FORA Capital LLC Invests $3.42 Million in Reddit Inc. $RDDT

FORA Capital LLC acquired a new position in shares of Reddit Inc. (NYSE:RDDT) in the third quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 14,848 shares of the company’s stock, valued at approximately $3,415,000.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Resona Asset Management Co. Ltd. raised its holdings in shares of Reddit by 53.2% in the 3rd quarter. Resona Asset Management Co. Ltd. now owns 30,944 shares of the company’s stock valued at $7,166,000 after buying an additional 10,743 shares during the period. Vanguard Group Inc. lifted its stake in Reddit by 12.9% during the 3rd quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company’s stock worth $2,814,734,000 after acquiring an additional 1,401,293 shares in the last quarter. Optimize Financial Inc purchased a new position in Reddit during the 3rd quarter valued at about $1,420,000. WT Asset Management Ltd acquired a new position in Reddit in the 3rd quarter valued at about $92,973,000. Finally, Wealth Enhancement Advisory Services LLC grew its position in Reddit by 95.4% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 16,139 shares of the company’s stock valued at $3,712,000 after acquiring an additional 7,881 shares in the last quarter.

Analysts Set New Price Targets

RDDT has been the topic of several research reports. Wall Street Zen cut shares of Reddit from a “buy” rating to a “hold” rating in a research report on Saturday, March 7th. Zacks Research cut shares of Reddit from a “strong-buy” rating to a “hold” rating in a report on Friday, December 26th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Reddit in a research note on Monday, December 29th. UBS Group set a $265.00 target price on shares of Reddit in a report on Tuesday, January 13th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $300.00 price target on shares of Reddit in a research report on Friday, February 6th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $236.00.

Reddit Stock Performance

Shares of RDDT opened at $132.21 on Friday. Reddit Inc. has a 1 year low of $79.75 and a 1 year high of $282.95. The stock has a market capitalization of $25.26 billion, a PE ratio of 50.46, a PEG ratio of 0.96 and a beta of 2.40. The stock has a 50-day simple moving average of $177.60 and a 200-day simple moving average of $205.03.

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

Insider Activity at Reddit

In other news, CTO Christopher Brian Slowe sold 19,036 shares of Reddit stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $144.05, for a total transaction of $2,742,135.80. Following the completion of the sale, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Sarah E. Farrell bought 43,800 shares of the stock in a transaction that occurred on Tuesday, February 10th. The shares were purchased at an average price of $149.52 per share, with a total value of $6,548,976.00. Following the purchase, the director owned 43,800 shares of the company’s stock, valued at approximately $6,548,976. This represents a ∞ increase in their position. The SEC filing for this purchase provides additional information. Insiders have sold a total of 433,335 shares of company stock worth $89,139,359 over the last ninety days. 34.25% of the stock is currently owned by insiders.

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.