Royal London Asset Management Ltd. Boosts Stake in Reddit Inc. $RDDT

Royal London Asset Management Ltd. increased its holdings in shares of Reddit Inc. (NYSE:RDDT) by 4.9% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 87,337 shares of the company’s stock after purchasing an additional 4,061 shares during the quarter. Royal London Asset Management Ltd.’s holdings in Reddit were worth $15,160,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Sunbelt Securities Inc. increased its position in shares of Reddit by 87.5% during the first quarter. Sunbelt Securities Inc. now owns 195 shares of the company’s stock valued at $26,000 after acquiring an additional 91 shares during the last quarter. Ascentis Independent Advisors acquired a new stake in Reddit in the 1st quarter valued at approximately $30,000. EverSource Wealth Advisors LLC raised its position in Reddit by 48.1% in the second quarter. EverSource Wealth Advisors LLC now owns 197 shares of the company’s stock valued at $34,000 after purchasing an additional 64 shares during the period. Beacon Investment Advisory Services Inc. purchased a new stake in Reddit in the second quarter valued at approximately $35,000. Finally, Geneos Wealth Management Inc. lifted its stake in Reddit by 344.6% during the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock worth $39,000 after purchasing an additional 286 shares in the last quarter.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Morgan Stanley dropped their price objective on Reddit from $240.00 to $210.00 and set an “overweight” rating for the company in a research note on Friday, August 21st. Citigroup restated a “market outperform” rating on shares of Reddit in a report on Monday, August 24th. KeyCorp began coverage on Reddit in a research report on Wednesday, July 29th. They issued an “overweight” rating and a $225.00 target price for the company. Deutsche Bank Aktiengesellschaft set a $200.00 price target on shares of Reddit in a research report on Friday, July 31st. Finally, Raymond James Financial reissued a “strong-buy” rating and issued a $205.00 price objective on shares of Reddit in a research note on Monday, August 17th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and eleven have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $221.10.

Reddit Price Performance

RDDT opened at $152.63 on Monday. Reddit Inc. has a 12 month low of $119.27 and a 12 month high of $282.95. The stock has a market capitalization of $29.37 billion, a price-to-earnings ratio of 35.50, a PEG ratio of 0.51 and a beta of 2.04. The business has a fifty day moving average price of $171.76 and a 200 day moving average price of $158.51.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Thursday, July 30th. The company reported $1.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.95 by $0.30. The company had revenue of $804.91 million for the quarter, compared to analyst estimates of $731.00 million. Reddit had a return on equity of 29.02% and a net margin of 31.35%.Reddit’s revenue for the quarter was up 61.0% compared to the same quarter last year. During the same quarter last year, the company earned $0.45 EPS. On average, research analysts anticipate that Reddit Inc. will post 5.27 earnings per share for the current year.

Insider Activity

In other Reddit news, CEO Steve Ladd Huffman sold 18,000 shares of the business’s stock in a transaction that occurred on 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 transaction, the chief executive officer owned 373,814 shares in the company, valued at $66,598,702.24. The trade was a 4.59% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Michelle Marie Reynolds sold 808 shares of the stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $200.00, for a total transaction of $161,600.00. Following the completion of the sale, the chief accounting officer directly owned 15,060 shares in the company, valued at approximately $3,012,000. This represents a 5.09% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 192,102 shares of company stock valued at $33,710,892 over the last three months. 28.48% of the stock is currently owned by corporate insiders.

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.