Reddit Inc. $RDDT Shares Purchased by Praxis Investment Management Inc.

Praxis Investment Management Inc. lifted its position in Reddit Inc. (NYSE:RDDT) by 167.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,904 shares of the company’s stock after purchasing an additional 3,067 shares during the quarter. Praxis Investment Management Inc.’s holdings in Reddit were worth $660,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in Reddit by 8.9% during the fourth quarter. Vanguard Group Inc. now owns 13,322,048 shares of the company’s stock worth $3,062,339,000 after purchasing an additional 1,083,540 shares during the period. Capital World Investors purchased a new stake in shares of Reddit in the 4th quarter valued at approximately $1,293,258,000. State Street Corp increased its holdings in shares of Reddit by 6.0% during the 4th quarter. State Street Corp now owns 2,631,332 shares of the company’s stock worth $604,864,000 after buying an additional 149,401 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Reddit by 4.7% during the 4th quarter. Geode Capital Management LLC now owns 2,382,712 shares of the company’s stock worth $546,789,000 after buying an additional 106,821 shares during the last quarter. Finally, Morgan Stanley increased its holdings in shares of Reddit by 11.4% during the 4th quarter. Morgan Stanley now owns 2,372,443 shares of the company’s stock worth $545,354,000 after buying an additional 242,709 shares during the last quarter.

Insider Activity at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 18,000 shares of Reddit stock in a transaction dated Tuesday, June 30th. The stock was sold at an average price of $173.13, for a total value of $3,116,340.00. Following the completion of the transaction, the chief executive officer directly owned 373,814 shares of the company’s stock, valued at $64,718,417.82. The trade was a 4.59% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Jennifer L. Wong sold 39,166 shares of the business’s stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $176.94, for a total transaction of $6,930,032.04. Following the sale, the chief operating officer owned 1,050,339 shares in the company, valued at $185,846,982.66. This trade represents a 3.59% 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. In the last 90 days, insiders have sold 241,000 shares of company stock worth $40,030,125. 28.48% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

RDDT has been the topic of several analyst reports. Citizens Jmp decreased their price objective on Reddit from $250.00 to $240.00 and set a “market outperform” rating on the stock in a report on Friday, May 1st. Oppenheimer reissued an “outperform” rating and set a $225.00 target price on shares of Reddit in a research note on Friday, May 1st. Loop Capital restated a “buy” rating and issued a $260.00 target price on shares of Reddit in a research report on Thursday, June 4th. Wells Fargo & Company upped their price target on Reddit from $149.00 to $176.00 and gave the company an “equal weight” rating in a research note on Friday, May 1st. Finally, Truist Financial set a $265.00 price target on Reddit in a report on Friday, May 1st. Eighteen investment analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $230.75.

Reddit Stock Performance

NYSE:RDDT opened at $194.57 on Monday. Reddit Inc. has a fifty-two week low of $119.27 and a fifty-two week high of $282.95. The company has a 50 day moving average price of $164.92 and a 200 day moving average price of $171.59. The stock has a market capitalization of $37.46 billion, a P/E ratio of 55.59 and a beta of 1.93.

Reddit (NYSE:RDDT) last announced its 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 in the previous year, the company earned $0.13 earnings per share. The firm’s quarterly revenue was up 69.1% compared to the same quarter last year. Research analysts forecast 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.