National Pension Service Acquires 187,174 Shares of Reddit Inc. $RDDT

National Pension Service raised its holdings in Reddit Inc. (NYSE:RDDT) by 2,915.9% during the fourth quarter, HoldingsChannel.com reports. The fund owned 193,593 shares of the company’s stock after purchasing an additional 187,174 shares during the period. National Pension Service’s holdings in Reddit were worth $44,501,000 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. grew its position 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 acquiring an additional 1,401,293 shares during the last quarter. Optimize Financial Inc bought a new stake in shares of Reddit during the third quarter worth about $1,420,000. Truist Financial Corp grew its holdings in shares of Reddit by 67.7% during the fourth quarter. Truist Financial Corp now owns 15,659 shares of the company’s stock worth $3,600,000 after purchasing an additional 6,321 shares during the last quarter. Swiss Life Asset Management Ltd grew its holdings in shares of Reddit by 63.2% during the fourth quarter. Swiss Life Asset Management Ltd now owns 32,003 shares of the company’s stock worth $7,357,000 after purchasing an additional 12,398 shares during the last quarter. Finally, WT Asset Management Ltd bought a new stake in shares of Reddit during the third quarter worth about $92,973,000.

Insider Activity at Reddit

In related news, COO Jennifer L. Wong sold 39,167 shares of the company’s stock in a transaction that occurred on Monday, May 18th. The stock was sold at an average price of $158.52, for a total value of $6,208,752.84. Following the sale, the chief operating officer directly owned 1,088,451 shares in the company, valued at $172,541,252.52. This represents a 3.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Christopher Brian Slowe sold 15,500 shares of the company’s stock in a transaction that occurred on Wednesday, April 8th. The shares were sold at an average price of $150.67, for a total value 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. The trade was a 28.75% 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. Insiders have sold 241,999 shares of company stock worth $36,678,168 over the last ninety days. Insiders own 28.48% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on RDDT shares. Needham & Company LLC restated a “buy” rating and set a $300.00 price target on shares of Reddit in a report on Friday, May 1st. Oppenheimer restated an “outperform” rating and set a $225.00 price target on shares of Reddit in a report on Friday, May 1st. Truist Financial set a $265.00 price target on Reddit in a report on Friday, May 1st. Evercore restated an “outperform” rating and set a $290.00 price target on shares of Reddit in a report on Friday, February 6th. Finally, Zacks Research upgraded Reddit from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 5th. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and eleven have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $228.61.

Reddit Price Performance

Shares of RDDT stock opened at $176.41 on Monday. The business’s 50 day simple moving average is $149.56 and its 200 day simple moving average is $178.05. Reddit Inc. has a one year low of $106.34 and a one year high of $282.95. The stock has a market capitalization of $33.96 billion, a PE ratio of 50.40 and a beta of 1.91.

Reddit (NYSE:RDDT) last announced its earnings results on Thursday, April 30th. The company reported $1.01 EPS for the quarter, beating the consensus estimate of $0.62 by $0.39. Reddit had a return on equity of 25.48% and a net margin of 28.60%.The business had revenue of $663.41 million for the quarter, compared to analysts’ expectations of $607.74 million. During the same period in the prior year, the business posted $0.13 earnings per share. The firm’s revenue was up 69.1% on a year-over-year basis. As a group, research analysts expect that Reddit Inc. will post 4.83 earnings per share for the current year.

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.