Nordea Investment Management AB Increases Position in Reddit Inc. $RDDT

Nordea Investment Management AB raised its holdings in shares of Reddit Inc. (NYSE:RDDT) by 4.3% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,151,360 shares of the company’s stock after purchasing an additional 47,187 shares during the period. Nordea Investment Management AB owned 0.61% of Reddit worth $265,273,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. Norges Bank purchased a new stake in shares of Reddit in the 2nd quarter worth approximately $294,254,000. Vanguard Group Inc. raised its stake in Reddit by 12.9% during the third quarter. Vanguard Group Inc. now owns 12,238,508 shares of the company’s stock valued at $2,814,734,000 after buying an additional 1,401,293 shares during the last quarter. Amundi raised its stake in Reddit by 2,060.5% during the second quarter. Amundi now owns 1,307,231 shares of the company’s stock valued at $208,294,000 after buying an additional 1,246,725 shares during the last quarter. Invesco Ltd. boosted its holdings in Reddit by 419.0% in the third quarter. Invesco Ltd. now owns 1,487,941 shares of the company’s stock worth $342,212,000 after acquiring an additional 1,201,237 shares in the last quarter. Finally, State Street Corp grew its stake in shares of Reddit by 138.5% in the second quarter. State Street Corp now owns 2,030,139 shares of the company’s stock worth $305,678,000 after acquiring an additional 1,178,890 shares during the last quarter.

Insider Buying and Selling at Reddit

In other news, CAO Michelle Marie Reynolds sold 2,291 shares of the stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $143.59, for a total transaction of $328,964.69. Following the transaction, the chief accounting officer directly owned 17,133 shares of the company’s stock, valued at $2,460,127.47. This represents a 11.79% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Sarah E. Farrell purchased 10,500 shares of the company’s stock in a transaction dated Friday, March 13th. The stock was purchased at an average price of $132.26 per share, for a total transaction of $1,388,730.00. Following the completion of the purchase, the director owned 61,000 shares in the company, valued at approximately $8,067,860. The trade was a 20.79% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last 90 days, insiders bought 61,000 shares of company stock worth $8,870,815 and sold 359,578 shares worth $67,335,283. 34.25% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

RDDT has been the subject of several analyst reports. Cantor Fitzgerald reduced their price target on Reddit from $240.00 to $170.00 and set a “neutral” rating for the company in a report on Friday, February 6th. Weiss Ratings reissued a “hold (c-)” rating on shares of Reddit in a research report on Monday, December 29th. Evercore restated an “outperform” rating and set a $290.00 price objective on shares of Reddit in a research note on Friday, February 6th. Truist Financial lifted their target price on shares of Reddit from $270.00 to $275.00 and gave the stock a “buy” rating in a report on Friday, February 6th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Reddit from $227.00 to $200.00 and set a “neutral” rating on the stock in a research note on Friday, February 6th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and eleven have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $242.19.

Reddit Stock Performance

RDDT opened at $140.18 on Friday. The company’s 50-day simple moving average is $166.67 and its two-hundred day simple moving average is $202.11. The stock has a market capitalization of $26.78 billion, a P/E ratio of 53.50, a P/E/G ratio of 1.02 and a beta of 2.40. Reddit Inc. has a 52-week low of $79.75 and a 52-week high of $282.95.

Reddit (NYSE:RDDT) last released its quarterly earnings data on Thursday, February 5th. The company reported $1.24 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.28. Reddit had a net margin of 24.05% and a return on equity of 20.89%. The firm had revenue of $725.61 million during the quarter, compared to analysts’ expectations of $665.80 million. During the same period in the previous year, the company earned $0.36 earnings per share. The firm’s quarterly revenue was up 69.7% on a year-over-year basis. Research analysts forecast that Reddit Inc. will post 1.12 EPS for the current fiscal 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.