Allstate Corp Invests $894,000 in Reddit Inc. $RDDT

Allstate Corp bought a new position in shares of Reddit Inc. (NYSE:RDDT) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 3,886 shares of the company’s stock, valued at approximately $894,000.

Other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of Reddit by 6.3% during the 2nd quarter. Vanguard Group Inc. now owns 10,837,215 shares of the company’s stock valued at $1,631,759,000 after buying an additional 638,663 shares during the last quarter. JPMorgan Chase & Co. raised its position in Reddit by 7.5% during the second quarter. JPMorgan Chase & Co. now owns 2,051,175 shares of the company’s stock valued at $308,846,000 after acquiring an additional 143,680 shares in the last quarter. State Street Corp raised its position in Reddit by 138.5% during the second quarter. State Street Corp now owns 2,030,139 shares of the company’s stock valued at $305,678,000 after acquiring an additional 1,178,890 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Reddit by 72.1% in the second quarter. Geode Capital Management LLC now owns 1,989,004 shares of the company’s stock valued at $299,044,000 after acquiring an additional 833,245 shares during the period. Finally, Norges Bank purchased a new stake in Reddit in the 2nd quarter worth approximately $294,254,000.

Analyst Ratings Changes

Several research firms recently issued reports on RDDT. B. Riley reiterated a “buy” rating and issued a $245.00 target price (up from $235.00) on shares of Reddit in a research note on Friday, October 31st. Citigroup lifted their price objective on shares of Reddit from $250.00 to $265.00 and gave the company a “buy” rating in a report on Monday, November 3rd. The Goldman Sachs Group reissued a “neutral” rating and set a $236.00 target price on shares of Reddit in a research note on Tuesday, October 14th. Argus set a $300.00 price target on Reddit in a research note on Friday, January 9th. Finally, Evercore ISI initiated coverage on Reddit in a research note on Monday, January 12th. They set an “outperform” rating and a $320.00 target price for the company. Two 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 given a Sell rating to the stock. According to data from MarketBeat, Reddit has an average rating of “Moderate Buy” and a consensus price target of $244.11.

Reddit Price Performance

RDDT opened at $210.14 on Thursday. The firm has a market capitalization of $39.82 billion, a price-to-earnings ratio of 120.77, a price-to-earnings-growth ratio of 1.51 and a beta of 2.17. The company’s 50 day simple moving average is $224.45 and its two-hundred day simple moving average is $212.07. Reddit Inc. has a 1-year low of $79.75 and a 1-year high of $282.95.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Thursday, October 30th. The company reported $0.80 EPS for the quarter, beating the consensus estimate of $0.50 by $0.30. Reddit had a return on equity of 14.94% and a net margin of 18.33%.The firm had revenue of $584.91 million during the quarter, compared to analysts’ expectations of $546.65 million. During the same quarter last year, the firm earned $0.16 earnings per share. The business’s revenue for the quarter was up 67.9% on a year-over-year basis. On average, equities analysts anticipate that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Benjamin Seong Lee sold 3,320 shares of the company’s stock in a transaction dated Friday, January 9th. The shares were sold at an average price of $260.22, for a total value of $863,930.40. Following the completion of the sale, the insider owned 62,608 shares of the company’s stock, valued at approximately $16,291,853.76. This represents a 5.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Steve Ladd Huffman sold 18,000 shares of Reddit stock in a transaction dated Thursday, January 15th. The stock was sold at an average price of $232.78, for a total transaction of $4,190,040.00. Following the transaction, the chief executive officer directly owned 448,576 shares in the company, valued at $104,419,521.28. This trade represents a 3.86% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 470,344 shares of company stock valued at $102,553,177 over the last 90 days. Insiders own 34.25% of the company’s stock.

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.