Mediolanum International Funds Ltd Raises Position in Reddit Inc. $RDDT

Mediolanum International Funds Ltd lifted its holdings in shares of Reddit Inc. (NYSE:RDDT) by 67.4% during the 1st quarter, Holdings Channel.com reports. The firm owned 30,019 shares of the company’s stock after acquiring an additional 12,089 shares during the period. Mediolanum International Funds Ltd’s holdings in Reddit were worth $3,726,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Ascentis Independent Advisors acquired a new position in Reddit in the first quarter valued at $30,000. LOM Asset Management Ltd acquired a new stake in Reddit in the 4th quarter worth about $33,000. Geneos Wealth Management Inc. boosted its stake in Reddit by 344.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock worth $39,000 after buying an additional 286 shares during the last quarter. V Square Quantitative Management LLC purchased a new stake in Reddit in the 1st quarter valued at about $43,000. Finally, Summit Securities Group LLC purchased a new stake in Reddit in the 4th quarter valued at about $46,000.

Reddit Price Performance

NYSE RDDT opened at $182.08 on Tuesday. The firm has a market capitalization of $35.05 billion, a P/E ratio of 52.02 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 business’s 50-day simple moving average is $173.23 and its 200-day simple moving average is $168.93.

Reddit (NYSE:RDDT) last posted its earnings results on Thursday, April 30th. The company reported $1.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.39. Reddit had a net margin of 28.60% and a return on equity of 25.48%. The firm had revenue of $663.41 million during the quarter, compared to the consensus estimate of $607.74 million. During the same quarter in the prior year, the company earned $0.13 EPS. The company’s revenue was up 69.1% on a year-over-year basis. On average, equities research analysts expect that Reddit Inc. will post 4.85 EPS for the current fiscal year.

Insider Buying and Selling at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 18,000 shares of the business’s stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $178.26, for a total transaction of $3,208,680.00. Following the completion of the sale, the chief executive officer directly owned 373,814 shares in the company, valued at $66,636,083.64. The trade was a 4.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through 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 Monday, May 18th. The stock was sold at an average price of $158.52, for a total transaction of $6,208,752.84. Following the completion of the sale, the chief operating officer directly owned 1,088,451 shares of the company’s stock, valued at $172,541,252.52. The trade was 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 have sold a total of 169,141 shares of company stock valued at $28,680,845 over the last ninety days. Corporate insiders own 28.48% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on RDDT shares. Needham & Company LLC reaffirmed a “buy” rating and set a $300.00 price objective on shares of Reddit in a research note on Wednesday, June 24th. Rothschild & Co Redburn set a $110.00 target price on shares of Reddit in a report on Monday, April 27th. Wells Fargo & Company upped their price target on shares of Reddit from $176.00 to $187.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 7th. Citizens Jmp cut their price target on shares of Reddit from $250.00 to $240.00 and set a “market outperform” rating on the stock in a research note on Friday, May 1st. Finally, Wedbush assumed coverage on shares of Reddit in a report on Thursday, July 16th. They issued an “outperform” rating and a $250.00 price target on the stock. Nineteen analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. According to MarketBeat, Reddit presently has an average rating of “Moderate Buy” and an average target price of $232.48.

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.