AustralianSuper Pty Ltd Acquires 197,540 Shares of Reddit Inc. $RDDT

AustralianSuper Pty Ltd lifted its holdings in Reddit Inc. (NYSE:RDDT) by 2,440.6% in the 3rd quarter, Holdings Channel.com reports. The firm owned 205,634 shares of the company’s stock after buying an additional 197,540 shares during the quarter. AustralianSuper Pty Ltd’s holdings in Reddit were worth $47,294,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of RDDT. NewEdge Advisors LLC increased its position in shares of 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 acquiring an additional 4,701 shares in the last quarter. Empowered Funds LLC acquired a new stake in shares of Reddit in the 1st quarter valued at about $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Reddit by 106.3% during 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 worth $22,759,000 after buying an additional 111,780 shares during the period. Focus Partners Wealth grew its holdings in shares of 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 buying an additional 2,965 shares in the last quarter. Finally, Geneos Wealth Management Inc. lifted its stake in Reddit by 344.6% in 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 in the last quarter.

Insider Activity at Reddit

In related news, CEO Steve Ladd Huffman sold 18,000 shares of Reddit stock in a transaction that occurred on Thursday, January 15th. The shares were sold at an average price of $232.78, for a total value of $4,190,040.00. Following the transaction, the chief executive officer directly owned 448,576 shares of the company’s stock, valued at $104,419,521.28. This trade represents a 3.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CTO Christopher Brian Slowe sold 14,000 shares of the firm’s stock in a transaction on Thursday, January 22nd. The shares were sold at an average price of $212.61, for a total value of $2,976,540.00. Following the completion of the sale, the chief technology officer directly owned 167,694 shares in the company, valued at approximately $35,653,421.34. This represents a 7.71% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 519,422 shares of company stock worth $113,573,815 in the last 90 days. Corporate insiders own 34.25% of the company’s stock.

Reddit Stock Down 1.4%

Shares of NYSE:RDDT opened at $193.49 on Thursday. Reddit Inc. has a 12-month low of $79.75 and a 12-month high of $282.95. The company’s 50 day moving average price is $226.31 and its two-hundred day moving average price is $214.18. The firm has a market cap of $36.67 billion, a PE ratio of 111.20, a PEG ratio of 1.36 and a beta of 2.17.

Reddit (NYSE:RDDT) last released its earnings results on Thursday, October 30th. The company reported $0.80 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.30. The company had revenue of $584.91 million for 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%.Reddit’s quarterly revenue was up 67.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.16 EPS. On average, research analysts expect that Reddit Inc. will post 1.12 EPS for the current year.

Analyst Ratings Changes

A number of analysts have recently issued reports on RDDT shares. Bank of America lifted their price objective on shares of Reddit from $180.00 to $210.00 and gave the company a “neutral” rating in a report on Friday, October 31st. Wall Street Zen cut shares of Reddit from a “buy” rating to a “hold” rating in a research report on Saturday, January 10th. Jefferies Financial Group increased their price objective on shares of Reddit from $300.00 to $325.00 and gave the stock a “buy” rating in a research note on Thursday, December 11th. Argus set a $300.00 target price on Reddit in a research report on Friday, January 9th. Finally, Evercore ISI began coverage on Reddit in a research report on Monday, January 12th. They set an “outperform” rating and a $320.00 price target for the company. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $245.18.

Reddit 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.