Artisan Partners Limited Partnership Grows Stock Holdings in Reddit Inc. $RDDT

Artisan Partners Limited Partnership lifted its stake in Reddit Inc. (NYSE:RDDT) by 46.0% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 669,912 shares of the company’s stock after purchasing an additional 211,204 shares during the quarter. Artisan Partners Limited Partnership’s holdings in Reddit were worth $154,073,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Raiffeisen Bank International AG purchased a new position in Reddit during the third quarter valued at $25,000. Cornerstone Planning Group LLC increased its holdings in shares of Reddit by 13,500.0% during the third quarter. Cornerstone Planning Group LLC now owns 136 shares of the company’s stock valued at $31,000 after acquiring an additional 135 shares in the last quarter. Geneos Wealth Management Inc. raised its position in shares of Reddit by 344.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock worth $39,000 after purchasing an additional 286 shares during the last quarter. GAMMA Investing LLC boosted its stake in Reddit by 8,650.0% in the 3rd quarter. GAMMA Investing LLC now owns 175 shares of the company’s stock worth $40,000 after purchasing an additional 173 shares in the last quarter. Finally, Cloud Capital Management LLC purchased a new stake in Reddit during the 3rd quarter valued at about $47,000.

Insider Buying and Selling at Reddit

In other news, insider Benjamin Seong Lee sold 5,575 shares of the company’s stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $143.35, for a total value of $799,176.25. Following the completion of 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 transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CTO Christopher Brian Slowe sold 19,036 shares of the stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $144.05, for a total value of $2,742,135.80. Following the sale, the chief technology officer owned 185,057 shares of the company’s stock, valued at $26,657,460.85. This represents a 9.33% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 431,084 shares of company stock valued at $91,126,289. 34.25% of the stock is currently owned by corporate insiders.

Reddit Price Performance

Shares of NYSE:RDDT opened at $150.98 on Friday. The company has a market capitalization of $28.84 billion, a P/E ratio of 57.63, a P/E/G ratio of 1.11 and a beta of 2.17. Reddit Inc. has a 1-year low of $79.75 and a 1-year high of $282.95. The firm’s 50 day simple moving average is $197.55 and its two-hundred day simple moving average is $211.77.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Thursday, February 5th. The company reported $1.24 EPS for the quarter, beating the consensus estimate of $0.96 by $0.28. Reddit had a net margin of 24.05% and a return on equity of 20.89%. The firm had revenue of $725.61 million for the quarter, compared to the consensus estimate of $665.80 million. During the same period last year, the firm earned $0.36 EPS. The company’s revenue was up 69.7% on a year-over-year basis. On average, sell-side analysts anticipate that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $285.00 target price on shares of Reddit in a report on Tuesday, January 20th. Guggenheim boosted their price objective on shares of Reddit from $245.00 to $255.00 and gave the stock a “buy” rating in a report on Friday, February 6th. Wells Fargo & Company set a $196.00 target price on Reddit in a research note on Monday, February 9th. Argus set a $300.00 target price on Reddit in a report on Friday, January 9th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $205.00 price target (down from $290.00) on shares of Reddit in a report on Friday, February 6th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Reddit has a consensus rating of “Moderate Buy” and an average price target of $238.78.

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.