Belpointe Asset Management LLC Boosts Holdings in Reddit Inc. $RDDT

Belpointe Asset Management LLC increased its stake in shares of Reddit Inc. (NYSE:RDDT) by 99.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,857 shares of the company’s stock after acquiring an additional 3,415 shares during the quarter. Belpointe Asset Management LLC’s holdings in Reddit were worth $1,576,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of RDDT. Vanguard Group Inc. increased its position in shares of Reddit by 12.9% during 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 in the last quarter. Invesco Ltd. boosted its position in shares of Reddit by 419.0% in the 3rd quarter. Invesco Ltd. now owns 1,487,941 shares of the company’s stock valued at $342,212,000 after purchasing an additional 1,201,237 shares during the period. State Street Corp boosted its position in shares of Reddit by 138.5% in the 2nd quarter. State Street Corp now owns 2,030,139 shares of the company’s stock valued at $305,678,000 after purchasing an additional 1,178,890 shares during the period. DSM Capital Partners LLC purchased a new position in Reddit during the 3rd quarter worth approximately $182,590,000. Finally, Federated Hermes Inc. purchased a new position in Reddit during the 3rd quarter worth approximately $165,246,000.

Insider Activity

In other Reddit news, CTO Christopher Brian Slowe sold 19,036 shares of the business’s stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $144.05, for a total value of $2,742,135.80. Following the transaction, the chief technology officer directly owned 185,057 shares of the company’s stock, valued at approximately $26,657,460.85. The trade was a 9.33% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Sarah E. Farrell bought 43,800 shares of Reddit stock in a transaction dated Tuesday, February 10th. The stock was purchased at an average price of $149.52 per share, with a total value of $6,548,976.00. Following the purchase, the director directly owned 43,800 shares in the company, valued at approximately $6,548,976. This trade represents a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing. In the last 90 days, insiders have bought 61,000 shares of company stock valued at $8,870,815 and have sold 312,441 shares valued at $47,147,539. Insiders own 34.25% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Wells Fargo & Company initiated coverage on Reddit in a research report on Tuesday, April 7th. They set an “equal weight” rating and a $149.00 price target on the stock. Evercore restated an “outperform” rating and set a $290.00 target price on shares of Reddit in a research report on Friday, February 6th. JPMorgan Chase & Co. cut their target price on shares of Reddit from $227.00 to $200.00 and set a “neutral” rating on the stock in a report on Friday, February 6th. Jefferies Financial Group reduced their price target on shares of Reddit from $285.00 to $250.00 and set a “buy” rating for the company in a research report on Tuesday, March 10th. Finally, Truist Financial reduced their price target on shares of Reddit from $275.00 to $260.00 and set a “buy” rating for the company in a research report on Tuesday, April 7th. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and eleven have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $236.07.

Reddit Stock Down 5.6%

RDDT opened at $157.03 on Wednesday. Reddit Inc. has a 52 week low of $94.89 and a 52 week high of $282.95. The business has a 50 day moving average price of $142.26 and a two-hundred day moving average price of $186.54. The company has a market cap of $30.00 billion, a PE ratio of 59.94, a P/E/G ratio of 1.21 and a beta of 2.40.

Reddit (NYSE:RDDT) last announced its earnings results on Thursday, February 5th. The company reported $1.24 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.28. The company had revenue of $725.61 million for the quarter, compared to the consensus estimate of $665.80 million. Reddit had a return on equity of 20.89% and a net margin of 24.05%.The company’s revenue was up 69.7% on a year-over-year basis. During the same period last year, the business posted $0.36 EPS. As a group, sell-side analysts expect that Reddit Inc. will post 4.02 EPS for the current fiscal year.

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.