Van ECK Associates Corp Has $4.92 Million Stock Position in Reddit Inc. $RDDT

Van ECK Associates Corp increased its stake in shares of Reddit Inc. (NYSE:RDDT) by 14.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 28,373 shares of the company’s stock after purchasing an additional 3,568 shares during the period. Van ECK Associates Corp’s holdings in Reddit were worth $4,925,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Sunbelt Securities Inc. grew its position in shares of Reddit by 87.5% during the 1st quarter. Sunbelt Securities Inc. now owns 195 shares of the company’s stock worth $26,000 after buying an additional 91 shares during the period. Ascentis Independent Advisors acquired a new position in Reddit during the first quarter valued at approximately $30,000. EverSource Wealth Advisors LLC increased its stake in Reddit by 48.1% in the second quarter. EverSource Wealth Advisors LLC now owns 197 shares of the company’s stock valued at $34,000 after purchasing an additional 64 shares in the last quarter. Beacon Investment Advisory Services Inc. acquired a new stake in Reddit in the second quarter worth $35,000. Finally, Geneos Wealth Management Inc. grew its holdings in shares of Reddit by 344.6% in the 1st quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock valued at $39,000 after buying an additional 286 shares during the period.

Reddit Trading Up 9.3%

RDDT stock opened at $158.05 on Thursday. The stock has a 50-day moving average price of $170.88 and a two-hundred day moving average price of $158.72. Reddit Inc. has a 1 year low of $119.27 and a 1 year high of $282.95. The stock has a market cap of $30.41 billion, a PE ratio of 36.76, a price-to-earnings-growth ratio of 0.67 and a beta of 2.02.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Thursday, July 30th. The company reported $1.25 EPS for the quarter, beating analysts’ consensus estimates of $0.95 by $0.30. The company had revenue of $804.91 million for the quarter, compared to analyst estimates of $731.00 million. Reddit had a return on equity of 29.02% and a net margin of 31.35%.The company’s quarterly revenue was up 61.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.45 earnings per share. On average, analysts forecast that Reddit Inc. will post 5.27 earnings per share for the current fiscal year.

Insider Transactions at Reddit

In other news, CEO Steve Ladd Huffman sold 18,000 shares of Reddit stock in a transaction that occurred on Monday, August 31st. The shares were sold at an average price of $148.02, for a total value of $2,664,360.00. Following the sale, the chief executive officer directly owned 336,432 shares in the company, valued at $49,798,664.64. This trade represents a 5.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed 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, COO Jennifer L. Wong sold 75,000 shares of Reddit stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $178.55, for a total transaction of $13,391,250.00. Following the completion of the sale, the chief operating officer owned 1,050,339 shares in the company, valued at $187,538,028.45. This trade represents a 6.66% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 210,102 shares of company stock worth $36,375,252 in the last 90 days. 28.48% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Raymond James Financial reaffirmed a “strong-buy” rating and set a $205.00 price objective on shares of Reddit in a research note on Monday, August 17th. Robert W. Baird set a $185.00 price target on Reddit in a research report on Friday, July 31st. Wedbush cut their price objective on Reddit from $250.00 to $221.00 and set an “outperform” rating on the stock in a report on Friday, July 31st. DA Davidson reiterated a “buy” rating and issued a $200.00 price objective on shares of Reddit in a research report on Thursday, July 23rd. Finally, Zacks Research cut Reddit from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 25th. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and eleven have assigned a Hold rating to the company. Based on data from MarketBeat, Reddit presently has a consensus rating of “Moderate Buy” and a consensus price target of $221.10.

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.