Intech Investment Management LLC Has $12.30 Million Stock Position in Reddit Inc. $RDDT

Intech Investment Management LLC boosted its position in Reddit Inc. (NYSE:RDDT) by 14.2% in the 4th quarter, HoldingsChannel reports. The firm owned 53,527 shares of the company’s stock after acquiring an additional 6,659 shares during the period. Intech Investment Management LLC’s holdings in Reddit were worth $12,304,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Raiffeisen Bank International AG acquired a new stake in Reddit in the 3rd quarter valued at about $25,000. GW&K Investment Management LLC acquired a new stake in Reddit in the 3rd quarter valued at about $30,000. Cornerstone Planning Group LLC lifted its stake in Reddit by 13,500.0% in the 3rd quarter. Cornerstone Planning Group LLC now owns 136 shares of the company’s stock valued at $31,000 after purchasing an additional 135 shares during the last quarter. LOM Asset Management Ltd acquired a new stake in Reddit in the 4th quarter valued at about $33,000. Finally, Noble Wealth Management PBC acquired a new stake in Reddit in the 4th quarter valued at about $34,000.

Analysts Set New Price Targets

RDDT has been the subject of several recent analyst reports. Citigroup reiterated a “market outperform” rating on shares of Reddit in a research note on Tuesday. The Goldman Sachs Group restated a “neutral” rating and set a $200.00 price objective on shares of Reddit in a research report on Friday, May 1st. Piper Sandler restated an “overweight” rating and set a $215.00 price objective (up from $205.00) on shares of Reddit in a research report on Friday, May 1st. Roth Mkm raised their price objective on shares of Reddit from $210.00 to $215.00 and gave the stock a “neutral” rating in a research report on Friday, January 30th. Finally, Robert W. Baird set a $200.00 price objective on shares of Reddit in a research report on Friday, February 6th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and eleven have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $228.61.

Reddit Stock Up 5.2%

Shares of RDDT stock opened at $176.41 on Friday. The firm has a 50 day moving average price of $149.56 and a two-hundred day moving average price of $178.23. The company has a market capitalization of $33.96 billion, a PE ratio of 50.40 and a beta of 1.85. Reddit Inc. has a 12-month low of $106.34 and a 12-month high of $282.95.

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

Insider Buying and Selling at Reddit

In related news, COO Jennifer L. Wong sold 39,167 shares of Reddit stock in a transaction that occurred on Thursday, April 16th. The shares were sold at an average price of $161.47, for a total value of $6,324,295.49. Following the transaction, the chief operating officer directly owned 1,088,451 shares of the company’s stock, valued at $175,752,182.97. This trade represents a 3.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Christopher Brian Slowe sold 15,500 shares of Reddit stock in a transaction that occurred on Wednesday, April 8th. The shares were sold at an average price of $150.67, for a total transaction of $2,335,385.00. Following the completion of the transaction, the chief technology officer directly owned 38,413 shares in the company, valued at $5,787,686.71. This trade represents a 28.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 241,999 shares of company stock valued at $36,678,168 over the last ninety days. Company insiders own 34.25% of the company’s stock.

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.