Grantham Mayo Van Otterloo & Co. LLC Has $1.20 Million Stock Position in Reddit Inc. $RDDT

Grantham Mayo Van Otterloo & Co. LLC lowered its stake in shares of Reddit Inc. (NYSE:RDDT) by 46.7% during the third quarter, HoldingsChannel reports. The fund owned 5,195 shares of the company’s stock after selling 4,559 shares during the quarter. Grantham Mayo Van Otterloo & Co. LLC’s holdings in Reddit were worth $1,195,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Raiffeisen Bank International AG bought a new stake in Reddit in the 3rd quarter valued at $25,000. GW&K Investment Management LLC bought a new position in shares of Reddit during the 3rd quarter worth about $30,000. Cornerstone Planning Group LLC increased its holdings in shares of Reddit by 13,500.0% during the 3rd 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 raised its position in shares of Reddit by 8,650.0% during the third quarter. GAMMA Investing LLC now owns 175 shares of the company’s stock valued at $40,000 after buying an additional 173 shares during the last quarter. Finally, Cloud Capital Management LLC acquired a new position in shares of Reddit during the third quarter valued at about $47,000.

Insiders Place Their Bets

In other Reddit news, COO Jennifer L. Wong sold 30,777 shares of the company’s stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $143.42, for a total value of $4,414,037.34. Following the sale, the chief operating officer directly owned 1,088,451 shares in the company, valued at $156,105,642.42. This represents a 2.75% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Benjamin Seong Lee sold 5,575 shares of the stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $143.35, for a total value of $799,176.25. Following the transaction, the insider owned 79,309 shares of the company’s stock, valued at $11,368,945.15. This represents a 6.57% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 433,335 shares of company stock worth $89,139,359 over the last quarter. Corporate insiders own 34.25% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on RDDT. Wall Street Zen downgraded Reddit from a “buy” rating to a “hold” rating in a research report on Saturday, March 7th. Robert W. Baird set a $200.00 price target on Reddit in a report on Friday, February 6th. Evercore reiterated an “outperform” rating and issued a $290.00 price objective on shares of Reddit in a research report on Friday, February 6th. Piper Sandler reissued an “overweight” rating and set a $205.00 price objective (down from $290.00) on shares of Reddit in a report on Friday, February 6th. Finally, Jefferies Financial Group lowered their price objective on Reddit from $285.00 to $250.00 and set a “buy” rating on the stock in a research report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $236.00.

Reddit Stock Up 2.3%

NYSE:RDDT opened at $137.24 on Thursday. The firm has a market capitalization of $26.22 billion, a PE ratio of 52.38, a price-to-earnings-growth ratio of 0.98 and a beta of 2.40. Reddit Inc. has a 12-month low of $79.75 and a 12-month high of $282.95. The firm has a 50-day moving average price of $181.75 and a 200 day moving average price of $206.15.

Reddit (NYSE:RDDT) last released its quarterly earnings data 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. 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 in the previous year, the business earned $0.36 earnings per share. The company’s quarterly revenue was up 69.7% on a year-over-year basis. On average, research analysts expect that Reddit Inc. will post 1.12 EPS for the current year.

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.