Munro Partners Acquires 5,550 Shares of Reddit Inc. $RDDT

Munro Partners grew its holdings in shares of Reddit Inc. (NYSE:RDDT) by 15.4% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 41,550 shares of the company’s stock after purchasing an additional 5,550 shares during the quarter. Munro Partners’ holdings in Reddit were worth $9,551,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Raiffeisen Bank International AG bought a new position in Reddit during the third quarter worth about $25,000. GW&K Investment Management LLC bought a new position in Reddit during the third quarter worth about $30,000. LOM Asset Management Ltd bought a new position in Reddit during the fourth quarter worth about $33,000. Noble Wealth Management PBC bought a new position in Reddit during the fourth quarter worth about $34,000. Finally, Sound Income Strategies LLC bought a new position in Reddit during the fourth quarter worth about $47,000.

Insider Buying and Selling

In other Reddit news, CTO Christopher Brian Slowe sold 15,500 shares of Reddit stock in a transaction dated Wednesday, April 8th. The stock was sold at an average price of $150.67, for a total transaction of $2,335,385.00. Following the completion of the sale, the chief technology officer owned 38,413 shares of the company’s stock, valued at $5,787,686.71. The trade was a 28.75% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jennifer L. Wong sold 39,167 shares of the stock in a transaction on Thursday, April 16th. The shares were sold at an average price of $161.47, for a total transaction of $6,324,295.49. Following the transaction, the chief operating officer directly owned 1,088,451 shares in the company, valued at approximately $175,752,182.97. This represents a 3.47% 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 sold a total of 232,499 shares of company stock worth $36,123,803 over the last ninety days. 28.48% of the stock is owned by corporate insiders.

Reddit Stock Performance

Shares of NYSE RDDT opened at $181.83 on Tuesday. The stock has a market cap of $35.00 billion, a PE ratio of 51.95 and a beta of 1.91. Reddit Inc. has a fifty-two week low of $119.27 and a fifty-two week high of $282.95. The stock has a fifty day moving average of $158.30 and a 200-day moving average of $176.49.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Thursday, April 30th. The company reported $1.01 earnings per share for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $607.74 million. During the same period in the previous year, the business earned $0.13 earnings per share. The firm’s quarterly revenue was up 69.1% compared to the same quarter last year. On average, sell-side analysts predict that Reddit Inc. will post 4.83 EPS for the current year.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the company. Bank of America reduced their price target on Reddit from $205.00 to $175.00 and set a “neutral” rating for the company in a research report on Thursday, April 2nd. Rothschild & Co Redburn set a $110.00 price target on Reddit in a research report on Monday, April 27th. Loop Capital reiterated a “buy” rating and issued a $260.00 price target on shares of Reddit in a research report on Thursday, June 4th. Piper Sandler reiterated an “overweight” rating and issued a $215.00 price target (up from $205.00) on shares of Reddit in a research report on Friday, May 1st. Finally, Cantor Fitzgerald lifted their price target on Reddit from $170.00 to $180.00 and gave the company a “neutral” rating in a research report on Friday, May 1st. Eighteen investment analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. Based on data from MarketBeat, Reddit currently has a consensus rating of “Moderate Buy” and an average target price of $230.75.

Reddit 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.