Assetmark Inc. Has $9.72 Million Stock Position in Reddit Inc. $RDDT

Assetmark Inc. increased its holdings in shares of Reddit Inc. (NYSE:RDDT) by 14.9% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 42,243 shares of the company’s stock after acquiring an additional 5,488 shares during the quarter. Assetmark Inc.’s holdings in Reddit were worth $9,715,000 as of its most recent filing with the SEC.

A number of other hedge funds have also added to or reduced their stakes in RDDT. Resona Asset Management Co. Ltd. boosted its position in Reddit by 0.3% during the 2nd quarter. Resona Asset Management Co. Ltd. now owns 20,201 shares of the company’s stock worth $3,023,000 after buying an additional 65 shares during the period. AdvisorNet Financial Inc lifted its stake in shares of Reddit by 2.8% in the third quarter. AdvisorNet Financial Inc now owns 2,464 shares of the company’s stock valued at $567,000 after buying an additional 66 shares in the last quarter. Kingswood Wealth Advisors LLC raised its stake in shares of Reddit by 5.0% in the third quarter. Kingswood Wealth Advisors LLC now owns 1,439 shares of the company’s stock worth $331,000 after purchasing an additional 69 shares during the last quarter. Bienville Capital Management LLC grew its stake in shares of Reddit by 0.5% in the 2nd quarter. Bienville Capital Management LLC now owns 16,153 shares of the company’s stock worth $2,432,000 after acquiring an additional 76 shares in the last quarter. Finally, TFB Advisors LLC boosted its stake in shares of Reddit by 6.0% in the 3rd quarter. TFB Advisors LLC now owns 2,032 shares of the company’s stock worth $467,000 after buying an additional 115 shares during the last quarter.

Insider Activity

In other Reddit news, CTO Christopher Brian Slowe sold 11,464 shares of the business’s stock in a transaction that occurred on Tuesday, February 10th. The stock was sold at an average price of $149.74, for a total transaction of $1,716,619.36. Following the sale, the chief technology officer directly owned 165,694 shares of the company’s stock, valued at $24,811,019.56. The trade was a 6.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, COO Jennifer L. Wong sold 12,008 shares of the company’s stock in a transaction that occurred on Tuesday, January 20th. The shares were sold at an average price of $225.73, for a total value of $2,710,565.84. Following the transaction, the chief operating officer directly owned 50,124 shares in the company, valued at approximately $11,314,490.52. This represents a 19.33% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 502,975 shares of company stock valued at $109,585,305 in the last three months. 34.25% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the company. China Renaissance started coverage on Reddit in a research note on Tuesday, December 9th. They issued a “buy” rating and a $300.00 price objective on the stock. Jefferies Financial Group upped their price target on Reddit from $300.00 to $325.00 and gave the company a “buy” rating in a research report on Thursday, December 11th. Argus set a $300.00 price target on Reddit in a research report on Friday, January 9th. Piper Sandler reaffirmed an “overweight” rating and issued a $205.00 price target (down previously from $290.00) on shares of Reddit in a report on Friday, February 6th. Finally, Evercore reissued an “outperform” rating and set a $290.00 price target on shares of Reddit in a research note on Friday, February 6th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $240.93.

Reddit Stock Up 6.5%

Shares of RDDT stock opened at $139.62 on Tuesday. The firm has a market capitalization of $26.67 billion, a PE ratio of 53.29, a P/E/G ratio of 1.04 and a beta of 2.18. The company has a 50 day moving average price of $210.83 and a 200-day moving average price of $215.18. Reddit Inc. has a 52 week low of $79.75 and a 52 week high of $282.95.

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