Reddit Inc. $RDDT Shares Purchased by Neuberger Berman Group LLC

Neuberger Berman Group LLC raised its position in Reddit Inc. (NYSE:RDDT) by 78.3% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 642,124 shares of the company’s stock after buying an additional 282,063 shares during the period. Neuberger Berman Group LLC’s holdings in Reddit were worth $147,682,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Resona Asset Management Co. Ltd. increased its holdings in Reddit by 53.2% during the 3rd quarter. Resona Asset Management Co. Ltd. now owns 30,944 shares of the company’s stock worth $7,166,000 after purchasing an additional 10,743 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Reddit by 12.9% during the 3rd quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company’s stock valued at $2,814,734,000 after buying an additional 1,401,293 shares during the last quarter. Optimize Financial Inc purchased a new position in shares of Reddit during the 3rd quarter valued at approximately $1,420,000. WT Asset Management Ltd acquired a new stake in shares of Reddit during the third quarter worth approximately $92,973,000. Finally, Wealth Enhancement Advisory Services LLC grew its position in shares of Reddit by 95.4% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 16,139 shares of the company’s stock worth $3,712,000 after buying an additional 7,881 shares in the last quarter.

Wall Street Analyst Weigh In

RDDT has been the topic of several recent analyst reports. Piper Sandler reaffirmed an “overweight” rating and issued a $205.00 price target (down from $290.00) on shares of Reddit in a report on Friday, February 6th. The Goldman Sachs Group decreased their price objective on shares of Reddit from $236.00 to $206.00 and set a “neutral” rating for the company in a report on Friday, February 6th. JPMorgan Chase & Co. dropped their target price on shares of Reddit from $227.00 to $200.00 and set a “neutral” rating for the company in a research report on Friday, February 6th. Argus set a $300.00 target price on shares of Reddit in a research note on Friday, January 9th. Finally, B. Riley Financial increased their price target on shares of Reddit from $245.00 to $250.00 and gave the stock a “buy” rating in a research report on Friday, February 6th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, Reddit has a consensus rating of “Moderate Buy” and an average target price of $238.78.

Insider Activity

In other news, CTO Christopher Brian Slowe sold 19,036 shares of the stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $144.05, for a total value of $2,742,135.80. Following the completion of the transaction, the chief technology officer owned 185,057 shares of the company’s stock, valued at approximately $26,657,460.85. This represents a 9.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CAO Michelle Marie Reynolds sold 2,291 shares of the firm’s stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $143.59, for a total value of $328,964.69. Following the transaction, the chief accounting officer directly owned 17,133 shares in the company, valued at $2,460,127.47. This trade represents a 11.79% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 449,084 shares of company stock worth $93,738,449 over the last ninety days. 34.25% of the stock is currently owned by company insiders.

Reddit Trading Down 3.2%

Shares of NYSE:RDDT opened at $139.65 on Friday. The firm’s 50 day moving average is $187.51 and its two-hundred day moving average is $208.00. The firm has a market capitalization of $26.68 billion, a P/E ratio of 53.30, a PEG ratio of 1.05 and a beta of 2.40. Reddit Inc. has a 52 week low of $79.75 and a 52 week high of $282.95.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Thursday, February 5th. The company reported $1.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.28. Reddit had a return on equity of 20.89% and a net margin of 24.05%.The business had revenue of $725.61 million during the quarter, compared to the consensus estimate of $665.80 million. During the same period in the previous year, the firm posted $0.36 earnings per share. The business’s revenue was up 69.7% on a year-over-year basis. Analysts predict that Reddit Inc. will post 1.12 EPS for the current year.

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.