Van Hulzen Asset Management LLC Acquires Shares of 3,325 Reddit Inc. $RDDT

Van Hulzen Asset Management LLC bought a new stake in shares of Reddit Inc. (NYSE:RDDT) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 3,325 shares of the company’s stock, valued at approximately $501,000.

Several other large investors also recently modified their holdings of RDDT. Alliancebernstein L.P. raised its stake in Reddit by 103.0% in the first quarter. Alliancebernstein L.P. now owns 5,659,990 shares of the company’s stock valued at $593,733,000 after purchasing an additional 2,871,232 shares in the last quarter. Norges Bank bought a new position in Reddit in the 2nd quarter valued at about $294,254,000. Nordea Investment Management AB raised its position in shares of Reddit by 21,703.0% in the 2nd quarter. Nordea Investment Management AB now owns 1,060,935 shares of the company’s stock valued at $164,021,000 after buying an additional 1,056,069 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Reddit by 11.1% during the 1st quarter. Vanguard Group Inc. now owns 10,198,552 shares of the company’s stock worth $1,069,828,000 after acquiring an additional 1,017,162 shares during the period. Finally, JPMorgan Chase & Co. boosted its position in shares of Reddit by 98.2% during the 1st quarter. JPMorgan Chase & Co. now owns 1,907,495 shares of the company’s stock worth $200,096,000 after acquiring an additional 944,847 shares in the last quarter.

Reddit Stock Down 0.2%

Shares of Reddit stock opened at $222.86 on Wednesday. The stock has a market cap of $42.23 billion, a price-to-earnings ratio of 128.08, a P/E/G ratio of 2.46 and a beta of 2.17. Reddit Inc. has a twelve month low of $79.75 and a twelve month high of $282.95. The company’s fifty day moving average is $205.23 and its 200 day moving average is $184.99.

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

Insider Buying and Selling

In other news, CTO Christopher Brian Slowe sold 24,000 shares of the stock in a transaction on Monday, November 24th. The shares were sold at an average price of $192.72, for a total transaction of $4,625,280.00. Following the completion of the sale, the chief technology officer directly owned 175,694 shares in the company, valued at $33,859,747.68. This represents a 12.02% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Steve Ladd Huffman sold 18,000 shares of the business’s stock in a transaction on Tuesday, September 30th. The shares were sold at an average price of $229.10, for a total transaction of $4,123,800.00. Following the completion of the transaction, the chief executive officer owned 494,104 shares in the company, valued at approximately $113,199,226.40. The trade was a 3.51% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 394,370 shares of company stock valued at $83,157,724 over the last ninety days. 34.25% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Weiss Ratings restated a “hold (c-)” rating on shares of Reddit in a research note on Monday. Morgan Stanley restated an “overweight” rating and set a $250.00 price objective on shares of Reddit in a research report on Friday, October 31st. Needham & Company LLC reaffirmed a “buy” rating and issued a $300.00 price objective on shares of Reddit in a research note on Friday, October 31st. JMP Securities reissued a “market outperform” rating and set a $300.00 target price on shares of Reddit in a research note on Friday, October 3rd. Finally, Bank of America increased their target price on shares of Reddit from $180.00 to $210.00 and gave the stock a “neutral” rating in a report on Friday, October 31st. Three analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $226.33.

Reddit Profile

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.