Searle & CO. Buys 2,812 Shares of Reddit Inc. $RDDT

Searle & CO. lifted its position in Reddit Inc. (NYSE:RDDT) by 120.5% during the third quarter, HoldingsChannel.com reports. The fund owned 5,145 shares of the company’s stock after purchasing an additional 2,812 shares during the period. Searle & CO.’s holdings in Reddit were worth $1,183,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Resona Asset Management Co. Ltd. increased its holdings in Reddit by 53.2% during the third quarter. Resona Asset Management Co. Ltd. now owns 30,944 shares of the company’s stock worth $7,166,000 after buying an additional 10,743 shares during the last quarter. Teacher Retirement System of Texas lifted its stake in Reddit by 880.5% in the second quarter. Teacher Retirement System of Texas now owns 94,676 shares of the company’s stock valued at $14,255,000 after acquiring an additional 85,020 shares during the last quarter. J. Safra Sarasin Holding AG bought a new position in shares of Reddit in the 2nd quarter valued at about $226,000. Plato Investment Management Ltd increased its stake in shares of Reddit by 120.2% during the 2nd quarter. Plato Investment Management Ltd now owns 2,970 shares of the company’s stock worth $446,000 after purchasing an additional 1,621 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its stake in shares of Reddit by 95.4% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 16,139 shares of the company’s stock worth $3,712,000 after purchasing an additional 7,881 shares during the last quarter.

Insider Transactions at Reddit

In other Reddit news, CEO Steve Ladd Huffman sold 18,000 shares of the stock in a transaction on Friday, November 28th. The stock was sold at an average price of $215.19, for a total transaction of $3,873,420.00. Following the transaction, the chief executive officer owned 448,576 shares in the company, valued at $96,529,069.44. This trade represents a 3.86% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Benjamin Seong Lee sold 55,005 shares of the business’s stock in a transaction dated Tuesday, December 16th. The shares were sold at an average price of $221.21, for a total transaction of $12,167,656.05. Following the completion of the sale, the insider directly owned 62,608 shares of the company’s stock, valued at approximately $13,849,515.68. The trade was a 46.77% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 519,422 shares of company stock valued at $113,573,815. Corporate insiders own 34.25% of the company’s stock.

Analysts Set New Price Targets

RDDT has been the subject of several recent analyst reports. UBS Group set a $265.00 target price on shares of Reddit in a research note on Tuesday, January 13th. Piper Sandler restated an “overweight” rating on shares of Reddit in a research note on Monday, December 1st. Evercore ISI started coverage on Reddit in a research report on Monday, January 12th. They issued an “outperform” rating and a $320.00 price objective for the company. Cantor Fitzgerald began coverage on Reddit in a research note on Thursday, January 8th. They set a “neutral” rating and a $240.00 target price for the company. Finally, Bank of America increased their price target on Reddit from $180.00 to $210.00 and gave the company a “neutral” rating in a research note on Friday, October 31st. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $245.36.

Reddit Stock Down 5.2%

Shares of NYSE:RDDT opened at $180.13 on Friday. Reddit Inc. has a 12-month low of $79.75 and a 12-month high of $282.95. The business has a 50 day moving average of $226.40 and a 200-day moving average of $214.25. The stock has a market cap of $34.13 billion, a PE ratio of 103.52, a P/E/G ratio of 1.32 and a beta of 2.17.

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

Reddit Company 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.