Reddit Inc. $RDDT Shares Purchased by Sumitomo Mitsui DS Asset Management Company Ltd

Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in Reddit Inc. (NYSE:RDDT) by 34.3% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 25,367 shares of the company’s stock after purchasing an additional 6,482 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Reddit were worth $3,613,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Evansbrook LLC boosted its position in shares of Reddit by 2.2% in the 1st quarter. Evansbrook LLC now owns 2,736 shares of the company’s stock worth $368,000 after purchasing an additional 59 shares during the last quarter. Signaturefd LLC grew its stake in shares of Reddit by 7.6% during the second quarter. Signaturefd LLC now owns 878 shares of the company’s stock worth $152,000 after purchasing an additional 62 shares during the period. EverSource Wealth Advisors LLC increased its holdings in Reddit by 48.1% in the second quarter. EverSource Wealth Advisors LLC now owns 197 shares of the company’s stock valued at $34,000 after purchasing an additional 64 shares during the last quarter. Diversified Trust Co increased its holdings in Reddit by 2.1% in the first quarter. Diversified Trust Co now owns 3,271 shares of the company’s stock valued at $440,000 after purchasing an additional 68 shares during the last quarter. Finally, Versant Capital Management Inc increased its holdings in Reddit by 31.1% in the second quarter. Versant Capital Management Inc now owns 291 shares of the company’s stock valued at $51,000 after purchasing an additional 69 shares during the last quarter.

Analyst Ratings Changes

Several research firms have weighed in on RDDT. Truist Financial increased their target price on Reddit from $265.00 to $275.00 and gave the company a “buy” rating in a research note on Friday, July 31st. Zacks Research lowered Reddit from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 25th. Citigroup reaffirmed a “market outperform” rating on shares of Reddit in a research note on Wednesday, October 14th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Reddit in a research note on Wednesday, August 5th. Finally, KeyCorp assumed coverage on shares of Reddit in a research report on Wednesday, July 29th. They issued an “overweight” rating and a $225.00 price target on the stock. Two investment analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and ten have issued a Hold rating to the company. According to data from MarketBeat, Reddit currently has a consensus rating of “Moderate Buy” and a consensus target price of $219.29.

Insiders Place Their Bets

In other news, COO Jennifer Wong sold 75,000 shares of the firm’s stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $178.55, for a total transaction of $13,391,250.00. Following the completion of the transaction, the chief operating officer directly owned 1,050,339 shares of the company’s stock, valued at $187,538,028.45. This trade represents a 6.66% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Steve Huffman sold 18,000 shares of Reddit stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $178.16, for a total transaction of $3,206,880.00. Following the completion of the sale, the chief executive officer owned 373,814 shares in the company, valued at $66,598,702.24. This trade represents a 4.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 306,052 shares of company stock valued at $49,754,523 in the last quarter. 28.48% of the stock is currently owned by insiders.

Reddit Price Performance

Shares of Reddit stock opened at $150.25 on Friday. The firm has a market cap of $28.91 billion, a price-to-earnings ratio of 34.94, a price-to-earnings-growth ratio of 0.71 and a beta of 2.05. The stock’s 50-day moving average is $153.99 and its 200-day moving average is $162.15. Reddit Inc. has a one year low of $119.27 and a one year high of $263.50.

Reddit (NYSE:RDDT) last posted its quarterly earnings data on Thursday, July 30th. The company reported $1.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.95 by $0.30. Reddit had a return on equity of 29.02% and a net margin of 31.35%. The business had revenue of $804.91 million during the quarter, compared to the consensus estimate of $731.00 million. During the same period last year, the company earned $0.45 earnings per share. Reddit’s quarterly revenue was up 61.0% on a year-over-year basis. On average, equities analysts expect that Reddit Inc. will post 5.27 EPS for the current year.

About Reddit

Reddit, Inc operates a global online platform where users participate in communities organized around shared interests, topics and activities. Members can submit text posts, links, images and videos, as well as comment on and vote on content. The platform includes thousands of communities, commonly known as subreddits, covering subjects such as news, entertainment, technology, sports, finance and lifestyle.

Reddit generates revenue primarily through digital advertising, offering advertisers access to audiences based on community interests and user engagement.