Encompass More Asset Management Acquires New Holdings in Reddit Inc. $RDDT

Encompass More Asset Management acquired a new stake in shares of Reddit Inc. (NYSE:RDDT) in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 4,684 shares of the company’s stock, valued at approximately $1,077,000.

A number of other institutional investors have also recently bought and sold shares of RDDT. Resona Asset Management Co. Ltd. lifted its stake in Reddit by 53.2% in the third quarter. Resona Asset Management Co. Ltd. now owns 30,944 shares of the company’s stock valued at $7,166,000 after buying an additional 10,743 shares in the last quarter. Vanguard Group Inc. lifted 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 buying an additional 1,401,293 shares in the last quarter. Optimize Financial Inc bought a new position in Reddit in the third quarter valued at approximately $1,420,000. WT Asset Management Ltd bought a new position in Reddit in the third quarter valued at approximately $92,973,000. Finally, Wealth Enhancement Advisory Services LLC lifted its stake in Reddit by 95.4% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 16,139 shares of the company’s stock valued at $3,712,000 after buying an additional 7,881 shares in the last quarter.

Reddit Stock Down 3.5%

Shares of RDDT stock opened at $165.54 on Thursday. The company’s fifty day simple moving average is $145.02 and its 200-day simple moving average is $183.65. The firm has a market cap of $31.63 billion, a PE ratio of 47.30, a P/E/G ratio of 1.18 and a beta of 1.85. Reddit Inc. has a 12 month low of $94.89 and a 12 month high of $282.95.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Thursday, April 30th. The company reported $1.01 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.39. The business 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 firm’s revenue for the quarter was up 69.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.13 earnings per share. On average, equities analysts predict that Reddit Inc. will post 4.26 earnings per share for the current fiscal year.

Insider Buying and Selling at Reddit

In other Reddit news, CTO Christopher Brian Slowe sold 15,500 shares of the company’s stock in a transaction 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 sale, the chief technology officer directly owned 38,413 shares of the company’s stock, valued at approximately $5,787,686.71. This represents a 28.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Steve Ladd Huffman sold 18,000 shares of the company’s stock in a transaction on Wednesday, April 15th. The stock was sold at an average price of $158.40, for a total transaction of $2,851,200.00. Following the sale, the chief executive officer directly owned 411,195 shares in the company, valued at $65,133,288. This trade represents a 4.19% 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 three months, insiders acquired 61,000 shares of company stock worth $8,870,815 and sold 280,441 shares worth $40,873,759. 34.25% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. UBS Group set a $265.00 price target on shares of Reddit in a research note on Tuesday, January 13th. Truist Financial set a $265.00 price target on shares of Reddit in a research note on Friday, May 1st. JPMorgan Chase & Co. cut their price objective on shares of Reddit from $227.00 to $200.00 and set a “neutral” rating on the stock in a research report on Friday, February 6th. Bank of America cut their price objective on shares of Reddit from $205.00 to $175.00 and set a “neutral” rating on the stock in a research report on Thursday, April 2nd. Finally, Rothschild & Co Redburn set a $110.00 price objective on shares of Reddit in a research report on Monday, April 27th. Eighteen analysts have rated the stock with a Buy rating and twelve have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $228.61.

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.