California Public Employees Retirement System Purchases 28,461 Shares of Reddit Inc. $RDDT

California Public Employees Retirement System raised its holdings in shares of Reddit Inc. (NYSE:RDDT) by 13.0% during the first quarter, HoldingsChannel.com reports. The firm owned 247,688 shares of the company’s stock after acquiring an additional 28,461 shares during the quarter. California Public Employees Retirement System’s holdings in Reddit were worth $33,351,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the business. NewEdge Advisors LLC raised its stake in shares of Reddit by 143.3% during the first quarter. NewEdge Advisors LLC now owns 7,982 shares of the company’s stock worth $837,000 after buying an additional 4,701 shares during the last quarter. Empowered Funds LLC acquired a new position in Reddit in the first quarter valued at approximately $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Reddit by 106.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 216,960 shares of the company’s stock valued at $22,759,000 after acquiring an additional 111,780 shares during the last quarter. Focus Partners Wealth boosted its stake in Reddit by 40.8% in the first quarter. Focus Partners Wealth now owns 10,224 shares of the company’s stock valued at $1,073,000 after acquiring an additional 2,965 shares during the last quarter. Finally, Geneos Wealth Management Inc. boosted its stake in Reddit by 344.6% in the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock valued at $39,000 after acquiring an additional 286 shares during the last quarter.

Insider Activity at Reddit

In related news, CEO Steve Ladd Huffman sold 18,000 shares of the company’s stock in a transaction on Tuesday, June 30th. The shares were sold at an average price of $173.13, for a total value of $3,116,340.00. Following the completion of the sale, the chief executive officer owned 373,814 shares in the company, valued at $64,718,417.82. This represents a 4.59% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Michelle Marie Reynolds sold 808 shares of the firm’s stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $200.00, for a total value of $161,600.00. Following the sale, the chief accounting officer directly owned 15,060 shares in the company, valued at $3,012,000. The trade was a 5.09% 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 sold a total of 169,141 shares of company stock worth $28,680,845 in the last quarter. Corporate insiders own 28.48% of the company’s stock.

Reddit Stock Performance

Shares of NYSE:RDDT opened at $185.93 on Wednesday. Reddit Inc. has a 52 week low of $119.27 and a 52 week high of $282.95. The company has a market capitalization of $35.79 billion, a PE ratio of 53.12 and a beta of 1.93. The company has a 50 day moving average price of $173.90 and a two-hundred day moving average price of $168.62.

Reddit (NYSE:RDDT) last posted its earnings results on Thursday, April 30th. The company reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.39. The company had revenue of $663.41 million for 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 business’s revenue for the quarter was up 69.1% compared to the same quarter last year. During the same period last year, the business posted $0.13 earnings per share. On average, sell-side analysts forecast that Reddit Inc. will post 4.85 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages have commented on RDDT. Zacks Research cut shares of Reddit from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, June 3rd. Citizens Jmp reduced their price target on Reddit from $250.00 to $240.00 and set a “market outperform” rating on the stock in a research report on Friday, May 1st. Raymond James Financial set a $180.00 price target on Reddit and gave the stock a “market perform” rating in a research report on Friday, May 1st. Oppenheimer reiterated an “outperform” rating and issued a $225.00 price objective on shares of Reddit in a report on Friday, May 1st. Finally, Truist Financial set a $265.00 target price on Reddit in a research note on Friday, May 1st. Nineteen equities research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $232.48.

About Reddit

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.