Reddit Inc. $RDDT Shares Purchased by AustralianSuper Pty Ltd

AustralianSuper Pty Ltd raised its holdings in Reddit Inc. (NYSE:RDDT) by 2,440.6% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 205,634 shares of the company’s stock after acquiring an additional 197,540 shares during the quarter. AustralianSuper Pty Ltd owned 0.11% of Reddit worth $47,294,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently bought and sold shares of RDDT. Financial Perspectives Inc purchased a new position in Reddit in the second quarter valued at about $34,000. Geneos Wealth Management Inc. raised its position in shares of Reddit by 344.6% during the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock valued at $39,000 after buying an additional 286 shares during the last quarter. GAMMA Investing LLC increased its position in shares of Reddit by 8,650.0% during the third 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 period. Covestor Ltd raised its stake in shares of Reddit by 138.5% in the 3rd quarter. Covestor Ltd now owns 217 shares of the company’s stock valued at $50,000 after buying an additional 126 shares in the last quarter. Finally, Advisors Asset Management Inc. raised its position in Reddit by 68.2% in the second quarter. Advisors Asset Management Inc. now owns 365 shares of the company’s stock worth $55,000 after purchasing an additional 148 shares in the last quarter.

Insider Buying and Selling at Reddit

In other news, CEO Steve Ladd Huffman sold 18,000 shares of the firm’s stock in a transaction on Friday, November 28th. The stock was sold at an average price of $215.19, for a total value of $3,873,420.00. Following the transaction, the chief executive officer directly owned 448,576 shares in the company, valued at $96,529,069.44. This trade represents a 3.86% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO Christopher Brian Slowe sold 24,000 shares of the company’s stock in a transaction dated Monday, November 24th. The shares were sold at an average price of $192.72, for a total value of $4,625,280.00. Following the completion of the sale, the chief technology officer owned 175,694 shares of the company’s stock, valued at $33,859,747.68. This represents a 12.02% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 519,422 shares of company stock valued at $113,573,815. 34.25% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several analysts recently commented on RDDT shares. Cantor Fitzgerald initiated coverage on Reddit in a research note on Thursday, January 8th. They issued a “neutral” rating and a $240.00 price target on the stock. Piper Sandler reiterated an “overweight” rating on shares of Reddit in a research report on Monday, December 1st. Zacks Research lowered shares of Reddit from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 26th. Needham & Company LLC reaffirmed a “buy” rating and set a $300.00 price objective on shares of Reddit in a report on Monday, December 29th. Finally, Wells Fargo & Company boosted their target price on Reddit from $186.00 to $207.00 and gave the stock an “equal weight” rating in a report on Monday, January 12th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Reddit currently has a consensus rating of “Moderate Buy” and an average target price of $245.18.

Reddit Stock Down 1.4%

Reddit stock opened at $193.49 on Thursday. The business’s 50-day simple moving average is $226.31 and its 200 day simple moving average is $214.18. The stock has a market cap of $36.67 billion, a price-to-earnings ratio of 111.20, a P/E/G ratio of 1.36 and a beta of 2.17. Reddit Inc. has a 12-month low of $79.75 and a 12-month high of $282.95.

Reddit (NYSE:RDDT) last released its earnings results on Thursday, October 30th. The company reported $0.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.50 by $0.30. The company had revenue of $584.91 million for the quarter, compared to the consensus estimate of $546.65 million. Reddit had a net margin of 18.33% and a return on equity of 14.94%. The company’s revenue was up 67.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.16 EPS. As a group, sell-side analysts expect that Reddit Inc. will post 1.12 EPS for the current year.

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.