California Public Employees Retirement System Buys 28,461 Shares of Reddit Inc. $RDDT

California Public Employees Retirement System boosted its stake in Reddit Inc. (NYSE:RDDT) by 13.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 247,688 shares of the company’s stock after buying an additional 28,461 shares during the quarter. California Public Employees Retirement System owned approximately 0.13% of Reddit worth $33,351,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the stock. Truist Financial Corp increased its position in shares of Reddit by 67.7% during the 4th quarter. Truist Financial Corp now owns 15,659 shares of the company’s stock worth $3,600,000 after purchasing an additional 6,321 shares in the last quarter. Swiss Life Asset Management Ltd boosted its position in Reddit by 63.2% in the fourth quarter. Swiss Life Asset Management Ltd now owns 32,003 shares of the company’s stock valued at $7,357,000 after buying an additional 12,398 shares in the last quarter. Calamos Advisors LLC acquired a new position in Reddit in the fourth quarter valued at about $2,299,000. Handelsbanken Fonder AB boosted its position in Reddit by 22.9% in the fourth quarter. Handelsbanken Fonder AB now owns 37,000 shares of the company’s stock valued at $8,505,000 after buying an additional 6,900 shares in the last quarter. Finally, Berkshire Capital Holdings Inc. grew its stake in Reddit by 326,400.0% during the fourth quarter. Berkshire Capital Holdings Inc. now owns 32,650 shares of the company’s stock worth $7,505,000 after buying an additional 32,640 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on RDDT. Needham & Company LLC reaffirmed a “buy” rating and set a $300.00 price objective on shares of Reddit in a report on Wednesday, June 24th. Loop Capital reissued a “buy” rating and issued a $260.00 target price on shares of Reddit in a report on Thursday, June 4th. Weiss Ratings restated a “hold (c)” rating on shares of Reddit in a research report on Friday, May 8th. Bank of America decreased their price target on Reddit from $205.00 to $175.00 and set a “neutral” rating on the stock in a research report on Thursday, April 2nd. Finally, Zacks Research cut Reddit from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 3rd. Nineteen analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, Reddit presently has an average rating of “Moderate Buy” and a consensus price target of $232.48.

Insider Activity

In related news, CAO Michelle Marie Reynolds sold 808 shares of the firm’s stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $200.00, for a total value of $161,600.00. Following the completion of the sale, the chief accounting officer owned 15,060 shares of the company’s stock, valued at $3,012,000. This trade represents a 5.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Steve Ladd Huffman sold 18,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 30th. The stock was sold at an average price of $173.13, for a total transaction of $3,116,340.00. Following the completion of the transaction, the chief executive officer owned 373,814 shares of the company’s stock, valued at $64,718,417.82. This trade represents a 4.59% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 169,141 shares of company stock valued at $28,680,845 over the last three months. 28.48% of the stock is owned by insiders.

Reddit Stock Up 2.4%

Shares of NYSE:RDDT opened at $185.93 on Wednesday. Reddit Inc. has a 12 month low of $119.27 and a 12 month high of $282.95. The company’s 50-day moving average price is $173.90 and its two-hundred day moving average price is $168.62. The firm has a market cap of $35.79 billion, a P/E ratio of 53.12 and a beta of 1.93.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Thursday, April 30th. The company reported $1.01 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.39. Reddit had a net margin of 28.60% and a return on equity of 25.48%. The firm had revenue of $663.41 million during the quarter, compared to analysts’ expectations of $607.74 million. During the same quarter last year, the company posted $0.13 EPS. The company’s quarterly revenue was up 69.1% compared to the same quarter last year. As a group, equities analysts predict that Reddit Inc. will post 4.85 earnings per share 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.