Saudi Central Bank Acquires 4,335 Shares of Reddit Inc. $RDDT

Saudi Central Bank boosted its holdings in shares of Reddit Inc. (NYSE:RDDT) by 116.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,065 shares of the company’s stock after acquiring an additional 4,335 shares during the period. Saudi Central Bank’s holdings in Reddit were worth $1,400,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in RDDT. Sunbelt Securities Inc. grew its position in Reddit by 87.5% during the 1st quarter. Sunbelt Securities Inc. now owns 195 shares of the company’s stock valued at $26,000 after purchasing an additional 91 shares during the last quarter. Ascentis Independent Advisors bought a new position in shares of Reddit during the first quarter valued at $30,000. EverSource Wealth Advisors LLC boosted its position in shares of Reddit by 48.1% during the second quarter. EverSource Wealth Advisors LLC now owns 197 shares of the company’s stock valued at $34,000 after buying an additional 64 shares during the last quarter. Beacon Investment Advisory Services Inc. bought a new stake in Reddit in the 2nd quarter worth about $35,000. Finally, Geneos Wealth Management Inc. boosted its holdings in shares of Reddit by 344.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock valued at $39,000 after acquiring an additional 286 shares during the last quarter.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on RDDT shares. UBS Group restated a “buy” rating on shares of Reddit in a report on Friday, July 31st. KeyCorp began coverage on shares of Reddit in a report on Wednesday, July 29th. They set an “overweight” rating and a $225.00 target price for the company. Roth Capital reiterated a “neutral” rating and issued a $145.00 price target on shares of Reddit in a research report on Monday, August 3rd. Sanford C. Bernstein reiterated a “market perform” rating and set a $180.00 target price on shares of Reddit in a research report on Friday, July 31st. Finally, Guggenheim restated a “buy” rating on shares of Reddit in a research report on Friday, July 31st. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and eleven have issued a Hold rating to the company. According to MarketBeat.com, Reddit presently has an average rating of “Moderate Buy” and a consensus price target of $221.10.

Reddit Stock Performance

Shares of NYSE:RDDT opened at $148.96 on Wednesday. The firm has a market cap of $28.66 billion, a price-to-earnings ratio of 34.64, a P/E/G ratio of 0.71 and a beta of 2.02. The firm has a fifty day moving average price of $169.69 and a 200 day moving average price of $159.05. Reddit Inc. has a fifty-two week low of $119.27 and a fifty-two week high of $282.95.

Reddit (NYSE:RDDT) last issued its quarterly earnings data on Thursday, July 30th. The company reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.30. Reddit had a return on equity of 29.02% and a net margin of 31.35%.The business had revenue of $804.91 million for the quarter, compared to analysts’ expectations of $731.00 million. During the same period in the prior year, the firm earned $0.45 EPS. The company’s revenue for the quarter was up 61.0% on a year-over-year basis. As a group, research analysts predict that Reddit Inc. will post 5.27 earnings per share for the current year.

Insider Buying and Selling

In other news, CAO Michelle Reynolds sold 808 shares of the business’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $200.00, for a total transaction of $161,600.00. Following the transaction, the chief accounting officer owned 15,060 shares of the company’s stock, valued at approximately $3,012,000. The trade was a 5.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jennifer L. Wong sold 75,000 shares of the stock in a transaction on Friday, August 14th. The shares were sold at an average price of $178.55, for a total value of $13,391,250.00. Following the sale, the chief operating officer owned 1,050,339 shares in the company, valued at $187,538,028.45. The trade was a 6.66% 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 210,102 shares of company stock worth $36,375,252. Insiders own 28.48% 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.