Allspring Global Investments Holdings LLC Boosts Stake in Reddit Inc. $RDDT

Allspring Global Investments Holdings LLC grew its position in Reddit Inc. (NYSE:RDDT) by 7,801.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 354,440 shares of the company’s stock after purchasing an additional 349,954 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Reddit were worth $85,735,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of RDDT. Vanguard Group Inc. lifted its position in Reddit by 12.9% during the third quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company’s stock valued at $2,814,734,000 after buying an additional 1,401,293 shares in the last quarter. State Street Corp lifted its position in Reddit by 22.3% during the 3rd quarter. State Street Corp now owns 2,481,931 shares of the company’s stock worth $570,819,000 after acquiring an additional 451,792 shares in the last quarter. Bank of America Corp DE boosted its holdings in Reddit by 38.4% in the 3rd quarter. Bank of America Corp DE now owns 1,724,560 shares of the company’s stock worth $396,632,000 after acquiring an additional 478,095 shares during the period. Invesco Ltd. grew its position in Reddit by 419.0% in the third quarter. Invesco Ltd. now owns 1,487,941 shares of the company’s stock valued at $342,212,000 after acquiring an additional 1,201,237 shares in the last quarter. Finally, Amundi lifted its holdings in Reddit by 2,060.5% in the 2nd quarter. Amundi now owns 1,307,231 shares of the company’s stock worth $208,294,000 after buying an additional 1,246,725 shares in the last quarter.

Reddit Stock Performance

RDDT stock opened at $134.65 on Wednesday. Reddit Inc. has a 1 year low of $79.75 and a 1 year high of $282.95. The stock has a market capitalization of $25.72 billion, a price-to-earnings ratio of 51.39, a PEG ratio of 0.90 and a beta of 2.40. The stock’s fifty day moving average is $151.72 and its two-hundred day moving average is $196.38.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Thursday, February 5th. The company reported $1.24 EPS for the quarter, topping 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 business had revenue of $725.61 million during the quarter, compared to analyst estimates of $665.80 million. During the same quarter in the prior year, the firm earned $0.36 earnings per share. The company’s quarterly revenue was up 69.7% on a year-over-year basis. As a group, analysts predict that Reddit Inc. will post 1.12 EPS for the current fiscal year.

Insider Buying and Selling at Reddit

In other news, COO Jennifer L. Wong sold 33,507 shares of the company’s stock in a transaction on Wednesday, March 18th. The stock was sold at an average price of $143.41, for a total transaction of $4,805,238.87. Following the completion of the sale, the chief operating officer directly owned 1,088,451 shares of the company’s stock, valued at $156,094,757.91. This represents a 2.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Sarah E. Farrell acquired 43,800 shares of the firm’s stock in a transaction that occurred on Tuesday, February 10th. The stock was purchased at an average cost of $149.52 per share, with a total value of $6,548,976.00. Following the purchase, the director directly owned 43,800 shares in the company, valued at approximately $6,548,976. This trade represents a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders have acquired 61,000 shares of company stock valued at $8,870,815 and have sold 337,078 shares valued at $61,254,343. Insiders own 34.25% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on RDDT shares. Oppenheimer lowered their target price on Reddit from $300.00 to $250.00 and set an “outperform” rating for the company in a research note on Friday, February 6th. Guggenheim upped their target price on Reddit from $245.00 to $255.00 and gave the company a “buy” rating in a research report on Friday, February 6th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $285.00 price objective on shares of Reddit in a report on Tuesday, January 20th. B. Riley Financial boosted their target price on shares of Reddit from $245.00 to $250.00 and gave the company a “buy” rating in a research note on Friday, February 6th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Reddit from $227.00 to $200.00 and set a “neutral” rating on the stock in a research report on Friday, February 6th. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and eleven have issued a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $242.19.

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.