Northwestern Mutual Wealth Management Co. Boosts Stake in Reddit Inc. $RDDT

Northwestern Mutual Wealth Management Co. raised its holdings in Reddit Inc. (NYSE:RDDT) by 788.4% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 81,528 shares of the company’s stock after purchasing an additional 72,351 shares during the quarter. Northwestern Mutual Wealth Management Co.’s holdings in Reddit were worth $18,741,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Resona Asset Management Co. Ltd. raised its position in Reddit by 53.2% in the third quarter. Resona Asset Management Co. Ltd. now owns 30,944 shares of the company’s stock valued at $7,166,000 after purchasing an additional 10,743 shares during the period. Vanguard Group Inc. raised its position in Reddit by 12.9% in the third quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company’s stock valued at $2,814,734,000 after purchasing an additional 1,401,293 shares during the period. Optimize Financial Inc purchased a new stake in Reddit in the third quarter valued at $1,420,000. Truist Financial Corp raised its position in Reddit by 67.7% in the fourth quarter. Truist Financial Corp now owns 15,659 shares of the company’s stock valued at $3,600,000 after purchasing an additional 6,321 shares during the period. Finally, Swiss Life Asset Management Ltd raised its position in Reddit by 63.2% in the fourth quarter. Swiss Life Asset Management Ltd now owns 32,003 shares of the company’s stock valued at $7,357,000 after purchasing an additional 12,398 shares during the period.

Reddit Trading Down 2.7%

RDDT stock opened at $154.76 on Wednesday. The business’s fifty day moving average price is $147.08 and its 200 day moving average price is $180.52. Reddit Inc. has a 12-month low of $94.89 and a 12-month high of $282.95. The company has a market capitalization of $29.79 billion, a PE ratio of 44.22 and a beta of 1.85.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Thursday, April 30th. The company reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.39. Reddit had a return on equity of 25.48% and a net margin of 28.60%.The company had revenue of $663.41 million for the quarter, compared to the consensus estimate of $607.74 million. During the same quarter in the prior year, the business earned $0.13 EPS. Reddit’s revenue was up 69.1% on a year-over-year basis. Research analysts predict that Reddit Inc. will post 4.83 EPS for the current fiscal year.

Insiders Place Their Bets

In other Reddit news, COO Jennifer L. Wong sold 39,167 shares of the company’s stock in a transaction dated Thursday, April 16th. The stock was sold at an average price of $161.47, for a total transaction of $6,324,295.49. Following the sale, the chief operating officer owned 1,088,451 shares in the company, valued at $175,752,182.97. This represents a 3.47% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Christopher Brian Slowe sold 15,500 shares of the company’s stock in a transaction dated Wednesday, April 8th. The stock was sold at an average price of $150.67, for a total value of $2,335,385.00. Following the sale, the chief technology officer owned 38,413 shares in the company, valued at approximately $5,787,686.71. This trade represents a 28.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 286,977 shares of company stock worth $42,579,659 in the last quarter. 34.25% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Bank of America reduced their target price on Reddit from $205.00 to $175.00 and set a “neutral” rating on the stock in a research report on Thursday, April 2nd. Citigroup reiterated an “outperform” rating on shares of Reddit in a report on Friday, May 1st. Cantor Fitzgerald boosted their price objective on Reddit from $170.00 to $180.00 and gave the company a “neutral” rating in a report on Friday, May 1st. Citizens Jmp cut their price objective on Reddit from $250.00 to $240.00 and set a “market outperform” rating on the stock in a report on Friday, May 1st. Finally, Guggenheim boosted their price objective on Reddit from $245.00 to $255.00 and gave the company a “buy” rating in a report on Friday, February 6th. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and eleven have assigned a Hold rating to the company. According to MarketBeat, Reddit presently has a consensus rating of “Moderate Buy” and a consensus target price of $228.61.

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.