Nkcfo LLC Has $1.28 Million Stock Holdings in Reddit Inc. $RDDT

Nkcfo LLC boosted its holdings in shares of Reddit Inc. (NYSE:RDDT) by 142.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,500 shares of the company’s stock after purchasing an additional 5,000 shares during the period. Nkcfo LLC’s holdings in Reddit were worth $1,280,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Amundi raised its holdings in shares of Reddit by 2,060.5% in the 2nd quarter. Amundi now owns 1,307,231 shares of the company’s stock worth $208,294,000 after buying an additional 1,246,725 shares in the last quarter. First Trust Advisors LP grew its position in Reddit by 142.4% in the second quarter. First Trust Advisors LP now owns 169,452 shares of the company’s stock valued at $25,514,000 after acquiring an additional 99,545 shares during the period. JT Stratford LLC acquired a new position in Reddit during the second quarter worth $234,000. Beacon Pointe Advisors LLC lifted its holdings in shares of Reddit by 82.2% during the second quarter. Beacon Pointe Advisors LLC now owns 8,422 shares of the company’s stock valued at $1,268,000 after acquiring an additional 3,799 shares during the period. Finally, Van Hulzen Asset Management LLC bought a new position in shares of Reddit during the second quarter valued at $501,000.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on RDDT. Roth Capital set a $210.00 target price on shares of Reddit in a research report on Friday, October 31st. Bank of America raised their price objective on shares of Reddit from $180.00 to $210.00 and gave the stock a “neutral” rating in a report on Friday, October 31st. JMP Securities reiterated a “market outperform” rating and issued a $300.00 target price on shares of Reddit in a research note on Friday, October 3rd. B. Riley restated a “buy” rating and set a $245.00 price target (up from $235.00) on shares of Reddit in a research report on Friday, October 31st. Finally, Royal Bank Of Canada reaffirmed a “sector perform” rating on shares of Reddit in a report on Wednesday, October 1st. Three research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, Reddit presently has an average rating of “Moderate Buy” and an average target price of $226.33.

Reddit Price Performance

Shares of NYSE:RDDT opened at $234.47 on Friday. The stock has a market cap of $44.43 billion, a price-to-earnings ratio of 134.75, a P/E/G ratio of 2.46 and a beta of 2.17. The company has a 50 day moving average of $204.60 and a 200-day moving average of $186.37. Reddit Inc. has a one year low of $79.75 and a one year high of $282.95.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Thursday, October 30th. The company reported $0.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.50 by $0.30. Reddit had a net margin of 18.33% and a return on equity of 14.94%. The firm had revenue of $584.91 million for the quarter, compared to analysts’ expectations of $546.65 million. During the same period last year, the firm earned $0.16 earnings per share. The business’s revenue for the quarter was up 67.9% on a year-over-year basis. Equities research analysts anticipate that Reddit Inc. will post 1.12 earnings per share for the current year.

Insider Buying and Selling at Reddit

In other news, COO Jennifer L. Wong sold 63,427 shares of the business’s stock in a transaction dated Monday, November 24th. The stock was sold at an average price of $192.72, for a total transaction of $12,223,651.44. Following the completion of the transaction, the chief operating officer directly owned 1,184,528 shares in the company, valued at approximately $228,282,236.16. The trade was a 5.08% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Benjamin Seong Lee sold 6,427 shares of the company’s stock in a transaction dated Monday, November 24th. The shares were sold at an average price of $192.68, for a total value of $1,238,354.36. Following the completion of the sale, the insider directly owned 67,613 shares of the company’s stock, valued at approximately $13,027,672.84. This trade represents a 8.68% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 394,370 shares of company stock valued at $83,157,724 over the last quarter. 34.25% of the stock is owned by corporate insiders.

About Reddit

Reddit, Inc operates a website that organizes digital communities. It organizes communities based on specific interests that enable users to engage in conversations by sharing experiences, submitting links, uploading images and videos, and replying to one another. The company was founded in 2005 and is headquartered in San Francisco, California.