Franklin Resources Inc. Grows Holdings in Reddit Inc. $RDDT

Franklin Resources Inc. boosted its holdings in Reddit Inc. (NYSE:RDDT) by 27.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 501,140 shares of the company’s stock after purchasing an additional 107,249 shares during the quarter. Franklin Resources Inc.’s holdings in Reddit were worth $115,197,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of RDDT. Capital World Investors purchased a new stake in Reddit in the 4th quarter valued at $1,293,258,000. Norges Bank purchased a new position in Reddit during the 4th quarter worth $372,047,000. Vanguard Group Inc. raised its position in Reddit by 12.9% during the 3rd quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company’s stock worth $2,814,734,000 after buying an additional 1,401,293 shares during the last quarter. Invesco Ltd. raised its position in Reddit by 419.0% during the 3rd quarter. Invesco Ltd. now owns 1,487,941 shares of the company’s stock worth $342,212,000 after buying an additional 1,201,237 shares during the last quarter. Finally, State Street Corp raised its position in Reddit by 138.5% during the 2nd quarter. State Street Corp now owns 2,030,139 shares of the company’s stock worth $305,678,000 after buying an additional 1,178,890 shares during the last quarter.

Analysts Set New Price Targets

RDDT has been the subject of a number of analyst reports. Citigroup restated a “market outperform” rating on shares of Reddit in a research report on Tuesday, May 26th. Wells Fargo & Company upped their price objective on shares of Reddit from $149.00 to $176.00 and gave the stock an “equal weight” rating in a research report on Friday, May 1st. Oppenheimer restated an “outperform” rating and set a $225.00 price objective on shares of Reddit in a research report on Friday, May 1st. Raymond James Financial set a $180.00 price objective on shares of Reddit and gave the stock a “market perform” rating in a research report on Friday, May 1st. Finally, Loop Capital restated a “buy” rating and set a $260.00 price objective on shares of Reddit in a research report on Thursday, June 4th. Eighteen research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $230.75.

Insider Activity at Reddit

In related news, COO Jennifer L. Wong sold 39,167 shares of the firm’s stock in a transaction that occurred on Thursday, April 16th. The shares were sold at an average price of $161.47, for a total value of $6,324,295.49. Following the transaction, the chief operating officer owned 1,088,451 shares in the company, valued at approximately $175,752,182.97. This trade represents a 3.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO Christopher Brian Slowe sold 15,500 shares of the firm’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 transaction of $2,335,385.00. Following the completion of the transaction, 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 position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 250,499 shares of company stock worth $38,515,283. Company insiders own 28.48% of the company’s stock.

Reddit Price Performance

Reddit stock opened at $172.54 on Thursday. The stock has a market capitalization of $33.22 billion, a P/E ratio of 49.30 and a beta of 1.91. Reddit Inc. has a 12-month low of $110.85 and a 12-month high of $282.95. The firm’s 50-day moving average is $156.09 and its two-hundred day moving average is $177.06.

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

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.