OP Asset Management Ltd Makes New $1.42 Million Investment in Reddit Inc. $RDDT

OP Asset Management Ltd purchased a new stake in Reddit Inc. (NYSE:RDDT) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 10,524 shares of the company’s stock, valued at approximately $1,417,000.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Truist Financial Corp lifted its stake in Reddit by 67.7% during the fourth quarter. Truist Financial Corp now owns 15,659 shares of the company’s stock worth $3,600,000 after purchasing an additional 6,321 shares in the last quarter. Swiss Life Asset Management Ltd grew its stake 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 buying an additional 12,398 shares in the last quarter. Calamos Advisors LLC acquired a new stake in shares of Reddit in the fourth quarter valued at $2,299,000. Handelsbanken Fonder AB raised its holdings in shares of Reddit by 22.9% in the 4th quarter. Handelsbanken Fonder AB now owns 37,000 shares of the company’s stock valued at $8,505,000 after buying an additional 6,900 shares during the period. Finally, Berkshire Capital Holdings Inc. raised its holdings in shares of Reddit by 326,400.0% in the 4th quarter. Berkshire Capital Holdings Inc. now owns 32,650 shares of the company’s stock valued at $7,505,000 after buying an additional 32,640 shares during the period.

Analyst Ratings Changes

A number of equities analysts recently commented on RDDT shares. Needham & Company LLC restated a “buy” rating and set a $300.00 target price on shares of Reddit in a report on Wednesday, June 24th. Citizens Jmp cut their price target on shares of Reddit from $250.00 to $240.00 and set a “market outperform” rating on the stock in a research note on Friday, May 1st. Wall Street Zen cut shares of Reddit from a “buy” rating to a “hold” rating in a research report on Sunday, May 10th. Rothschild & Co Redburn set a $110.00 price objective on shares of Reddit in a research note on Monday, April 27th. Finally, Citigroup restated a “market outperform” rating on shares of Reddit in a report on Tuesday, May 26th. Eighteen investment analysts have rated the stock with a Buy rating and twelve have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $230.75.

Reddit Price Performance

RDDT opened at $174.25 on Tuesday. The business has a fifty day moving average price of $162.74 and a 200 day moving average price of $172.67. Reddit Inc. has a 12 month low of $119.27 and a 12 month high of $282.95. The stock has a market capitalization of $33.54 billion, a price-to-earnings ratio of 49.79 and a beta of 1.91.

Reddit (NYSE:RDDT) last posted 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 return on equity of 25.48% and a net margin of 28.60%.The company had revenue of $663.41 million for the quarter, compared to analyst estimates of $607.74 million. During the same quarter last year, the company earned $0.13 EPS. Reddit’s revenue for the quarter was up 69.1% compared to the same quarter last year. On average, research analysts anticipate that Reddit Inc. will post 4.83 earnings per share for the current year.

Insider Activity at Reddit

In other Reddit news, COO Jennifer L. Wong sold 39,166 shares of the business’s stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $176.94, for a total transaction of $6,930,032.04. Following the completion of the transaction, the chief operating officer owned 1,050,339 shares in the company, valued at $185,846,982.66. The trade was a 3.59% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Christopher Brian Slowe sold 15,500 shares of the 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 sale, the chief technology officer directly owned 38,413 shares in the company, valued at approximately $5,787,686.71. This represents a 28.75% 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. Insiders have sold a total of 223,000 shares of company stock valued at $36,913,785 over the last 90 days. 28.48% of the stock is owned by corporate insiders.

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.