VIRGINIA RETIREMENT SYSTEMS ET Al Acquires Shares of 19,773 Reddit Inc. $RDDT

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Reddit Inc. (NYSE:RDDT) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 19,773 shares of the company’s stock, valued at approximately $3,432,000.

A number of other large investors have also added to or reduced their stakes in the company. California State Teachers Retirement System lifted its holdings in Reddit by 19,702.8% in the 2nd quarter. California State Teachers Retirement System now owns 30,076,727 shares of the company’s stock worth $5,220,718,000 after buying an additional 29,924,846 shares in the last quarter. Capital World Investors purchased a new stake in shares of Reddit during the fourth quarter worth about $1,293,258,000. State Street Corp lifted its stake in shares of Reddit by 6.0% in the fourth quarter. State Street Corp now owns 2,631,332 shares of the company’s stock worth $604,864,000 after acquiring an additional 149,401 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Reddit by 4.7% in the fourth quarter. Geode Capital Management LLC now owns 2,382,712 shares of the company’s stock valued at $546,789,000 after purchasing an additional 106,821 shares during the last quarter. Finally, Morgan Stanley grew its stake in Reddit by 11.4% during the 4th quarter. Morgan Stanley now owns 2,372,443 shares of the company’s stock valued at $545,354,000 after purchasing an additional 242,709 shares in the last quarter.

Insider Buying and Selling

In related news, Director Robert A. Sauerberg sold 5,128 shares of the company’s stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $159.92, for a total transaction of $820,069.76. Following the completion of the transaction, the director directly owned 27,087 shares in the company, valued at $4,331,753.04. This represents a 15.92% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Michelle Reynolds sold 808 shares of the stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $200.00, for a total value of $161,600.00. Following the completion of the sale, the chief accounting officer directly owned 15,060 shares in the company, valued at $3,012,000. This represents a 5.09% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 210,102 shares of company stock valued at $36,375,252 over the last three months. 28.48% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research firms have issued reports on RDDT. Guggenheim restated a “buy” rating on shares of Reddit in a report on Friday, July 31st. Sanford C. Bernstein restated a “market perform” rating and issued a $180.00 price target on shares of Reddit in a research note on Friday, July 31st. UBS Group reaffirmed a “buy” rating on shares of Reddit in a report on Friday, July 31st. Raymond James Financial reiterated a “strong-buy” rating and set a $205.00 price objective on shares of Reddit in a research note on Monday, August 17th. Finally, Jefferies Financial Group set a $250.00 price objective on shares of Reddit in a report on Friday, July 10th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and eleven have given a Hold rating to the stock. According to MarketBeat, Reddit currently has a consensus rating of “Moderate Buy” and a consensus price target of $221.10.

Reddit Stock Performance

Reddit stock opened at $146.80 on Thursday. Reddit Inc. has a 1 year low of $119.27 and a 1 year high of $282.95. The firm’s 50-day moving average is $168.67 and its 200-day moving average is $159.06. The company has a market cap of $28.25 billion, a P/E ratio of 34.14, a PEG ratio of 0.69 and a beta of 2.02.

Reddit (NYSE:RDDT) last announced its quarterly earnings data on Thursday, July 30th. The company reported $1.25 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.30. Reddit had a net margin of 31.35% and a return on equity of 29.02%. The business had revenue of $804.91 million during the quarter, compared to the consensus estimate of $731.00 million. During the same quarter in the prior year, the firm earned $0.45 EPS. The company’s revenue for the quarter was up 61.0% compared to the same quarter last year. As a group, sell-side analysts predict that Reddit Inc. will post 5.27 earnings per share for the current year.

Reddit Profile

Reddit, Inc operates a global online platform where users participate in communities organized around shared interests, topics and discussions. Users can submit posts, links, images and videos, while community members can comment, vote and interact through publicly accessible forums known as subreddits.

The company generates revenue primarily through digital advertising and also offers premium memberships and other paid products. Reddit additionally provides data licensing and developer-related services that support the use of its platform content and technology.

Founded in 2005 by Steve Huffman, Alexis Ohanian and Aaron Swartz, Reddit serves users worldwide across a broad range of communities.