Allstate Corp Has $1.77 Million Holdings in Reddit Inc. $RDDT

Allstate Corp boosted its position in Reddit Inc. (NYSE:RDDT) by 97.8% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 7,685 shares of the company’s stock after acquiring an additional 3,799 shares during the quarter. Allstate Corp’s holdings in Reddit were worth $1,767,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of RDDT. Vanguard Group Inc. raised 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 worth $2,814,734,000 after acquiring an additional 1,401,293 shares in the last quarter. Optimize Financial Inc acquired a new position in shares of Reddit in the third quarter valued at $1,420,000. Truist Financial Corp increased its holdings in shares of Reddit by 67.7% in the fourth quarter. Truist Financial Corp now owns 15,659 shares of the company’s stock valued at $3,600,000 after purchasing an additional 6,321 shares during the last quarter. Swiss Life Asset Management Ltd increased its holdings in shares of Reddit by 63.2% in the fourth quarter. Swiss Life Asset Management Ltd now owns 32,003 shares of the company’s stock valued at $7,357,000 after purchasing an additional 12,398 shares during the last quarter. Finally, WT Asset Management Ltd acquired a new position in shares of Reddit in the third quarter valued at $92,973,000.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. DA Davidson reiterated a “buy” rating and issued a $200.00 price objective on shares of Reddit in a report on Friday, May 1st. Roth Mkm upped their price target on shares of Reddit from $210.00 to $215.00 and gave the company a “neutral” rating in a research note on Friday, January 30th. Jefferies Financial Group decreased their price target on shares of Reddit from $285.00 to $250.00 and set a “buy” rating on the stock in a research note on Tuesday, March 10th. Citigroup restated a “market outperform” rating on shares of Reddit in a research note on Tuesday. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Reddit in a research report on Friday, May 8th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and eleven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $228.61.

Reddit Trading Up 8.7%

RDDT stock opened at $167.67 on Friday. The firm has a 50-day moving average price of $148.88 and a 200-day moving average price of $178.25. The stock has a market capitalization of $32.28 billion, a P/E ratio of 47.91 and a beta of 1.85. Reddit Inc. has a 12 month low of $106.34 and a 12 month high of $282.95.

Reddit (NYSE:RDDT) last issued its quarterly earnings data 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. The business had revenue of $663.41 million during the quarter, compared to analyst estimates of $607.74 million. Reddit had a net margin of 28.60% and a return on equity of 25.48%. The firm’s quarterly revenue was up 69.1% on a year-over-year basis. During the same quarter last year, the business earned $0.13 EPS. As a group, equities analysts predict that Reddit Inc. will post 4.83 EPS for the current fiscal year.

Insider Buying and Selling at Reddit

In other Reddit news, Director Sarah E. Farrell acquired 10,500 shares of the company’s stock in a transaction that occurred on Friday, March 13th. The stock was acquired at an average price of $132.26 per share, for a total transaction of $1,388,730.00. Following the acquisition, the director directly owned 61,000 shares in the company, valued at $8,067,860. This represents a 20.79% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CTO Christopher Brian Slowe sold 15,500 shares of the firm’s stock in a transaction that occurred on Wednesday, April 8th. The shares were sold at an average price of $150.67, for a total transaction of $2,335,385.00. Following the completion of the transaction, the chief technology officer owned 38,413 shares of the company’s stock, valued at approximately $5,787,686.71. This trade represents a 28.75% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 241,999 shares of company stock worth $36,678,168 in the last 90 days. Corporate insiders own 34.25% of the company’s stock.

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.