American Century Companies Inc. Buys 277,696 Shares of Reddit Inc. $RDDT

American Century Companies Inc. boosted its stake in shares of Reddit Inc. (NYSE:RDDT) by 19,007.3% during the third quarter, Holdings Channel.com reports. The firm owned 279,157 shares of the company’s stock after purchasing an additional 277,696 shares during the quarter. American Century Companies Inc.’s holdings in Reddit were worth $64,203,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in RDDT. Norges Bank purchased a new stake in shares of Reddit during the second quarter valued at about $294,254,000. Vanguard Group Inc. raised its stake in shares of Reddit by 12.9% during the 3rd quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company’s stock worth $2,814,734,000 after acquiring an additional 1,401,293 shares in the last quarter. Amundi raised its stake in shares of Reddit by 2,060.5% during the 2nd quarter. Amundi now owns 1,307,231 shares of the company’s stock worth $208,294,000 after acquiring an additional 1,246,725 shares in the last quarter. State Street Corp lifted its position in Reddit by 138.5% during the second quarter. State Street Corp now owns 2,030,139 shares of the company’s stock valued at $305,678,000 after acquiring an additional 1,178,890 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of Reddit by 72.1% in the 2nd quarter. Geode Capital Management LLC now owns 1,989,004 shares of the company’s stock worth $299,044,000 after purchasing an additional 833,245 shares in the last quarter.

Reddit Trading Up 1.0%

Shares of NYSE:RDDT opened at $147.19 on Thursday. Reddit Inc. has a 12-month low of $79.75 and a 12-month high of $282.95. The business has a 50 day moving average of $190.89 and a two-hundred day moving average of $209.17. The company has a market capitalization of $28.12 billion, a PE ratio of 56.18, a PEG ratio of 1.06 and a beta of 2.40.

Reddit (NYSE:RDDT) last posted its earnings results on Thursday, February 5th. The company reported $1.24 earnings per share (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 during the quarter, compared to analysts’ expectations of $665.80 million. During the same period in the previous year, the business posted $0.36 EPS. The business’s revenue was up 69.7% compared to the same quarter last year. Equities research analysts predict that Reddit Inc. will post 1.12 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have commented on RDDT shares. The Goldman Sachs Group decreased their price target on Reddit from $236.00 to $206.00 and set a “neutral” rating for the company in a research note on Friday, February 6th. Cantor Fitzgerald lowered their price objective on shares of Reddit from $240.00 to $170.00 and set a “neutral” rating for the company in a research note on Friday, February 6th. UBS Group set a $265.00 price objective on shares of Reddit in a report on Tuesday, January 13th. Oppenheimer cut their target price on Reddit from $300.00 to $250.00 and set an “outperform” rating on the stock in a research report on Friday, February 6th. Finally, Zacks Research cut Reddit from a “strong-buy” rating to a “hold” rating in a research report on Friday, December 26th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $238.78.

Insider Activity

In related news, CEO Steve Ladd Huffman sold 18,000 shares of Reddit stock in a transaction dated Friday, February 27th. The stock was sold at an average price of $145.12, for a total value of $2,612,160.00. Following the completion of the transaction, the chief executive officer owned 411,195 shares in the company, valued at $59,672,618.40. The trade was a 4.19% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Jennifer L. Wong sold 30,777 shares of the stock in a transaction that occurred 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 transaction, the chief operating officer owned 1,088,451 shares in the company, valued at $156,105,642.42. This represents a 2.75% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 449,084 shares of company stock worth $93,738,449. 34.25% of the stock is currently owned by corporate insiders.

About Reddit

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.