Public Employees Retirement System of Ohio Trims Stock Position in Reddit Inc. $RDDT

Public Employees Retirement System of Ohio lessened its holdings in Reddit Inc. (NYSE:RDDT) by 27.7% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 37,699 shares of the company’s stock after selling 14,432 shares during the period. Public Employees Retirement System of Ohio’s holdings in Reddit were worth $5,076,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in RDDT. Vanguard Group Inc. increased its holdings in Reddit by 8.9% during the fourth quarter. Vanguard Group Inc. now owns 13,322,048 shares of the company’s stock valued at $3,062,339,000 after buying an additional 1,083,540 shares during the last quarter. Capital World Investors bought a new stake in shares of Reddit during the 4th quarter valued at $1,293,258,000. State Street Corp grew its position in shares of Reddit by 6.0% during the 4th quarter. State Street Corp now owns 2,631,332 shares of the company’s stock valued at $604,864,000 after acquiring an additional 149,401 shares during the period. Geode Capital Management LLC increased its stake in shares of Reddit by 4.7% in the 4th quarter. Geode Capital Management LLC now owns 2,382,712 shares of the company’s stock worth $546,789,000 after purchasing an additional 106,821 shares in the last quarter. Finally, Morgan Stanley raised its holdings in Reddit by 11.4% in the 4th quarter. Morgan Stanley now owns 2,372,443 shares of the company’s stock worth $545,354,000 after purchasing an additional 242,709 shares during the period.

Wall Street Analyst Weigh In

A number of brokerages have commented on RDDT. KeyCorp initiated coverage on Reddit in a research report on Wednesday. They issued an “overweight” rating and a $225.00 price target for the company. Weiss Ratings restated a “hold (c)” rating on shares of Reddit in a research note on Friday, May 8th. UBS Group reissued a “mixed” rating on shares of Reddit in a research note on Thursday, July 9th. Jefferies Financial Group set a $250.00 price target on Reddit in a research note on Friday, July 10th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $300.00 price objective on shares of Reddit in a research note on Wednesday, June 24th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and eleven have given a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $232.23.

Insider Transactions at Reddit

In other news, COO Jennifer L. Wong sold 39,166 shares of the company’s stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $176.94, for a total transaction of $6,930,032.04. Following the sale, the chief operating officer directly owned 1,050,339 shares in the company, valued at approximately $185,846,982.66. This represents a 3.59% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Michelle Marie Reynolds sold 808 shares of Reddit stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $200.00, for a total value of $161,600.00. Following the completion of the transaction, the chief accounting officer owned 15,060 shares of the company’s stock, valued at approximately $3,012,000. This represents a 5.09% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 169,141 shares of company stock worth $28,680,845 in the last three months. Insiders own 28.48% of the company’s stock.

Reddit Price Performance

NYSE:RDDT opened at $177.97 on Thursday. The company has a market cap of $34.26 billion, a price-to-earnings ratio of 50.85 and a beta of 1.93. Reddit Inc. has a 1 year low of $119.27 and a 1 year high of $282.95. The stock’s 50 day simple moving average is $176.17 and its two-hundred day simple moving average is $165.56.

Reddit (NYSE:RDDT) last posted its earnings results on Thursday, April 30th. The company reported $1.01 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.39. The firm had revenue of $663.41 million during the quarter, compared to analyst estimates of $607.74 million. Reddit had a net margin of 28.60% and a return on equity of 25.48%. Reddit’s revenue for the quarter was up 69.1% compared to the same quarter last year. During the same period last year, the firm posted $0.13 earnings per share. As a group, analysts anticipate that Reddit Inc. will post 4.85 EPS for the current year.

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.