AustralianSuper Pty Ltd increased its holdings in shares of Reddit Inc. (NYSE:RDDT – Free Report) by 1,429.6% in the 4th quarter, HoldingsChannel reports. The firm owned 263,521 shares of the company’s stock after acquiring an additional 246,293 shares during the quarter. AustralianSuper Pty Ltd’s holdings in Reddit were worth $60,576,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Thrivent Financial for Lutherans acquired a new position in shares of Reddit in the 4th quarter valued at about $66,387,000. Central Asset Investments & Management Holdings HK Ltd grew its holdings in Reddit by 142.8% during the fourth quarter. Central Asset Investments & Management Holdings HK Ltd now owns 2,913 shares of the company’s stock worth $670,000 after acquiring an additional 1,713 shares during the period. Biltmore Family Office LLC purchased a new position in Reddit during the fourth quarter valued at approximately $459,000. Ameritas Advisory Services LLC lifted its holdings in Reddit by 1,177.4% in the fourth quarter. Ameritas Advisory Services LLC now owns 1,354 shares of the company’s stock valued at $311,000 after acquiring an additional 1,248 shares during the period. Finally, Independent Advisor Alliance lifted its holdings in Reddit by 23.1% in the fourth quarter. Independent Advisor Alliance now owns 2,384 shares of the company’s stock valued at $548,000 after acquiring an additional 448 shares during the period.
Analysts Set New Price Targets
RDDT has been the topic of a number of recent analyst reports. B. Riley Financial increased their price target on shares of Reddit from $245.00 to $250.00 and gave the stock a “buy” rating in a report on Friday, February 6th. Morgan Stanley set a $240.00 price objective on shares of Reddit in a research report on Friday, February 6th. JPMorgan Chase & Co. lowered their target price on shares of Reddit from $227.00 to $200.00 and set a “neutral” rating on the stock in a research note on Friday, February 6th. Zacks Research upgraded Reddit from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, May 5th. Finally, Oppenheimer restated an “outperform” rating and issued a $225.00 price target on shares of Reddit in a research note on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and eleven have given a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $228.61.
Insider Transactions at Reddit
In other Reddit news, CEO Steve Ladd Huffman sold 18,000 shares of Reddit stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $171.80, for a total transaction of $3,092,400.00. Following the sale, the chief executive officer owned 411,195 shares of the company’s stock, valued at $70,643,301. The trade was a 4.19% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jennifer L. Wong sold 39,167 shares of the business’s stock in a transaction dated Thursday, April 16th. The stock was sold at an average price of $161.47, for a total transaction of $6,324,295.49. Following the transaction, the chief operating officer owned 1,088,451 shares in the company, valued at $175,752,182.97. The trade was a 3.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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 valued at $39,750,959 over the last ninety days. Company insiders own 34.25% of the company’s stock.
Reddit Stock Up 1.5%
RDDT opened at $156.40 on Friday. The company has a market cap of $30.11 billion, a PE ratio of 44.69 and a beta of 1.85. Reddit Inc. has a twelve month low of $94.89 and a twelve month high of $282.95. The company has a 50-day moving average price of $146.25 and a 200 day moving average price of $181.73.
Reddit (NYSE:RDDT – Get Free Report) last posted its quarterly earnings data on Thursday, April 30th. The company reported $1.01 EPS for the quarter, topping the consensus estimate of $0.62 by $0.39. Reddit had a return on equity of 25.48% and a net margin of 28.60%.The company had revenue of $663.41 million during the quarter, compared to analyst estimates of $607.74 million. During the same period in the previous year, the business earned $0.13 EPS. Reddit’s quarterly revenue was up 69.1% on a year-over-year basis. As a group, sell-side analysts expect that Reddit Inc. will post 4.78 earnings per share for the current year.
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.
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