PensionDanmark Pensionsforsikringsaktieselskab Acquires 9,670 Shares of Reddit Inc. $RDDT

PensionDanmark Pensionsforsikringsaktieselskab boosted its holdings in shares of Reddit Inc. (NYSE:RDDT) by 102.3% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 19,120 shares of the company’s stock after buying an additional 9,670 shares during the quarter. PensionDanmark Pensionsforsikringsaktieselskab’s holdings in Reddit were worth $3,319,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of RDDT. Byrne Asset Management LLC lifted its position in shares of Reddit by 541.3% in the second quarter. Byrne Asset Management LLC now owns 295 shares of the company’s stock worth $51,000 after buying an additional 249 shares during the last quarter. Mirador Capital Partners LP acquired a new position in shares of Reddit during the 2nd quarter valued at about $1,789,000. GK Wealth Management LLC acquired a new position in shares of Reddit during the 2nd quarter valued at about $1,305,000. GAMMA Investing LLC raised its stake in shares of Reddit by 135.5% in the 2nd quarter. GAMMA Investing LLC now owns 504 shares of the company’s stock valued at $87,000 after acquiring an additional 290 shares in the last quarter. Finally, CoreCap Advisors LLC lifted its holdings in Reddit by 29.8% in the 2nd quarter. CoreCap Advisors LLC now owns 1,504 shares of the company’s stock worth $261,000 after purchasing an additional 345 shares during the last quarter.

Insider Transactions at Reddit

In other news, CAO Michelle Marie Reynolds sold 808 shares of the business’s stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $200.00, for a total transaction of $161,600.00. Following the transaction, the chief accounting officer owned 15,060 shares in the company, valued at approximately $3,012,000. The trade was a 5.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, 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 transaction, the chief operating officer directly owned 1,050,339 shares of the company’s stock, valued at $185,846,982.66. This represents a 3.59% 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. Over the last quarter, insiders have sold 169,141 shares of company stock worth $28,464,485. Insiders own 28.48% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on RDDT. B. Riley Financial upped their target price on Reddit from $250.00 to $270.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. Weiss Ratings restated a “hold (c)” rating on shares of Reddit in a research note on Wednesday. Sanford C. Bernstein reaffirmed a “market perform” rating and set a $180.00 price objective on shares of Reddit in a report on Friday, July 31st. Jefferies Financial Group set a $250.00 target price on shares of Reddit in a research note on Friday, July 10th. Finally, Robert W. Baird set a $185.00 target price on shares of Reddit in a report on Friday, July 31st. Two research analysts have rated the stock with a Strong Buy rating, nineteen have given a Buy rating and eleven have given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $220.90.

Reddit Stock Up 0.0%

Shares of NYSE:RDDT opened at $161.73 on Monday. The company has a market cap of $31.12 billion, a price-to-earnings ratio of 37.61, a PEG ratio of 0.54 and a beta of 2.04. The business has a 50 day moving average price of $176.68 and a 200 day moving average price of $161.41. Reddit Inc. has a twelve month low of $119.27 and a twelve month high of $282.95.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Thursday, July 30th. The company reported $1.25 EPS for the quarter, topping the consensus estimate of $0.95 by $0.30. Reddit had a return on equity of 29.02% and a net margin of 31.35%.The company had revenue of $804.91 million for the quarter, compared to the consensus estimate of $731.00 million. During the same period in the previous year, the business posted $0.45 EPS. The company’s revenue for the quarter was up 61.0% on a year-over-year basis. Analysts anticipate that Reddit Inc. will post 5.22 EPS for the current year.

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.