WT Asset Management Ltd Buys Shares of 404,250 Reddit Inc. $RDDT

WT Asset Management Ltd purchased a new position in shares of Reddit Inc. (NYSE:RDDT) in the third quarter, HoldingsChannel.com reports. The fund purchased 404,250 shares of the company’s stock, valued at approximately $92,973,000. Reddit comprises 4.3% of WT Asset Management Ltd’s holdings, making the stock its 11th largest position.

Several other institutional investors have also added to or reduced their stakes in RDDT. Norges Bank acquired a new stake in shares of Reddit in the 2nd quarter valued at $294,254,000. Vanguard Group Inc. boosted its stake in Reddit by 12.9% in the third quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company’s stock valued at $2,814,734,000 after buying an additional 1,401,293 shares in the last quarter. Amundi boosted its stake in Reddit by 2,060.5% in the second quarter. Amundi now owns 1,307,231 shares of the company’s stock valued at $208,294,000 after buying an additional 1,246,725 shares in the last quarter. State Street Corp grew its position in Reddit by 138.5% in the second quarter. State Street Corp now owns 2,030,139 shares of the company’s stock valued at $305,678,000 after acquiring an additional 1,178,890 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in Reddit by 72.1% during the second quarter. Geode Capital Management LLC now owns 1,989,004 shares of the company’s stock worth $299,044,000 after acquiring an additional 833,245 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on RDDT. Oppenheimer reduced their price target on shares of Reddit from $300.00 to $250.00 and set an “outperform” rating on the stock in a research note on Friday, February 6th. UBS Group set a $265.00 target price on shares of Reddit in a research note on Tuesday, January 13th. Citigroup upped their price target on shares of Reddit from $250.00 to $265.00 and gave the stock a “buy” rating in a report on Monday, November 3rd. Bank of America raised their price objective on Reddit from $180.00 to $210.00 and gave the company a “neutral” rating in a report on Friday, October 31st. Finally, Zacks Research cut Reddit from a “strong-buy” rating to a “hold” rating in a report on Friday, December 26th. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Reddit has a consensus rating of “Moderate Buy” and a consensus target price of $238.78.

Reddit Stock Performance

Shares of NYSE:RDDT traded up $0.15 during trading on Friday, reaching $146.28. The stock had a trading volume of 745,952 shares, compared to its average volume of 5,910,647. Reddit Inc. has a 52 week low of $79.75 and a 52 week high of $282.95. The firm’s fifty day moving average is $205.33 and its 200 day moving average is $213.88. The stock has a market cap of $27.94 billion, a price-to-earnings ratio of 56.16, a P/E/G ratio of 1.10 and a beta of 2.17.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Thursday, February 5th. The company reported $1.24 EPS for the quarter, beating analysts’ consensus estimates of $0.96 by $0.28. Reddit had a net margin of 24.05% and a return on equity of 20.89%. The business had revenue of $725.61 million for the quarter, compared to analysts’ expectations of $665.80 million. During the same quarter in the prior year, the firm posted $0.36 earnings per share. The business’s quarterly revenue was up 69.7% compared to the same quarter last year. On average, research analysts forecast that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CTO Christopher Brian Slowe sold 11,464 shares of the stock in a transaction on Tuesday, February 10th. The shares were sold at an average price of $149.74, for a total transaction of $1,716,619.36. Following the transaction, the chief technology officer directly owned 165,694 shares of the company’s stock, valued at $24,811,019.56. This represents a 6.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Jennifer L. Wong sold 27,159 shares of the firm’s stock in a transaction on Tuesday, January 20th. The stock was sold at an average price of $225.73, for a total transaction of $6,130,601.07. Following the completion of the sale, the chief operating officer owned 1,157,369 shares of the company’s stock, valued at $261,252,904.37. The trade was a 2.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 520,975 shares of company stock valued at $112,083,885 in the last 90 days. Company insiders own 34.25% of the company’s stock.

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.