Great Lakes Retirement Inc. Invests $1.03 Million in Reddit Inc. $RDDT

Great Lakes Retirement Inc. purchased a new stake in Reddit Inc. (NYSE:RDDT) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 4,473 shares of the company’s stock, valued at approximately $1,029,000.

A number of other large investors have also added to or reduced their stakes in the stock. Raiffeisen Bank International AG bought a new position in Reddit during the 3rd quarter worth $25,000. Cornerstone Planning Group LLC increased its position in shares of Reddit by 13,500.0% in the third quarter. Cornerstone Planning Group LLC now owns 136 shares of the company’s stock worth $31,000 after purchasing an additional 135 shares during the period. GAMMA Investing LLC increased its position in shares of Reddit by 8,650.0% in the third quarter. GAMMA Investing LLC now owns 175 shares of the company’s stock worth $40,000 after purchasing an additional 173 shares during the period. Cloud Capital Management LLC acquired a new position in Reddit in the third quarter valued at about $47,000. Finally, Covestor Ltd lifted its position in Reddit by 138.5% during the third quarter. Covestor Ltd now owns 217 shares of the company’s stock worth $50,000 after purchasing an additional 126 shares during the period.

Reddit Price Performance

RDDT stock opened at $147.19 on Thursday. The stock has a market cap of $28.12 billion, a price-to-earnings ratio of 56.18, a P/E/G ratio of 1.06 and a beta of 2.40. The company has a 50 day simple moving average of $190.89 and a 200 day simple moving average of $209.17. Reddit Inc. has a 1 year low of $79.75 and a 1 year high of $282.95.

Reddit (NYSE:RDDT) last issued its earnings results on Thursday, February 5th. The company reported $1.24 earnings per share for the quarter, beating analysts’ consensus estimates of $0.96 by $0.28. The firm had revenue of $725.61 million for the quarter, compared to analyst estimates of $665.80 million. Reddit had a net margin of 24.05% and a return on equity of 20.89%. The company’s quarterly revenue was up 69.7% on a year-over-year basis. During the same quarter last year, the business posted $0.36 earnings per share. On average, equities research analysts anticipate that Reddit Inc. will post 1.12 EPS for the current fiscal year.

Insider Activity at Reddit

In other Reddit news, CTO Christopher Brian Slowe sold 19,036 shares of the stock in a transaction dated 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 directly owned 185,057 shares in the company, valued at approximately $26,657,460.85. This trade represents a 9.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Jennifer L. Wong sold 8,466 shares of the business’s stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $143.37, for a total value of $1,213,770.42. Following the sale, the chief operating officer owned 41,658 shares in the company, valued at approximately $5,972,507.46. This trade represents a 16.89% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 449,084 shares of company stock worth $93,738,449 over the last 90 days. 34.25% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. The Goldman Sachs Group decreased their target price on shares of Reddit from $236.00 to $206.00 and set a “neutral” rating on the stock in a report on Friday, February 6th. Wells Fargo & Company set a $196.00 price target on shares of Reddit in a research report on Monday, February 9th. Argus set a $300.00 price objective on shares of Reddit in a research note on Friday, January 9th. Deutsche Bank Aktiengesellschaft restated a “buy” rating and set a $285.00 price objective on shares of Reddit in a research report on Tuesday, January 20th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $205.00 target price (down from $290.00) on shares of Reddit in a report on Friday, February 6th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $238.78.

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.