TD Asset Management Inc Has $36.93 Million Stake in Reddit Inc. $RDDT

TD Asset Management Inc lowered its holdings in Reddit Inc. (NYSE:RDDT) by 23.2% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 160,562 shares of the company’s stock after selling 48,593 shares during the quarter. TD Asset Management Inc owned about 0.08% of Reddit worth $36,928,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of RDDT. Raiffeisen Bank International AG bought a new position in shares of Reddit in the third quarter valued at $25,000. Cornerstone Planning Group LLC raised its holdings in shares of Reddit by 13,500.0% in the 3rd quarter. Cornerstone Planning Group LLC now owns 136 shares of the company’s stock worth $31,000 after acquiring an additional 135 shares during the last quarter. Geneos Wealth Management Inc. lifted its position in Reddit by 344.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock valued at $39,000 after acquiring an additional 286 shares in the last quarter. GAMMA Investing LLC boosted its stake in Reddit by 8,650.0% during the 3rd quarter. GAMMA Investing LLC now owns 175 shares of the company’s stock valued at $40,000 after purchasing an additional 173 shares during the last quarter. Finally, Cloud Capital Management LLC bought a new stake in Reddit during the 3rd quarter worth approximately $47,000.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on RDDT shares. China Renaissance assumed coverage on Reddit in a research report on Tuesday, December 9th. They set a “buy” rating and a $300.00 target price on the stock. The Goldman Sachs Group cut their price objective on shares of Reddit from $236.00 to $206.00 and set a “neutral” rating on the stock in a report on Friday, February 6th. Jefferies Financial Group upped their target price on shares of Reddit from $300.00 to $325.00 and gave the stock a “buy” rating in a research note on Thursday, December 11th. Argus set a $300.00 price target on shares of Reddit in a report on Friday, January 9th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Reddit from $227.00 to $200.00 and set a “neutral” rating for the company in a research note on Friday, February 6th. One 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 given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $238.78.

Reddit Stock Performance

NYSE RDDT opened at $145.31 on Friday. The company has a market capitalization of $27.76 billion, a PE ratio of 55.46, a price-to-earnings-growth ratio of 1.10 and a beta of 2.17. Reddit Inc. has a 52-week low of $79.75 and a 52-week high of $282.95. The company has a 50-day simple moving average of $195.79 and a 200 day simple moving average of $211.24.

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

Insiders Place Their Bets

In related news, CTO Christopher Brian Slowe sold 19,036 shares of Reddit 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 transaction, the chief technology officer directly owned 185,057 shares in the company, valued at approximately $26,657,460.85. The trade was a 9.33% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Michelle Marie Reynolds sold 2,291 shares of the business’s stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $143.59, for a total transaction of $328,964.69. Following the sale, the chief accounting officer directly owned 17,133 shares in the company, valued at $2,460,127.47. The trade was a 11.79% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 431,084 shares of company stock valued at $91,126,289. Company insiders own 34.25% of the company’s stock.

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.