USS Investment Management Ltd Makes New Investment in Reddit Inc. $RDDT

USS Investment Management Ltd acquired a new stake in shares of Reddit Inc. (NYSE:RDDT) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 167,057 shares of the company’s stock, valued at approximately $22,504,000. USS Investment Management Ltd owned 0.09% of Reddit as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in RDDT. GW&K Investment Management LLC acquired a new stake in shares of Reddit during the 3rd quarter worth about $30,000. LOM Asset Management Ltd acquired a new position in Reddit in the fourth quarter valued at about $33,000. Noble Wealth Management PBC bought a new stake in Reddit during the fourth quarter worth about $34,000. Geneos Wealth Management Inc. grew its stake in Reddit by 344.6% during the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock worth $39,000 after buying an additional 286 shares during the last quarter. Finally, Summit Securities Group LLC bought a new stake in Reddit during the fourth quarter worth about $46,000.

Analyst Ratings Changes

A number of research firms have recently issued reports on RDDT. Oppenheimer reiterated an “outperform” rating and issued a $225.00 target price on shares of Reddit in a research note on Friday, May 1st. Needham & Company LLC restated a “buy” rating and set a $300.00 price target on shares of Reddit in a research report on Wednesday, June 24th. Piper Sandler reaffirmed an “overweight” rating and set a $215.00 price target (up from $205.00) on shares of Reddit in a report on Friday, May 1st. Weiss Ratings reiterated a “hold (c)” rating on shares of Reddit in a research report on Friday, May 8th. Finally, Jefferies Financial Group cut their price objective on Reddit from $285.00 to $250.00 and set a “buy” rating for the company in a research report on Tuesday, March 10th. Eighteen analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $230.75.

Insider Buying and Selling

In other Reddit news, CEO Steve Ladd Huffman sold 18,000 shares of the company’s stock in a transaction on Monday, June 15th. The stock was sold at an average price of $178.26, for a total transaction of $3,208,680.00. Following the transaction, the chief executive officer owned 373,814 shares of the company’s stock, valued at approximately $66,636,083.64. This represents a 4.59% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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 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 completion of the transaction, the chief technology officer owned 38,413 shares in the company, valued at $5,787,686.71. The trade was a 28.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 223,000 shares of company stock worth $36,913,785 in the last quarter. Insiders own 28.48% of the company’s stock.

Reddit Trading Down 0.4%

Shares of NYSE RDDT opened at $173.65 on Wednesday. Reddit Inc. has a 1-year low of $119.27 and a 1-year high of $282.95. The company has a market cap of $33.43 billion, a PE ratio of 49.61 and a beta of 1.91. The company has a 50-day moving average of $162.94 and a two-hundred day moving average of $172.21.

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