5,876 Shares in Reddit Inc. $RDDT Bought by Capital Group Investment Management PTE. LTD.

Capital Group Investment Management PTE. LTD. bought a new position in shares of Reddit Inc. (NYSE:RDDT) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 5,876 shares of the company’s stock, valued at approximately $1,351,000.

A number of other hedge funds have also bought and sold shares of RDDT. Norges Bank bought a new position in Reddit during the fourth quarter worth $372,047,000. Vanguard Group Inc. increased its stake in Reddit by 12.9% in the third quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company’s stock valued at $2,814,734,000 after purchasing an additional 1,401,293 shares in the last quarter. Invesco Ltd. increased its stake 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 purchasing an additional 1,201,237 shares in the last quarter. State Street Corp increased its stake in Reddit by 138.5% in the second quarter. State Street Corp now owns 2,030,139 shares of the company’s stock valued at $305,678,000 after purchasing an additional 1,178,890 shares in the last quarter. Finally, AQR Capital Management LLC bought a new stake in Reddit in the second quarter valued at $80,052,000.

Insider Buying and Selling

In related news, CTO Christopher Brian Slowe sold 15,500 shares of the business’s stock in a transaction dated 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 transaction, the chief technology officer directly owned 38,413 shares in the company, valued at approximately $5,787,686.71. The trade was a 28.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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 dated Thursday, April 16th. The stock was sold at an average price of $161.47, for a total transaction of $6,324,295.49. Following the transaction, the chief operating officer owned 1,088,451 shares in the company, valued at approximately $175,752,182.97. This trade represents a 3.47% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 259,999 shares of company stock worth $39,812,508. 28.48% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research firms have weighed in on RDDT. Zacks Research downgraded shares of Reddit from a “strong-buy” rating to a “hold” rating in a research note on Wednesday. Cantor Fitzgerald lifted their price target on shares of Reddit from $170.00 to $180.00 and gave the company a “neutral” rating in a research note on Friday, May 1st. Rothschild & Co Redburn set a $110.00 price target on shares of Reddit in a research note on Monday, April 27th. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $200.00 price target on shares of Reddit in a research note on Friday, May 1st. Finally, Loop Capital reaffirmed a “buy” rating and issued a $260.00 price target on shares of Reddit in a research note on Thursday. Eighteen equities research analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the stock. According to data from MarketBeat, Reddit currently has a consensus rating of “Moderate Buy” and an average price target of $230.75.

Reddit Price Performance

NYSE:RDDT opened at $173.37 on Friday. The firm has a 50-day moving average of $153.12 and a 200-day moving average of $177.36. The company has a market cap of $33.38 billion, a PE ratio of 49.53 and a beta of 1.91. Reddit Inc. has a one year low of $110.85 and a one year high of $282.95.

Reddit (NYSE:RDDT) last posted its earnings results on Thursday, April 30th. The company reported $1.01 EPS for the quarter, topping the consensus estimate of $0.62 by $0.39. The company had revenue of $663.41 million during the quarter, compared to the consensus estimate of $607.74 million. Reddit had a net margin of 28.60% and a return on equity of 25.48%. The firm’s revenue for the quarter was up 69.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.13 earnings per share. On average, equities research analysts expect that Reddit Inc. will post 4.83 earnings per share for the current fiscal year.

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.