Avenir Tech Ltd Invests $7.53 Million in Reddit Inc. $RDDT

Avenir Tech Ltd acquired a new stake in Reddit Inc. (NYSE:RDDT) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 50,000 shares of the company’s stock, valued at approximately $7,528,000. Reddit makes up approximately 0.6% of Avenir Tech Ltd’s investment portfolio, making the stock its 4th largest holding.

Other institutional investors have also modified their holdings of the company. Teacher Retirement System of Texas lifted its stake in shares of Reddit by 880.5% in the second quarter. Teacher Retirement System of Texas now owns 94,676 shares of the company’s stock worth $14,255,000 after acquiring an additional 85,020 shares in the last quarter. Petrus Trust Company LTA purchased a new stake in Reddit during the 1st quarter worth approximately $473,000. JPMorgan Chase & Co. increased its holdings in Reddit by 98.2% during the 1st quarter. JPMorgan Chase & Co. now owns 1,907,495 shares of the company’s stock worth $200,096,000 after purchasing an additional 944,847 shares during the last quarter. Greycroft LP raised its position in shares of Reddit by 109.1% in the 1st quarter. Greycroft LP now owns 11,500 shares of the company’s stock valued at $1,206,000 after purchasing an additional 6,000 shares in the last quarter. Finally, Think Investments LP boosted its stake in shares of Reddit by 10.3% during the 1st quarter. Think Investments LP now owns 268,000 shares of the company’s stock valued at $28,113,000 after buying an additional 25,000 shares during the last quarter.

Reddit Stock Up 1.2%

Shares of NYSE RDDT opened at $236.93 on Tuesday. The firm’s 50-day moving average price is $204.50 and its two-hundred day moving average price is $188.56. Reddit Inc. has a 52-week low of $79.75 and a 52-week high of $282.95. The stock has a market capitalization of $44.90 billion, a P/E ratio of 136.16, a P/E/G ratio of 2.58 and a beta of 2.17.

Reddit (NYSE:RDDT) last posted its earnings results on Thursday, October 30th. The company reported $0.80 EPS for the quarter, beating the consensus estimate of $0.50 by $0.30. The company had revenue of $584.91 million during the quarter, compared to analyst estimates of $546.65 million. Reddit had a return on equity of 14.94% and a net margin of 18.33%.The business’s revenue was up 67.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.16 earnings per share. As a group, equities research analysts expect that Reddit Inc. will post 1.12 earnings per share for the current year.

Insider Buying and Selling

In other news, CTO Christopher Brian Slowe sold 24,000 shares of the company’s stock in a transaction dated Monday, November 24th. The shares were sold at an average price of $192.72, for a total transaction of $4,625,280.00. Following the completion of the transaction, the chief technology officer owned 175,694 shares in the company, valued at approximately $33,859,747.68. This represents a 12.02% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Steve Ladd Huffman sold 18,000 shares of the stock in a transaction dated Monday, September 15th. The stock was sold at an average price of $261.22, for a total transaction of $4,701,960.00. Following the completion of the sale, the chief executive officer directly owned 494,104 shares in the company, valued at approximately $129,069,846.88. This trade represents a 3.51% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 380,370 shares of company stock worth $79,846,584 in the last three months. 34.25% of the stock is owned by insiders.

Analyst Ratings Changes

A number of brokerages recently issued reports on RDDT. Weiss Ratings restated a “hold (c-)” rating on shares of Reddit in a research note on Monday, December 1st. Oppenheimer raised their price objective on shares of Reddit from $215.00 to $300.00 and gave the stock an “outperform” rating in a report on Tuesday, September 16th. Wells Fargo & Company boosted their target price on shares of Reddit from $155.00 to $174.00 and gave the stock a “cautious” rating in a research report on Tuesday, October 7th. The Goldman Sachs Group restated a “neutral” rating and issued a $236.00 target price on shares of Reddit in a research note on Tuesday, October 14th. Finally, JPMorgan Chase & Co. increased their price target on shares of Reddit from $190.00 to $227.00 and gave the stock a “neutral” rating in a research report on Friday, October 31st. Three equities research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Reddit presently has an average rating of “Moderate Buy” and a consensus target price of $226.33.

Reddit Company Profile

Reddit, Inc operates a website that organizes digital communities. It organizes communities based on specific interests that enable users to engage in conversations by sharing experiences, submitting links, uploading images and videos, and replying to one another. The company was founded in 2005 and is headquartered in San Francisco, California.