Reddit Inc. $RDDT Position Boosted by Swiss Life Asset Management Ltd

Swiss Life Asset Management Ltd boosted its holdings in Reddit Inc. (NYSE:RDDT) by 309.1% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 19,605 shares of the company’s stock after acquiring an additional 14,813 shares during the quarter. Swiss Life Asset Management Ltd’s holdings in Reddit were worth $4,509,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. Resona Asset Management Co. Ltd. increased its stake in Reddit by 53.2% during the 3rd quarter. Resona Asset Management Co. Ltd. now owns 30,944 shares of the company’s stock valued at $7,166,000 after buying an additional 10,743 shares during the period. Vanguard Group Inc. raised its position in shares of Reddit by 12.9% during the 3rd quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company’s stock worth $2,814,734,000 after buying an additional 1,401,293 shares in the last quarter. Optimize Financial Inc acquired a new stake in shares of Reddit in the 3rd quarter worth approximately $1,420,000. WT Asset Management Ltd bought a new position in shares of Reddit in the third quarter valued at approximately $92,973,000. Finally, Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Reddit by 95.4% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 16,139 shares of the company’s stock valued at $3,712,000 after acquiring an additional 7,881 shares in the last quarter.

Reddit Price Performance

RDDT stock opened at $140.18 on Monday. The firm has a market cap of $26.78 billion, a PE ratio of 53.50, a P/E/G ratio of 1.02 and a beta of 2.41. Reddit Inc. has a 12 month low of $79.75 and a 12 month high of $282.95. The firm has a 50 day simple moving average of $166.67 and a 200 day simple moving average of $201.96.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Thursday, February 5th. The company reported $1.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.28. The firm had revenue of $725.61 million for the quarter, compared to analyst estimates of $665.80 million. Reddit had a net margin of 24.05% and a return on equity of 20.89%. The firm’s quarterly revenue was up 69.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.36 earnings per share. As a group, sell-side analysts expect that Reddit Inc. will post 1.12 earnings per share for the current year.

Insider Buying and Selling at Reddit

In related news, Director Sarah E. Farrell bought 10,500 shares of the firm’s stock in a transaction that occurred on Friday, March 13th. The shares were acquired at an average cost of $132.26 per share, for a total transaction of $1,388,730.00. Following the acquisition, the director directly owned 61,000 shares of the company’s stock, valued at $8,067,860. The trade was a 20.79% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Steve Ladd Huffman sold 18,000 shares of the business’s stock in a transaction on Friday, March 13th. The stock was sold at an average price of $132.86, for a total value of $2,391,480.00. Following the sale, the chief executive officer directly owned 411,195 shares in the company, valued at $54,631,367.70. This trade represents a 4.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders purchased 61,000 shares of company stock worth $8,870,815 and sold 345,578 shares worth $64,065,863. 34.25% of the stock is owned by insiders.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. B. Riley Financial boosted their target price on Reddit from $245.00 to $250.00 and gave the stock a “buy” rating in a report on Friday, February 6th. Piper Sandler reaffirmed an “overweight” rating and set a $205.00 price target (down from $290.00) on shares of Reddit in a research note on Friday, February 6th. Zacks Research cut Reddit from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 26th. Morgan Stanley set a $240.00 price objective on Reddit in a research note on Friday, February 6th. Finally, JPMorgan Chase & Co. cut their price objective on Reddit from $227.00 to $200.00 and set a “neutral” rating for the company in a report on Friday, February 6th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and eleven have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Reddit has a consensus rating of “Moderate Buy” and an average target price of $242.19.

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.