Rakuten Investment Management Inc. Acquires Shares of 41,623 Reddit Inc. $RDDT

Rakuten Investment Management Inc. purchased a new position in shares of Reddit Inc. (NYSE:RDDT) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 41,623 shares of the company’s stock, valued at approximately $9,573,000.

A number of other hedge funds have also made changes to their positions in RDDT. GAMMA Investing LLC boosted its holdings in shares of Reddit by 8,650.0% in the 3rd quarter. GAMMA Investing LLC now owns 175 shares of the company’s stock valued at $40,000 after buying an additional 173 shares in the last quarter. Financial Perspectives Inc purchased a new position in Reddit during the 2nd quarter worth $34,000. Advisors Asset Management Inc. raised its stake in Reddit by 68.2% during the 2nd quarter. Advisors Asset Management Inc. now owns 365 shares of the company’s stock valued at $55,000 after acquiring an additional 148 shares during the last quarter. Geneos Wealth Management Inc. lifted its holdings in shares of Reddit by 344.6% during the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock worth $39,000 after purchasing an additional 286 shares during the period. Finally, First Horizon Corp acquired a new position in shares of Reddit during the third quarter worth about $102,000.

Insider Activity at Reddit

In other Reddit news, CFO Andrew Vollero sold 3,674 shares of Reddit stock in a transaction that occurred on Tuesday, January 13th. The shares were sold at an average price of $261.21, for a total value of $959,685.54. Following the completion of the sale, the chief financial officer directly owned 251,644 shares in the company, valued at $65,731,929.24. The trade was a 1.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Steve Ladd Huffman sold 18,000 shares of the stock in a transaction dated Thursday, January 15th. The shares were sold at an average price of $232.78, for a total value of $4,190,040.00. Following the transaction, the chief executive officer directly owned 448,576 shares in the company, valued at approximately $104,419,521.28. This represents a 3.86% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 470,344 shares of company stock worth $102,553,177 in the last quarter. 34.25% of the stock is owned by corporate insiders.

Reddit Price Performance

Shares of Reddit stock opened at $210.14 on Thursday. Reddit Inc. has a 1-year low of $79.75 and a 1-year high of $282.95. The business’s fifty day moving average price is $224.45 and its two-hundred day moving average price is $212.07. The company has a market capitalization of $39.82 billion, a P/E ratio of 120.77, a PEG ratio of 1.51 and a beta of 2.17.

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

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on RDDT. Truist Financial set a $270.00 price target on Reddit in a research note on Friday, October 31st. Robert W. Baird increased their target price on Reddit from $177.00 to $240.00 and gave the stock a “neutral” rating in a research report on Thursday, September 25th. JMP Securities reissued a “market outperform” rating and issued a $300.00 target price on shares of Reddit in a research report on Friday, October 3rd. Royal Bank Of Canada restated a “sector perform” rating on shares of Reddit in a report on Wednesday, October 1st. Finally, Wells Fargo & Company boosted their target price on Reddit from $186.00 to $207.00 and gave the stock an “equal weight” rating in a report on Monday, January 12th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Reddit currently has a consensus rating of “Moderate Buy” and a consensus price target of $244.11.

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.