OP Asset Management Ltd Invests $1.42 Million in Reddit Inc. $RDDT

OP Asset Management Ltd acquired a new stake in Reddit Inc. (NYSE:RDDT) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 10,524 shares of the company’s stock, valued at approximately $1,417,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. NewEdge Advisors LLC lifted its stake in Reddit by 143.3% during the first quarter. NewEdge Advisors LLC now owns 7,982 shares of the company’s stock worth $837,000 after purchasing an additional 4,701 shares during the last quarter. Empowered Funds LLC purchased a new position in Reddit in the first quarter valued at approximately $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in 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 purchasing an additional 111,780 shares during the last quarter. Focus Partners Wealth raised its holdings in Reddit by 40.8% during the first quarter. Focus Partners Wealth now owns 10,224 shares of the company’s stock worth $1,073,000 after purchasing an additional 2,965 shares in the last quarter. Finally, Geneos Wealth Management Inc. raised its holdings 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.

Insiders Place Their Bets

In other news, CEO Steve Ladd Huffman sold 18,000 shares of the stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $178.26, for a total transaction of $3,208,680.00. Following the completion of the sale, the chief executive officer owned 373,814 shares in the company, valued at approximately $66,636,083.64. This represents a 4.59% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jennifer L. Wong sold 39,167 shares of the stock in a transaction dated Thursday, April 16th. The stock was sold at an average price of $161.47, for a total transaction of $6,324,295.49. Following the sale, the chief operating officer owned 1,088,451 shares of the company’s stock, valued at $175,752,182.97. This trade represents a 3.47% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 223,000 shares of company stock valued at $36,913,785. Insiders own 28.48% of the company’s stock.

Reddit Trading Up 4.4%

RDDT stock opened at $174.25 on Tuesday. The company has a market capitalization of $33.54 billion, a P/E ratio of 49.79 and a beta of 1.91. The business has a 50 day simple moving average of $162.74 and a 200-day simple moving average of $172.67. Reddit Inc. has a twelve month low of $119.27 and a twelve month high of $282.95.

Reddit (NYSE:RDDT) last announced its earnings results on Thursday, April 30th. The company reported $1.01 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.39. Reddit had a net margin of 28.60% and a return on equity of 25.48%. The business had revenue of $663.41 million for the quarter, compared to analysts’ expectations of $607.74 million. During the same period in the previous year, the company posted $0.13 EPS. The company’s quarterly revenue was up 69.1% on a year-over-year basis. Research analysts predict that Reddit Inc. will post 4.83 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Weiss Ratings restated a “hold (c)” rating on shares of Reddit in a research report on Friday, May 8th. Wall Street Zen lowered shares of Reddit from a “buy” rating to a “hold” rating in a research note on Sunday, May 10th. Zacks Research cut shares of Reddit from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, June 3rd. Wells Fargo & Company upped their price objective on shares of Reddit from $149.00 to $176.00 and gave the company an “equal weight” rating in a research note on Friday, May 1st. Finally, Loop Capital reaffirmed a “buy” rating and set a $260.00 price objective on shares of Reddit in a report on Thursday, June 4th. Eighteen equities research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $230.75.

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.