Saudi Central Bank Increases Position in Reddit Inc. $RDDT

Saudi Central Bank boosted its holdings in shares of Reddit Inc. (NYSE:RDDT) by 116.2% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 8,065 shares of the company’s stock after acquiring an additional 4,335 shares during the quarter. Saudi Central Bank’s holdings in Reddit were worth $1,400,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the stock. Sunbelt Securities Inc. boosted its position in Reddit by 87.5% in the 1st quarter. Sunbelt Securities Inc. now owns 195 shares of the company’s stock valued at $26,000 after buying an additional 91 shares during the period. Ascentis Independent Advisors purchased a new stake in shares of Reddit in the first quarter valued at approximately $30,000. EverSource Wealth Advisors LLC grew its stake in Reddit by 48.1% in the second quarter. EverSource Wealth Advisors LLC now owns 197 shares of the company’s stock worth $34,000 after purchasing an additional 64 shares in the last quarter. Beacon Investment Advisory Services Inc. purchased a new position in Reddit during the 2nd quarter worth $35,000. Finally, Geneos Wealth Management Inc. raised its position in Reddit by 344.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock valued at $39,000 after purchasing an additional 286 shares in the last quarter.

Insiders Place Their Bets

In other Reddit news, Director Robert Sauerberg sold 5,128 shares of the stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $159.92, for a total value of $820,069.76. Following the completion of the sale, the director directly owned 27,087 shares in the company, valued at approximately $4,331,753.04. This trade represents a 15.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Jennifer Wong sold 75,000 shares of the firm’s stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $178.55, for a total value of $13,391,250.00. Following the completion of the sale, the chief operating officer directly owned 1,050,339 shares of the company’s stock, valued at approximately $187,538,028.45. This represents a 6.66% decrease in their position. 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. Over the last quarter, insiders sold 210,102 shares of company stock valued at $36,375,252. 28.48% of the stock is currently owned by corporate insiders.

Reddit Stock Down 3.6%

NYSE RDDT opened at $148.96 on Wednesday. The firm has a market cap of $28.66 billion, a PE ratio of 34.64, a price-to-earnings-growth ratio of 0.71 and a beta of 2.02. Reddit Inc. has a 52 week low of $119.27 and a 52 week high of $282.95. The company has a 50 day moving average price of $169.69 and a 200 day moving average price of $159.05.

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

Analysts Set New Price Targets

RDDT has been the topic of a number of recent research reports. Wells Fargo & Company dropped their price target on Reddit from $187.00 to $142.00 and set an “equal weight” rating on the stock in a research report on Friday, July 31st. JPMorgan Chase & Co. dropped their target price on shares of Reddit from $200.00 to $185.00 and set a “neutral” rating on the stock in a report on Friday, July 31st. Needham & Company LLC reissued a “buy” rating and set a $300.00 target price on shares of Reddit in a research report on Wednesday, June 24th. UBS Group reaffirmed a “buy” rating on shares of Reddit in a research report on Friday, July 31st. Finally, Sanford C. Bernstein reissued a “market perform” rating and set a $180.00 price objective on shares of Reddit in a report on Friday, July 31st. Two research analysts have 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 MarketBeat, Reddit has an average rating of “Moderate Buy” and a consensus price target of $221.10.

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.