USS Investment Management Ltd Takes $22.50 Million Position in Reddit Inc. $RDDT

USS Investment Management Ltd purchased a new position in shares of Reddit Inc. (NYSE:RDDT) in the 1st quarter, HoldingsChannel.com reports. The institutional investor purchased 167,057 shares of the company’s stock, valued at approximately $22,504,000.

Other institutional investors also recently modified their holdings of the company. Capital World Investors bought a new stake in shares of Reddit during the fourth quarter worth approximately $1,293,258,000. Norges Bank bought a new position in shares of Reddit in the 4th quarter worth $372,047,000. Invesco Ltd. increased its holdings in Reddit by 419.0% in the third quarter. Invesco Ltd. now owns 1,487,941 shares of the company’s stock valued at $342,212,000 after purchasing an additional 1,201,237 shares during the last quarter. State Street Corp lifted its stake in Reddit by 138.5% in the second quarter. State Street Corp now owns 2,030,139 shares of the company’s stock valued at $305,678,000 after buying an additional 1,178,890 shares during the period. Finally, Vanguard Group Inc. lifted its stake in Reddit by 8.9% in the fourth quarter. Vanguard Group Inc. now owns 13,322,048 shares of the company’s stock valued at $3,062,339,000 after buying an additional 1,083,540 shares during the period.

Reddit Trading Down 0.4%

RDDT stock opened at $173.65 on Wednesday. The business’s 50-day moving average price is $162.94 and its two-hundred day moving average price is $172.21. The firm has a market cap of $33.43 billion, a PE ratio of 49.61 and a beta of 1.91. Reddit Inc. has a 1-year low of $119.27 and a 1-year high of $282.95.

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

Insider Activity

In related news, COO Jennifer L. Wong sold 39,167 shares of the business’s stock in a transaction that occurred on Thursday, April 16th. The stock was sold at an average price of $161.47, for a total value of $6,324,295.49. Following the completion of the transaction, the chief operating officer directly owned 1,088,451 shares in the company, valued at approximately $175,752,182.97. The trade was a 3.47% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Steve Ladd Huffman sold 18,000 shares of the stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $178.26, for a total value of $3,208,680.00. Following the sale, the chief executive officer directly owned 373,814 shares of the company’s stock, valued at approximately $66,636,083.64. The trade was a 4.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 223,000 shares of company stock worth $36,913,785 in the last 90 days. Corporate insiders own 28.48% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on RDDT shares. Oppenheimer restated an “outperform” rating and set a $225.00 target price on shares of Reddit in a research report on Friday, May 1st. Needham & Company LLC reaffirmed a “buy” rating and issued a $300.00 price target on shares of Reddit in a research note on Wednesday, June 24th. Citizens Jmp cut their price target on shares of Reddit from $250.00 to $240.00 and set a “market outperform” rating on the stock in a research report on Friday, May 1st. Bank of America reduced their price objective on shares of Reddit from $205.00 to $175.00 and set a “neutral” rating on the stock in a research note on Thursday, April 2nd. Finally, Jefferies Financial Group decreased their price objective on shares of Reddit from $285.00 to $250.00 and set a “buy” rating for the company in a report on Tuesday, March 10th. Eighteen analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average 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.