Advisors Asset Management Inc. Boosts Stock Position in Reddit Inc. $RDDT

Advisors Asset Management Inc. increased its position in Reddit Inc. (NYSE:RDDT) by 1,144.9% in the 3rd quarter, HoldingsChannel reports. The fund owned 4,544 shares of the company’s stock after buying an additional 4,179 shares during the quarter. Advisors Asset Management Inc.’s holdings in Reddit were worth $1,045,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also added to or reduced their stakes in the company. Resona Asset Management Co. Ltd. lifted its stake in shares of Reddit by 53.2% in the 3rd quarter. Resona Asset Management Co. Ltd. now owns 30,944 shares of the company’s stock valued at $7,166,000 after purchasing an additional 10,743 shares during the last quarter. Teacher Retirement System of Texas lifted its position in Reddit by 880.5% in the second quarter. Teacher Retirement System of Texas now owns 94,676 shares of the company’s stock worth $14,255,000 after buying an additional 85,020 shares during the last quarter. Optimize Financial Inc purchased a new position in Reddit during the third quarter worth $1,420,000. Plato Investment Management Ltd increased its position in Reddit by 120.2% during the second quarter. Plato Investment Management Ltd now owns 2,970 shares of the company’s stock valued at $446,000 after acquiring an additional 1,621 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its stake in shares of Reddit by 95.4% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 16,139 shares of the company’s stock valued at $3,712,000 after acquiring an additional 7,881 shares during the period.

Reddit Stock Performance

Shares of NYSE RDDT opened at $139.01 on Wednesday. Reddit Inc. has a 52-week low of $79.75 and a 52-week high of $282.95. The firm has a market capitalization of $26.34 billion, a price-to-earnings ratio of 53.06, a PEG ratio of 1.04 and a beta of 2.17. The stock has a 50 day moving average price of $208.89 and a 200 day moving average price of $214.83.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Thursday, February 5th. The company reported $1.24 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 company had revenue of $725.61 million for the quarter, compared to the consensus estimate of $665.80 million. During the same period last year, the business posted $0.36 EPS. Reddit’s quarterly revenue was up 69.7% on a year-over-year basis. Analysts forecast that Reddit Inc. will post 1.12 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on RDDT shares. Roth Mkm lifted their price target on shares of Reddit from $210.00 to $215.00 and gave the stock a “neutral” rating in a research note on Friday, January 30th. Guggenheim boosted their target price on Reddit from $245.00 to $255.00 and gave the company a “buy” rating in a research report on Friday, February 6th. UBS Group set a $265.00 price target on Reddit in a report on Tuesday, January 13th. The Goldman Sachs Group dropped their price objective on Reddit from $236.00 to $206.00 and set a “neutral” rating for the company in a report on Friday, February 6th. Finally, Truist Financial upped their price objective on Reddit from $270.00 to $275.00 and gave the company a “buy” rating in a research report on Friday, February 6th. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $238.78.

Insider Activity

In other Reddit news, CEO Steve Ladd Huffman sold 18,000 shares of the stock in a transaction dated Friday, November 28th. The shares were sold at an average price of $215.19, for a total transaction of $3,873,420.00. Following the transaction, the chief executive officer directly owned 448,576 shares in the company, valued at $96,529,069.44. This represents a 3.86% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Benjamin Seong Lee sold 55,005 shares of the firm’s stock in a transaction dated Tuesday, December 16th. The shares were sold at an average price of $221.21, for a total transaction of $12,167,656.05. Following the transaction, the insider directly owned 62,608 shares in the company, valued at $13,849,515.68. This trade represents a 46.77% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 502,975 shares of company stock valued at $109,585,305. Company insiders own 34.25% of the company’s stock.

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.