Great Lakes Retirement Inc. Makes New $1.03 Million Investment in Reddit Inc. $RDDT

Great Lakes Retirement Inc. purchased a new stake in Reddit Inc. (NYSE:RDDT) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 4,473 shares of the company’s stock, valued at approximately $1,029,000.

Several other institutional investors also recently modified their holdings of RDDT. Norges Bank acquired a new stake in Reddit in the second quarter valued at $294,254,000. Vanguard Group Inc. grew its position in shares of Reddit by 12.9% in the 3rd quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company’s stock valued at $2,814,734,000 after buying an additional 1,401,293 shares during the last quarter. Amundi grew its position in shares of Reddit by 2,060.5% in the 2nd quarter. Amundi now owns 1,307,231 shares of the company’s stock valued at $208,294,000 after buying an additional 1,246,725 shares during the last quarter. State Street Corp increased its stake in shares of Reddit by 138.5% in the second quarter. State Street Corp now owns 2,030,139 shares of the company’s stock valued at $305,678,000 after buying an additional 1,178,890 shares during the period. Finally, Geode Capital Management LLC raised its position in shares of Reddit by 72.1% during the second quarter. Geode Capital Management LLC now owns 1,989,004 shares of the company’s stock worth $299,044,000 after acquiring an additional 833,245 shares during the last quarter.

Reddit Stock Up 1.0%

Shares of RDDT stock opened at $147.19 on Thursday. The firm has a 50 day moving average of $190.89 and a 200-day moving average of $209.17. The company has a market cap of $28.12 billion, a price-to-earnings ratio of 56.18, a price-to-earnings-growth ratio of 1.06 and a beta of 2.40. Reddit Inc. has a 52 week low of $79.75 and a 52 week high of $282.95.

Reddit (NYSE:RDDT) last issued its earnings results on Thursday, February 5th. The company reported $1.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.28. The business had revenue of $725.61 million for the quarter, compared to analyst estimates of $665.80 million. Reddit had a net margin of 24.05% and a return on equity of 20.89%. Reddit’s revenue was up 69.7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.36 earnings per share. Analysts anticipate that Reddit Inc. will post 1.12 earnings per share for the current year.

Insider Activity

In related news, COO Jennifer L. Wong sold 39,167 shares of the company’s stock in a transaction that occurred on Friday, December 19th. The stock was sold at an average price of $234.37, for a total transaction of $9,179,569.79. Following the transaction, the chief operating officer directly owned 1,184,528 shares of the company’s stock, valued at approximately $277,617,827.36. This represents a 3.20% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Christopher Brian Slowe sold 19,036 shares of the stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $144.05, for a total value of $2,742,135.80. Following the completion of the transaction, the chief technology officer owned 185,057 shares in the company, valued at approximately $26,657,460.85. The trade was a 9.33% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 449,084 shares of company stock valued at $93,738,449. Corporate insiders own 34.25% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently commented on RDDT. Robert W. Baird set a $200.00 target price on Reddit in a report on Friday, February 6th. Argus set a $300.00 price target on shares of Reddit in a research report on Friday, January 9th. Guggenheim upped their price objective on shares of Reddit from $245.00 to $255.00 and gave the company a “buy” rating in a research note on Friday, February 6th. Wells Fargo & Company set a $196.00 target price on shares of Reddit in a research note on Monday, February 9th. Finally, Needham & Company LLC restated a “buy” rating and issued a $300.00 target price on shares of Reddit in a report on Friday, February 6th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $238.78.

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.