Advisors Asset Management Inc. Increases Holdings in Reddit Inc. $RDDT

Advisors Asset Management Inc. raised its stake in Reddit Inc. (NYSE:RDDT) by 1,144.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,544 shares of the company’s stock after acquiring an additional 4,179 shares during the period. Advisors Asset Management Inc.’s holdings in Reddit were worth $1,045,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Stratos Wealth Partners LTD. raised its position in shares of Reddit by 16.5% in the 3rd quarter. Stratos Wealth Partners LTD. now owns 11,372 shares of the company’s stock worth $2,615,000 after purchasing an additional 1,614 shares during the last quarter. Wealthfront Advisers LLC increased its stake in Reddit by 98.7% during the 3rd quarter. Wealthfront Advisers LLC now owns 4,067 shares of the company’s stock valued at $935,000 after purchasing an additional 2,020 shares in the last quarter. Johnson Investment Counsel Inc. purchased a new position in Reddit in the third quarter worth about $342,000. Candriam S.C.A. lifted its stake in shares of Reddit by 33.7% in the third quarter. Candriam S.C.A. now owns 9,477 shares of the company’s stock worth $2,180,000 after buying an additional 2,391 shares in the last quarter. Finally, RFG Advisory LLC bought a new position in shares of Reddit in the third quarter worth approximately $798,000.

Reddit Stock Performance

Reddit stock opened at $139.01 on Wednesday. Reddit Inc. has a one year low of $79.75 and a one year high of $282.95. The stock has a fifty day moving average of $208.89 and a 200 day moving average of $214.83. The stock has a market cap of $26.34 billion, a PE ratio of 53.06, a price-to-earnings-growth ratio of 1.04 and a beta of 2.17.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Thursday, February 5th. The company reported $1.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.28. Reddit had a return on equity of 20.89% and a net margin of 24.05%.The business had revenue of $725.61 million during the quarter, compared to the consensus estimate of $665.80 million. During the same period in the previous year, the company posted $0.36 EPS. The business’s quarterly revenue was up 69.7% compared to the same quarter last year. As a group, sell-side analysts predict that Reddit Inc. will post 1.12 EPS for the current fiscal year.

Insider Activity at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 18,000 shares of the company’s stock in a transaction that occurred on Friday, January 30th. The shares were sold at an average price of $183.18, for a total transaction of $3,297,240.00. Following the completion of the sale, the chief executive officer directly owned 448,576 shares of the company’s stock, valued at approximately $82,170,151.68. This represents a 3.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Andrew Vollero sold 3,674 shares of the business’s stock in a transaction on Tuesday, January 13th. The shares were sold at an average price of $261.21, for a total transaction of $959,685.54. Following the sale, the chief financial officer directly owned 251,644 shares of the company’s stock, valued at approximately $65,731,929.24. The trade was a 1.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 502,975 shares of company stock valued at $109,585,305 in the last three months. Corporate insiders own 34.25% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on RDDT shares. Oppenheimer decreased their price objective on shares of Reddit from $300.00 to $250.00 and set an “outperform” rating for the company in a report on Friday, February 6th. Wall Street Zen raised Reddit from a “hold” rating to a “buy” rating in a report on Saturday. Argus set a $300.00 price target on Reddit in a report on Friday, January 9th. Needham & Company LLC reaffirmed a “buy” rating and set a $300.00 price objective on shares of Reddit in a research report on Friday, February 6th. Finally, Guggenheim boosted their target price on Reddit from $245.00 to $255.00 and gave the stock a “buy” rating in a research report on Friday, February 6th. One equities research 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 MarketBeat, Reddit presently has a consensus rating of “Moderate Buy” and a consensus price target of $238.78.

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.