26,929 Shares in Reddit Inc. $RDDT Purchased by Capital International Ltd. CA

Capital International Ltd. CA purchased a new position in Reddit Inc. (NYSE:RDDT) in the fourth quarter, HoldingsChannel reports. The fund purchased 26,929 shares of the company’s stock, valued at approximately $6,190,000.

A number of other institutional investors also recently bought and sold shares of RDDT. Norges Bank bought a new position in Reddit in the fourth quarter worth about $372,047,000. Vanguard Group Inc. grew its holdings in Reddit by 12.9% in 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 period. Invesco Ltd. grew its holdings in Reddit by 419.0% in 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 grew its holdings in Reddit by 138.5% in the second quarter. State Street Corp now owns 2,030,139 shares of the company’s stock worth $305,678,000 after purchasing an additional 1,178,890 shares during the period. Finally, AQR Capital Management LLC purchased a new stake in Reddit in the second quarter worth about $80,052,000.

Insider Activity

In other news, CTO Christopher Brian Slowe sold 15,500 shares of the stock in a transaction that occurred on Wednesday, April 8th. The shares were sold at an average price of $150.67, for a total transaction of $2,335,385.00. Following the sale, the chief technology officer owned 38,413 shares in the company, valued at $5,787,686.71. This represents a 28.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Steve Ladd Huffman sold 18,000 shares of the stock in a transaction that occurred on Friday, May 29th. The shares were sold at an average price of $174.13, for a total transaction of $3,134,340.00. Following the sale, the chief executive officer owned 373,814 shares in the company, valued at approximately $65,092,231.82. The trade was a 4.59% 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 259,999 shares of company stock worth $39,812,508 over the last 90 days. 28.48% of the stock is currently owned by insiders.

Reddit Stock Down 5.7%

NYSE:RDDT opened at $173.37 on Friday. The company’s 50 day moving average price is $153.12 and its 200-day moving average price is $177.36. Reddit Inc. has a 52 week low of $110.85 and a 52 week high of $282.95. The stock has a market cap of $33.38 billion, a price-to-earnings ratio of 49.53 and a beta of 1.91.

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

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Wall Street Zen cut shares of Reddit from a “buy” rating to a “hold” rating in a report on Sunday, May 10th. Zacks Research cut shares of Reddit from a “strong-buy” rating to a “hold” rating in a report on Wednesday. Weiss Ratings restated a “hold (c)” rating on shares of Reddit in a report on Friday, May 8th. Piper Sandler restated an “overweight” rating and issued a $215.00 price objective (up from $205.00) on shares of Reddit in a report on Friday, May 1st. Finally, Raymond James Financial set a $180.00 price objective on shares of Reddit and gave the stock a “market perform” rating in a report on Friday, May 1st. Eighteen analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $230.75.

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.