rd quarter worth about $25,000. GW&K Investment Management LLC bought a new stake in shares of Reddit during the 3rd quarter worth about $30,000. LOM Asset Management Ltd bought a new stake in shares of Reddit during the 4th quarter worth about $33,000. Noble Wealth Management PBC bought a new stake in shares of Reddit during the 4th quarter worth about $34,000. Finally, Geneos Wealth Management Inc. boosted 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 worth $39,000 after acquiring an additional 286 shares in the last quarter.

Reddit Stock Down 6.4%

Shares of NYSE:RDDT opened at $162.11 on Friday. The business has a 50 day moving average price of $157.38 and a 200 day moving average price of $176.88. Reddit Inc. has a twelve month low of $112.30 and a twelve month high of $282.95. The company has a market cap of $31.21 billion, a price-to-earnings ratio of 46.32 and a beta of 1.91.

Reddit (NYSE:RDDT) last announced its earnings results on Thursday, April 30th. The company reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.39. Reddit had a return on equity of 25.48% and a net margin of 28.60%.The firm had revenue of $663.41 million during the quarter, compared to the consensus estimate of $607.74 million. During the same quarter in the prior year, the company earned $0.13 EPS. The firm’s revenue for the quarter was up 69.1% compared to the same quarter last year. Analysts anticipate that Reddit Inc. will post 4.83 EPS for the current year.

Insider Activity at Reddit

In related news, CEO Steve Ladd Huffman sold 18,000 shares of the stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $174.13, for a total transaction of $3,134,340.00. Following the completion of the sale, the chief executive officer owned 373,814 shares in the company, valued at $65,092,231.82. This represents a 4.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Christopher Brian Slowe sold 15,500 shares of the stock in a transaction that occurred on Wednesday, April 8th. The shares were sold at an average price of $150.67, for a total value of $2,335,385.00. Following the sale, the chief technology officer owned 38,413 shares of the company’s stock, valued at approximately $5,787,686.71. The trade was a 28.75% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 232,499 shares of company stock worth $36,123,803 in the last 90 days. 28.48% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on RDDT shares. Wall Street Zen downgraded Reddit from a “buy” rating to a “hold” rating in a research note on Sunday, May 10th. Loop Capital reiterated a “buy” rating and set a $260.00 price target on shares of Reddit in a research note on Thursday, June 4th. Raymond James Financial set a $180.00 price target on Reddit and gave the stock a “market perform” rating in a research note on Friday, May 1st. Wells Fargo & Company upped their price target on Reddit from $149.00 to $176.00 and gave the stock an “equal weight” rating in a research note on Friday, May 1st. Finally, Rothschild & Co Redburn set a $110.00 price target on Reddit in a research note on Monday, April 27th. Eighteen research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company. According to data from MarketBeat, Reddit presently has an average rating of “Moderate Buy” and an average price target of $230.75.

Reddit 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.