24,844 Shares of Reddit Inc. $RDDT Bought by Rakuten Investment Management Inc.

Rakuten Investment Management Inc. purchased a new position in shares of Reddit Inc. (NYSE:RDDT) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 24,844 shares of the company’s stock, valued at approximately $3,611,000.

Several other large investors have also recently added to or reduced their stakes in the company. Sunbelt Securities Inc. boosted its holdings in Reddit by 87.5% in the 1st quarter. Sunbelt Securities Inc. now owns 195 shares of the company’s stock valued at $26,000 after purchasing an additional 91 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in shares of Reddit by 48.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 197 shares of the company’s stock valued at $34,000 after buying an additional 64 shares during the period. Beacon Investment Advisory Services Inc. acquired a new stake in shares of Reddit in the 2nd quarter valued at approximately $35,000. Ascentis Independent Advisors purchased a new stake in shares of Reddit in the first quarter valued at approximately $30,000. Finally, Hager Investment Management Services LLC boosted its stake in shares of Reddit by 522.2% in the second quarter. Hager Investment Management Services LLC now owns 280 shares of the company’s stock valued at $49,000 after buying an additional 235 shares in the last quarter.

Reddit Trading Up 1.4%

Shares of NYSE:RDDT traded up $1.31 during midday trading on Friday, hitting $95.12. 6,288,291 shares of the stock were exchanged, compared to its average volume of 6,781,794. The stock has a market cap of $18.30 billion, a P/E ratio of 19.41, a PEG ratio of 0.42 and a beta of 2.28. Reddit Inc. has a twelve month low of $89.28 and a twelve month high of $263.50. The company has a 50 day moving average price of $144.38 and a 200-day moving average price of $156.66.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Thursday, October 29th. The company reported $1.40 EPS for the quarter, topping the consensus estimate of $1.33 by $0.07. The business had revenue of $894.96 million for the quarter, compared to analyst estimates of $874.91 million. Reddit had a net margin of 32.10% and a return on equity of 30.57%. The business’s revenue for the quarter was up 53.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.80 EPS. On average, equities research analysts expect that Reddit Inc. will post 5.42 earnings per share for the current year.

Insider Buying and Selling at Reddit

In other Reddit news, Director Mary Gale sold 3,000 shares of Reddit stock in a transaction dated Tuesday, November 3rd. The shares were sold at an average price of $96.00, for a total transaction of $288,000.00. Following the completion of the transaction, the director owned 18,181 shares in the company, valued at approximately $1,745,376. The trade was a 14.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Steve Huffman sold 18,000 shares of the company’s stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $178.16, for a total transaction of $3,206,880.00. Following the completion of the sale, the chief executive officer directly owned 373,814 shares in the company, valued at $66,598,702.24. This trade represents a 4.59% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 291,052 shares of company stock valued at $47,166,483. Insiders own 28.48% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Weiss Ratings reiterated a “hold (c)” rating on shares of Reddit in a research report on Tuesday. Wall Street Zen downgraded shares of Reddit from a “buy” rating to a “hold” rating in a report on Sunday, August 9th. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Reddit from $200.00 to $165.00 and set a “buy” rating for the company in a research note on Friday, October 30th. Cantor Fitzgerald decreased their price objective on shares of Reddit from $170.00 to $120.00 and set a “neutral” rating on the stock in a report on Friday, October 30th. Finally, Morgan Stanley decreased their price objective on shares of Reddit from $240.00 to $210.00 and set an “overweight” rating on the stock in a report on Friday, August 21st. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and fifteen have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $180.91.

About Reddit

Reddit, Inc operates Reddit, an online platform where users share posts, discuss topics and participate in communities known as subreddits. Members can submit text, images, videos and links, comment on posts, and vote on content, helping shape what appears in each community.

The company generates revenue primarily through advertising and also offers paid subscriptions and other products. Reddit serves users and advertisers around the world through its website and mobile applications.

Reddit was founded in 2005 by Steve Huffman, Alexis Ohanian and Aaron Swartz.