Artisan Partners Limited Partnership Purchases 211,204 Shares of Reddit Inc. $RDDT

Artisan Partners Limited Partnership lifted its position in Reddit Inc. (NYSE:RDDT) by 46.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 669,912 shares of the company’s stock after purchasing an additional 211,204 shares during the quarter. Artisan Partners Limited Partnership owned about 0.35% of Reddit worth $154,073,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Resona Asset Management Co. Ltd. increased its stake in Reddit by 0.3% in the 2nd quarter. Resona Asset Management Co. Ltd. now owns 20,201 shares of the company’s stock worth $3,023,000 after acquiring an additional 65 shares during the last quarter. AdvisorNet Financial Inc grew its holdings in shares of Reddit by 2.8% during the third quarter. AdvisorNet Financial Inc now owns 2,464 shares of the company’s stock worth $567,000 after purchasing an additional 66 shares in the last quarter. Kingswood Wealth Advisors LLC increased its position 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 raised its stake in Reddit by 0.5% in the second quarter. Bienville Capital Management LLC now owns 16,153 shares of the company’s stock valued at $2,432,000 after purchasing an additional 76 shares in the last quarter. Finally, Raiffeisen Bank International AG bought a new stake in Reddit during the third quarter valued at approximately $25,000.

Insider Transactions at Reddit

In other news, CTO Christopher Brian Slowe sold 19,036 shares of the firm’s stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $144.05, for a total value of $2,742,135.80. Following the completion of the transaction, the chief technology officer owned 185,057 shares in the company, valued at $26,657,460.85. This trade represents a 9.33% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Benjamin Seong Lee sold 55,005 shares of the stock in a transaction on Tuesday, December 16th. The stock was sold at an average price of $221.21, for a total value of $12,167,656.05. Following the completion of the transaction, the insider owned 62,608 shares of the company’s stock, valued at approximately $13,849,515.68. This trade represents a 46.77% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 431,084 shares of company stock worth $91,126,289. 34.25% of the stock is owned by insiders.

Reddit Trading Up 0.9%

NYSE:RDDT opened at $150.98 on Friday. The company has a 50-day moving average price of $197.55 and a 200-day moving average price of $211.77. The stock has a market cap of $28.84 billion, a price-to-earnings ratio of 57.63, a P/E/G ratio of 1.11 and a beta of 2.17. Reddit Inc. has a 12 month low of $79.75 and a 12 month high of $282.95.

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

Analysts Set New Price Targets

Several analysts have recently weighed in on RDDT shares. Cantor Fitzgerald lowered their price objective on shares of Reddit from $240.00 to $170.00 and set a “neutral” rating on the stock in a research report on Friday, February 6th. Jefferies Financial Group raised 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. Morgan Stanley set a $240.00 price objective on Reddit in a report on Friday, February 6th. Wall Street Zen raised Reddit from a “hold” rating to a “buy” rating in a report on Saturday, February 14th. Finally, Truist Financial upped their target price on Reddit from $270.00 to $275.00 and gave the stock a “buy” rating in a research note on Friday, February 6th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $238.78.

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.