Praxis Investment Management Inc. Buys 4,106 Shares of Reddit Inc. $RDDT

Praxis Investment Management Inc. increased its position in shares of Reddit Inc. (NYSE:RDDT) by 129.5% in the 3rd quarter, HoldingsChannel reports. The firm owned 7,276 shares of the company’s stock after acquiring an additional 4,106 shares during the quarter. Praxis Investment Management Inc.’s holdings in Reddit were worth $1,673,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Financial Perspectives Inc acquired a new stake in shares of Reddit during the 2nd quarter worth approximately $34,000. Advisors Asset Management Inc. raised its position in Reddit by 68.2% during the second quarter. Advisors Asset Management Inc. now owns 365 shares of the company’s stock valued at $55,000 after purchasing an additional 148 shares in the last quarter. Geneos Wealth Management Inc. lifted its stake in Reddit by 344.6% during the first quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock worth $39,000 after purchasing an additional 286 shares during the last quarter. Western Pacific Wealth Management LP acquired a new stake in shares of Reddit in the 2nd quarter valued at $60,000. Finally, E Fund Management Hong Kong Co. Ltd. bought a new position in shares of Reddit in the 2nd quarter valued at $76,000.

Insider Transactions at Reddit

In related news, CAO Michelle Marie Reynolds sold 11,249 shares of the company’s stock in a transaction that occurred on Tuesday, December 9th. The stock was sold at an average price of $232.95, for a total value of $2,620,454.55. Following the sale, the chief accounting officer directly owned 10,558 shares in the company, valued at $2,459,486.10. This represents a 51.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Steve Ladd Huffman sold 18,000 shares of the stock in a transaction that occurred on Friday, November 28th. The shares were sold at an average price of $215.19, for a total transaction of $3,873,420.00. Following the sale, the chief executive officer directly owned 448,576 shares of the company’s stock, valued at $96,529,069.44. This represents a 3.86% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 387,619 shares of company stock worth $81,040,938. 34.25% of the stock is currently owned by insiders.

Reddit Stock Performance

Shares of NYSE RDDT opened at $224.38 on Monday. The firm has a 50 day moving average price of $206.31 and a two-hundred day moving average price of $192.22. The stock has a market cap of $42.52 billion, a P/E ratio of 128.95, a price-to-earnings-growth ratio of 2.48 and a beta of 2.17. Reddit Inc. has a 52-week low of $79.75 and a 52-week high of $282.95.

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

Analyst Ratings Changes

RDDT has been the subject of a number of research analyst reports. China Renaissance began coverage on Reddit in a report on Tuesday, December 9th. They set a “buy” rating and a $300.00 price target for the company. Needham & Company LLC reissued a “buy” rating and set a $300.00 target price on shares of Reddit in a research note on Friday, October 31st. Royal Bank Of Canada reissued a “sector perform” rating on shares of Reddit in a report on Wednesday, October 1st. Zacks Research upgraded shares of Reddit from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 29th. Finally, Bank of America increased their price objective on shares of Reddit from $180.00 to $210.00 and gave the company a “neutral” rating in a research note on Friday, October 31st. Three investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, Reddit has a consensus rating of “Moderate Buy” and a consensus target price of $230.28.

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.