Principal Financial Group Inc. Increases Holdings in Reddit Inc. $RDDT

Principal Financial Group Inc. grew its holdings in Reddit Inc. (NYSE:RDDT) by 19.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 240,488 shares of the company’s stock after acquiring an additional 39,641 shares during the period. Principal Financial Group Inc.’s holdings in Reddit were worth $55,281,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also made changes to their positions in RDDT. NewEdge Advisors LLC lifted its position in shares of Reddit by 143.3% in the first quarter. NewEdge Advisors LLC now owns 7,982 shares of the company’s stock valued at $837,000 after acquiring an additional 4,701 shares in the last quarter. Empowered Funds LLC purchased a new position in shares of Reddit in the first quarter valued at about $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of 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 in the last quarter. Focus Partners Wealth lifted its position in shares of 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 in the last quarter. Finally, Geneos Wealth Management Inc. lifted its position in shares of Reddit by 344.6% in the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock worth $39,000 after buying an additional 286 shares in the last quarter.

Analyst Upgrades and Downgrades

RDDT has been the topic of a number of research analyst reports. Argus set a $300.00 target price on Reddit in a research report on Friday, January 9th. Roth Mkm boosted their target price on Reddit from $210.00 to $215.00 and gave the stock a “neutral” rating in a research report on Friday, January 30th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $285.00 target price on shares of Reddit in a research report on Tuesday, January 20th. Morgan Stanley set a $240.00 target price on Reddit in a research report on Friday, February 6th. Finally, Citigroup reiterated an “outperform” rating on shares of Reddit in a research report on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and eleven have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $228.61.

Reddit Stock Performance

RDDT opened at $155.74 on Friday. The stock has a market cap of $29.75 billion, a price-to-earnings ratio of 44.50, a P/E/G ratio of 1.00 and a beta of 1.85. The stock’s 50 day moving average price is $145.45 and its 200-day moving average price is $183.43. Reddit Inc. has a one year low of $94.89 and a one year high of $282.95.

Reddit (NYSE:RDDT) last released its earnings results on Thursday, April 30th. The company reported $1.01 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.39. The firm had revenue of $663.41 million for the quarter, compared to analysts’ expectations of $607.74 million. Reddit had a return on equity of 25.48% and a net margin of 28.60%.The company’s quarterly revenue was up 69.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.13 earnings per share. As a group, analysts predict that Reddit Inc. will post 4.78 earnings per share for the current fiscal year.

Insider Buying and Selling

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 stock was 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 owned 38,413 shares in the company, valued at $5,787,686.71. This represents a 28.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Sarah E. Farrell purchased 10,500 shares of the business’s stock in a transaction on Friday, March 13th. The stock was purchased at an average cost of $132.26 per share, for a total transaction of $1,388,730.00. Following the completion of the acquisition, the director directly owned 61,000 shares of the company’s stock, valued at approximately $8,067,860. The trade was a 20.79% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders have purchased 61,000 shares of company stock worth $8,870,815 and have sold 298,441 shares worth $43,966,159. Company insiders own 34.25% of the company’s stock.

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.