Reddit Inc. $RDDT Shares Purchased by Tredje AP fonden

Tredje AP fonden lifted its stake in shares of Reddit Inc. (NYSE:RDDT) by 55.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 130,596 shares of the company’s stock after acquiring an additional 46,320 shares during the period. Tredje AP fonden’s holdings in Reddit were worth $30,020,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. increased its position in Reddit by 12.9% during the third quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company’s stock worth $2,814,734,000 after purchasing an additional 1,401,293 shares during the last quarter. Invesco Ltd. raised its stake in Reddit by 419.0% during the third quarter. Invesco Ltd. now owns 1,487,941 shares of the company’s stock worth $342,212,000 after purchasing an additional 1,201,237 shares during the period. State Street Corp boosted its holdings in shares of Reddit by 138.5% in the 2nd quarter. State Street Corp now owns 2,030,139 shares of the company’s stock valued at $305,678,000 after purchasing an additional 1,178,890 shares during the last quarter. Federated Hermes Inc. acquired a new position in shares of Reddit in the 3rd quarter valued at $165,246,000. Finally, AQR Capital Management LLC purchased a new stake in shares of Reddit during the 2nd quarter valued at $80,052,000.

Insider Buying and Selling

In related news, CEO Steve Ladd Huffman sold 18,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $171.80, for a total transaction of $3,092,400.00. Following the transaction, the chief executive officer directly owned 411,195 shares of the company’s stock, valued at approximately $70,643,301. The trade was a 4.19% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jennifer L. Wong sold 39,167 shares of the company’s stock in a transaction that occurred on Thursday, April 16th. The stock was sold at an average price of $161.47, for a total value of $6,324,295.49. Following the completion of the transaction, the chief operating officer owned 1,088,451 shares of the company’s stock, valued at approximately $175,752,182.97. This represents a 3.47% 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 have sold a total of 268,977 shares of company stock worth $39,750,959 in the last ninety days. 34.25% of the stock is owned by corporate insiders.

Reddit Trading Up 0.5%

Shares of Reddit stock opened at $159.01 on Tuesday. Reddit Inc. has a twelve month low of $94.89 and a twelve month high of $282.95. The stock has a market cap of $30.61 billion, a price-to-earnings ratio of 45.43 and a beta of 1.85. The company has a fifty day moving average price of $146.78 and a 200 day moving average price of $180.92.

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

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on RDDT shares. Morgan Stanley set a $240.00 price objective on Reddit in a report on Friday, February 6th. Piper Sandler reissued an “overweight” rating and set a $215.00 price target (up from $205.00) on shares of Reddit in a research report on Friday, May 1st. Robert W. Baird set a $200.00 price target on Reddit in a research note on Friday, February 6th. Bank of America cut their price objective on Reddit from $205.00 to $175.00 and set a “neutral” rating on the stock in a report on Thursday, April 2nd. Finally, Rothschild & Co Redburn set a $110.00 price objective on Reddit in a research note on Monday, April 27th. One analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and eleven have issued a Hold rating to the stock. Based on data from MarketBeat, Reddit presently has an average rating of “Moderate Buy” and a consensus price target of $228.61.

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.