Fortem Financial Group LLC Takes Position in Reddit Inc. $RDDT

Fortem Financial Group LLC purchased a new position in shares of Reddit Inc. (NYSE:RDDT) in the 2nd quarter, HoldingsChannel.com reports. The fund purchased 13,495 shares of the company’s stock, valued at approximately $2,342,000.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in Reddit by 8.9% in the 4th quarter. Vanguard Group Inc. now owns 13,322,048 shares of the company’s stock valued at $3,062,339,000 after buying an additional 1,083,540 shares in the last quarter. Capital World Investors bought a new stake in shares of Reddit in the fourth quarter valued at about $1,293,258,000. State Street Corp boosted its position in shares of Reddit by 6.0% in the fourth quarter. State Street Corp now owns 2,631,332 shares of the company’s stock valued at $604,864,000 after acquiring an additional 149,401 shares during the period. Geode Capital Management LLC grew its stake in shares of Reddit by 4.7% in the fourth quarter. Geode Capital Management LLC now owns 2,382,712 shares of the company’s stock valued at $546,789,000 after acquiring an additional 106,821 shares in the last quarter. Finally, Morgan Stanley grew its stake in shares of Reddit by 11.4% in the fourth quarter. Morgan Stanley now owns 2,372,443 shares of the company’s stock valued at $545,354,000 after acquiring an additional 242,709 shares in the last quarter.

Insider Buying and Selling

In related news, CAO Michelle Marie Reynolds sold 808 shares of the firm’s stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $200.00, for a total value of $161,600.00. Following the sale, the chief accounting officer directly owned 15,060 shares of the company’s stock, valued at $3,012,000. This trade represents a 5.09% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Steve Ladd Huffman sold 18,000 shares of the stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $159.78, for a total transaction of $2,876,040.00. Following the completion of the transaction, the chief executive officer directly owned 373,814 shares of the company’s stock, valued at $59,728,000.92. This trade represents a 4.59% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 169,141 shares of company stock worth $28,464,485 in the last ninety days. 28.48% of the stock is owned by insiders.

Reddit Trading Down 1.7%

Shares of NYSE:RDDT opened at $153.46 on Thursday. The firm has a 50 day moving average of $175.72 and a 200-day moving average of $160.12. The stock has a market capitalization of $29.53 billion, a PE ratio of 35.69, a PEG ratio of 0.52 and a beta of 2.03. Reddit Inc. has a 12 month low of $119.27 and a 12 month high of $282.95.

Reddit (NYSE:RDDT) last posted 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. The business had revenue of $804.91 million for the quarter, compared to analyst estimates of $731.00 million. Reddit had a net margin of 31.35% and a return on equity of 29.02%. The firm’s revenue for the quarter was up 61.0% on a year-over-year basis. During the same quarter last year, the business posted $0.45 EPS. On average, research analysts predict that Reddit Inc. will post 5.22 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have weighed in on RDDT shares. Loop Capital reiterated a “buy” rating and issued a $260.00 price objective on shares of Reddit in a research note on Thursday, June 4th. JPMorgan Chase & Co. decreased their target price on shares of Reddit from $200.00 to $185.00 and set a “neutral” rating on the stock in a research report on Friday, July 31st. Guggenheim reiterated a “buy” rating on shares of Reddit in a research report on Friday, July 31st. DA Davidson reiterated a “buy” rating and issued a $200.00 price target on shares of Reddit in a research note on Thursday, July 23rd. Finally, Roth Capital reissued a “neutral” rating and set a $145.00 price target on shares of Reddit in a research report on Monday, August 3rd. Two analysts have rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and eleven have issued a Hold rating to the company. Based on data from MarketBeat.com, Reddit presently has a consensus rating of “Moderate Buy” and a consensus price target of $220.90.

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.