Allspring Global Investments Holdings LLC Increases Holdings in Reddit Inc. $RDDT

Allspring Global Investments Holdings LLC raised its holdings in shares of Reddit Inc. (NYSE:RDDT) by 7,801.0% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 354,440 shares of the company’s stock after acquiring an additional 349,954 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.19% of Reddit worth $85,735,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. grew its position in shares of Reddit by 12.9% in the 3rd quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company’s stock valued at $2,814,734,000 after buying an additional 1,401,293 shares during the last quarter. State Street Corp lifted its holdings in shares of Reddit by 22.3% in the 3rd quarter. State Street Corp now owns 2,481,931 shares of the company’s stock valued at $570,819,000 after purchasing an additional 451,792 shares during the last quarter. Bank of America Corp DE raised its position in Reddit by 38.4% in the 3rd quarter. Bank of America Corp DE now owns 1,724,560 shares of the company’s stock valued at $396,632,000 after purchasing an additional 478,095 shares during the last quarter. Invesco Ltd. boosted its stake in Reddit by 419.0% during the 3rd 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. Finally, Amundi boosted its stake in Reddit by 2,060.5% during the 2nd quarter. Amundi now owns 1,307,231 shares of the company’s stock worth $208,294,000 after purchasing an additional 1,246,725 shares during the period.

Reddit Price Performance

Shares of NYSE RDDT opened at $134.65 on Wednesday. Reddit Inc. has a 12-month low of $79.75 and a 12-month high of $282.95. The company has a market capitalization of $25.72 billion, a PE ratio of 51.39, a price-to-earnings-growth ratio of 0.90 and a beta of 2.40. The firm’s 50-day moving average is $151.72 and its two-hundred day moving average is $196.38.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Thursday, February 5th. The company reported $1.24 earnings per share for the quarter, topping analysts’ consensus estimates of $0.96 by $0.28. The business had revenue of $725.61 million during the quarter, compared to analysts’ expectations of $665.80 million. Reddit had a net margin of 24.05% and a return on equity of 20.89%. The company’s revenue was up 69.7% on a year-over-year basis. During the same period last year, the company posted $0.36 EPS. On average, analysts forecast that Reddit Inc. will post 1.12 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

RDDT has been the topic of a number of recent research reports. Roth Mkm lifted their price objective on shares of Reddit from $210.00 to $215.00 and gave the company a “neutral” rating in a research note on Friday, January 30th. Truist Financial upped their price target on Reddit from $270.00 to $275.00 and gave the stock a “buy” rating in a research note on Friday, February 6th. Guggenheim increased their price target on Reddit from $245.00 to $255.00 and gave the stock a “buy” rating in a report on Friday, February 6th. Oppenheimer lowered their price objective on shares of Reddit from $300.00 to $250.00 and set an “outperform” rating on the stock in a research report on Friday, February 6th. Finally, Jefferies Financial Group cut their target price on Reddit from $285.00 to $250.00 and set a “buy” rating for the company in a research note on Tuesday, March 10th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and eleven have assigned a Hold rating to the company. According to MarketBeat.com, Reddit presently has an average rating of “Moderate Buy” and an average price target of $242.19.

Insider Buying and Selling at Reddit

In other news, CTO Christopher Brian Slowe sold 9,500 shares of Reddit stock in a transaction on Monday, March 23rd. The stock was sold at an average price of $141.28, for a total value of $1,342,160.00. Following the completion of the sale, the chief technology officer owned 38,413 shares of the company’s stock, valued at $5,426,988.64. The trade was a 19.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Steve Ladd Huffman sold 18,000 shares of the company’s stock in a transaction on Friday, March 13th. The shares were sold at an average price of $132.86, for a total value of $2,391,480.00. Following the completion of the transaction, the chief executive officer owned 411,195 shares of the company’s stock, valued at $54,631,367.70. The trade was a 4.19% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have acquired 61,000 shares of company stock valued at $8,870,815 and have sold 337,078 shares valued at $61,254,343. Company insiders own 34.25% of the company’s stock.

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.