Searle & CO. Has $1.18 Million Position in Reddit Inc. $RDDT

Searle & CO. raised its stake in shares of Reddit Inc. (NYSE:RDDT) by 120.5% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 5,145 shares of the company’s stock after acquiring an additional 2,812 shares during the quarter. Searle & CO.’s holdings in Reddit were worth $1,183,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. NewEdge Advisors LLC lifted its holdings in Reddit by 143.3% during the 1st quarter. NewEdge Advisors LLC now owns 7,982 shares of the company’s stock valued at $837,000 after purchasing an additional 4,701 shares during the last quarter. Empowered Funds LLC acquired a new stake in shares of Reddit during the first quarter worth approximately $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Reddit by 106.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 216,960 shares of the company’s stock valued at $22,759,000 after acquiring an additional 111,780 shares during the last quarter. Focus Partners Wealth boosted its holdings in shares of Reddit by 40.8% in the 1st quarter. Focus Partners Wealth now owns 10,224 shares of the company’s stock worth $1,073,000 after acquiring an additional 2,965 shares in the last quarter. Finally, Geneos Wealth Management Inc. boosted its holdings in shares of 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 acquiring an additional 286 shares in the last quarter.

Reddit Trading Down 5.2%

Shares of NYSE:RDDT opened at $180.13 on Friday. The stock has a market capitalization of $34.13 billion, a P/E ratio of 103.52, a P/E/G ratio of 1.32 and a beta of 2.17. Reddit Inc. has a 1-year low of $79.75 and a 1-year high of $282.95. The business has a 50-day moving average price of $226.40 and a two-hundred day moving average price of $214.25.

Reddit (NYSE:RDDT) last issued its earnings results on Thursday, October 30th. The company reported $0.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.50 by $0.30. Reddit had a net margin of 18.33% and a return on equity of 14.94%. The company had revenue of $584.91 million for the quarter, compared to analyst estimates of $546.65 million. During the same quarter last year, the firm earned $0.16 EPS. The company’s revenue for the quarter was up 67.9% on a year-over-year basis. As a group, equities analysts predict that Reddit Inc. will post 1.12 EPS for the current year.

Insider Buying and Selling at Reddit

In other news, CEO Steve Ladd Huffman sold 18,000 shares of the stock in a transaction on Friday, November 28th. The stock was sold at an average price of $215.19, for a total value of $3,873,420.00. Following the transaction, the chief executive officer owned 448,576 shares of the company’s stock, valued at $96,529,069.44. This represents a 3.86% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Christopher Brian Slowe sold 24,000 shares of the firm’s stock in a transaction on Monday, November 24th. The stock was sold at an average price of $192.72, for a total value of $4,625,280.00. Following the completion of the transaction, the chief technology officer owned 175,694 shares in the company, valued at $33,859,747.68. This represents a 12.02% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 519,422 shares of company stock valued at $113,573,815. 34.25% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

RDDT has been the subject of a number of recent analyst reports. UBS Group set a $265.00 price target on Reddit in a report on Tuesday, January 13th. JMP Securities restated a “market outperform” rating and set a $300.00 target price on shares of Reddit in a report on Friday, October 3rd. China Renaissance initiated coverage on shares of Reddit in a research report on Tuesday, December 9th. They set a “buy” rating and a $300.00 price target on the stock. Argus set a $300.00 price objective on shares of Reddit in a report on Friday, January 9th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $300.00 target price on shares of Reddit in a research note on Monday, December 29th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Reddit has an average rating of “Moderate Buy” and a consensus price target of $245.36.

Reddit Company 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.