Andra AP fonden Buys 103,972 Shares of Reddit Inc. $RDDT

Andra AP fonden raised its stake in shares of Reddit Inc. (NYSE:RDDT) by 152.6% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 172,100 shares of the company’s stock after buying an additional 103,972 shares during the quarter. Andra AP fonden’s holdings in Reddit were worth $23,173,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the stock. Institute for Wealth Management LLC. grew its stake in shares of Reddit by 6.1% in the fourth quarter. Institute for Wealth Management LLC. now owns 1,071 shares of the company’s stock worth $246,000 after acquiring an additional 62 shares during the last quarter. Florida Financial Advisors LLC raised its position in shares of Reddit by 6.7% in the 4th quarter. Florida Financial Advisors LLC now owns 1,087 shares of the company’s stock worth $250,000 after purchasing an additional 68 shares during the last quarter. Diversified Trust Co boosted its stake in Reddit by 2.1% in the 1st quarter. Diversified Trust Co now owns 3,271 shares of the company’s stock worth $440,000 after purchasing an additional 68 shares in the last quarter. IFP Advisors Inc boosted its stake in Reddit by 9.9% in the 3rd quarter. IFP Advisors Inc now owns 796 shares of the company’s stock worth $183,000 after purchasing an additional 72 shares in the last quarter. Finally, Yousif Capital Management LLC grew its position in Reddit by 5.1% during the 4th quarter. Yousif Capital Management LLC now owns 1,554 shares of the company’s stock valued at $350,000 after purchasing an additional 75 shares during the last quarter.

Insider Activity at Reddit

In related news, CAO Michelle Marie Reynolds sold 808 shares of the firm’s stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $200.00, for a total value of $161,600.00. Following the sale, the chief accounting officer owned 15,060 shares in the company, valued at approximately $3,012,000. This trade represents a 5.09% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jennifer L. Wong sold 39,167 shares of the business’s stock in a transaction on Monday, May 18th. The shares were sold at an average price of $158.52, for a total transaction of $6,208,752.84. Following the sale, the chief operating officer owned 1,088,451 shares of the company’s stock, valued at approximately $172,541,252.52. This represents a 3.47% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 169,141 shares of company stock worth $28,680,845 over the last quarter. Company insiders own 28.48% of the company’s stock.

Reddit Stock Performance

Shares of NYSE:RDDT opened at $182.08 on Tuesday. The firm has a market cap of $35.05 billion, a price-to-earnings ratio of 52.02 and a beta of 1.93. The business has a 50-day simple moving average of $173.23 and a two-hundred day simple moving average of $168.93. Reddit Inc. has a fifty-two week low of $119.27 and a fifty-two week high of $282.95.

Reddit (NYSE:RDDT) last announced its quarterly earnings results on Thursday, April 30th. The company reported $1.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.39. Reddit had a net margin of 28.60% and a return on equity of 25.48%. The firm had revenue of $663.41 million for the quarter, compared to the consensus estimate of $607.74 million. During the same quarter last year, the firm posted $0.13 EPS. The business’s quarterly revenue was up 69.1% compared to the same quarter last year. As a group, research analysts predict that Reddit Inc. will post 4.85 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms have weighed in on RDDT. Zacks Research lowered shares of Reddit from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 3rd. Bank of America cut their price target on shares of Reddit from $205.00 to $175.00 and set a “neutral” rating on the stock in a report on Thursday, April 2nd. Oppenheimer reissued an “outperform” rating and set a $225.00 price target on shares of Reddit in a research report on Friday, May 1st. Citigroup restated a “market outperform” rating on shares of Reddit in a report on Tuesday, May 26th. Finally, UBS Group reaffirmed a “mixed” rating on shares of Reddit in a research report on Thursday, July 9th. Nineteen research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company. According to data from MarketBeat.com, Reddit currently has a consensus rating of “Moderate Buy” and a consensus target price of $232.48.

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.