Arizona State Retirement System Boosts Stock Position in Reddit Inc. $RDDT

Arizona State Retirement System raised its position in Reddit Inc. (NYSE:RDDT) by 52.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,917 shares of the company’s stock after acquiring an additional 10,672 shares during the quarter. Arizona State Retirement System’s holdings in Reddit were worth $7,111,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. Resona Asset Management Co. Ltd. boosted its holdings in shares of Reddit by 53.2% during the third quarter. Resona Asset Management Co. Ltd. now owns 30,944 shares of the company’s stock worth $7,166,000 after purchasing an additional 10,743 shares during the last quarter. Teacher Retirement System of Texas increased its stake in Reddit by 880.5% in the second quarter. Teacher Retirement System of Texas now owns 94,676 shares of the company’s stock valued at $14,255,000 after purchasing an additional 85,020 shares during the last quarter. J. Safra Sarasin Holding AG purchased a new position in Reddit during the second quarter worth about $226,000. Plato Investment Management Ltd boosted its stake in Reddit by 120.2% in the 2nd quarter. Plato Investment Management Ltd now owns 2,970 shares of the company’s stock worth $446,000 after buying an additional 1,621 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its stake in shares of Reddit by 95.4% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 16,139 shares of the company’s stock valued at $3,712,000 after acquiring an additional 7,881 shares during the last quarter.

Analysts Set New Price Targets

Several brokerages recently commented on RDDT. Truist Financial set a $270.00 price target on shares of Reddit in a research report on Friday, October 31st. B. Riley restated a “buy” rating and set a $245.00 price objective (up from $235.00) on shares of Reddit in a report on Friday, October 31st. Evercore ISI assumed coverage on Reddit in a report on Monday, January 12th. They issued an “outperform” rating and a $320.00 target price on the stock. Jefferies Financial Group upped their price target on Reddit from $300.00 to $325.00 and gave the stock a “buy” rating in a research note on Thursday, December 11th. Finally, Raymond James Financial reaffirmed a “strong-buy” rating and issued a $250.00 price objective (up from $225.00) on shares of Reddit in a research note on Monday, October 20th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $245.36.

Reddit Stock Down 5.2%

Shares of NYSE RDDT opened at $180.13 on Monday. The business has a 50 day moving average price of $226.40 and a two-hundred day moving average price of $215.23. Reddit Inc. has a fifty-two week low of $79.75 and a fifty-two week high of $282.95. The firm has a market cap of $34.13 billion, a PE ratio of 103.52, a price-to-earnings-growth ratio of 1.25 and a beta of 2.17.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Thursday, October 30th. The company reported $0.80 earnings per share for the quarter, topping analysts’ consensus estimates of $0.50 by $0.30. The business had revenue of $584.91 million during the quarter, compared to the consensus estimate of $546.65 million. Reddit had a net margin of 18.33% and a return on equity of 14.94%. The business’s quarterly revenue was up 67.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.16 earnings per share. On average, analysts anticipate that Reddit Inc. will post 1.12 earnings per share for the current year.

Insider Buying and Selling at Reddit

In related news, COO Jennifer L. Wong sold 27,159 shares of the stock in a transaction dated Tuesday, January 20th. The shares were sold at an average price of $225.73, for a total transaction of $6,130,601.07. Following the sale, the chief operating officer owned 1,157,369 shares in the company, valued at $261,252,904.37. This represents a 2.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Benjamin Seong Lee sold 3,320 shares of the firm’s stock in a transaction that occurred on Friday, January 9th. The stock was sold at an average price of $260.22, for a total value of $863,930.40. Following the completion of the sale, the insider directly owned 62,608 shares in the company, valued at approximately $16,291,853.76. This trade represents a 5.04% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 519,422 shares of company stock worth $113,573,815. 34.25% of the stock is owned by company 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.