KLP Kapitalforvaltning AS Acquires 30,500 Shares of Reddit Inc. $RDDT

KLP Kapitalforvaltning AS increased its stake in Reddit Inc. (NYSE:RDDT) by 122.0% in the 3rd quarter, HoldingsChannel reports. The fund owned 55,500 shares of the company’s stock after acquiring an additional 30,500 shares during the period. KLP Kapitalforvaltning AS’s holdings in Reddit were worth $12,764,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in RDDT. Norges Bank bought a new stake in shares of Reddit in the 2nd quarter valued at approximately $294,254,000. Amundi raised its holdings in Reddit by 2,060.5% during the 2nd 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 period. State Street Corp lifted its position in 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 buying an additional 1,178,890 shares during the last quarter. Nordea Investment Management AB boosted its stake in Reddit by 21,703.0% during the second quarter. Nordea Investment Management AB now owns 1,060,935 shares of the company’s stock worth $164,021,000 after buying an additional 1,056,069 shares during the period. Finally, Geode Capital Management LLC increased its position in Reddit by 72.1% during the second quarter. Geode Capital Management LLC now owns 1,989,004 shares of the company’s stock valued at $299,044,000 after acquiring an additional 833,245 shares during the last quarter.

Analyst Upgrades and Downgrades

RDDT has been the subject of several analyst reports. Morgan Stanley restated an “overweight” rating and issued a $250.00 target price on shares of Reddit in a report on Friday, October 31st. Sanford C. Bernstein raised their price objective on shares of Reddit from $190.00 to $210.00 and gave the stock a “market perform” rating in a research note on Friday, October 31st. Citigroup upped their target price on Reddit from $250.00 to $265.00 and gave the company a “buy” rating in a research note on Monday, November 3rd. Roth Capital set a $210.00 price target on Reddit in a report on Friday, October 31st. Finally, Truist Financial set a $270.00 price objective on Reddit in a report on Friday, October 31st. Two research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, Reddit has an average rating of “Moderate Buy” and an average price target of $230.65.

Insider Transactions at Reddit

In other Reddit news, COO Jennifer L. Wong sold 63,427 shares of the firm’s stock in a transaction dated Monday, November 24th. The shares were sold at an average price of $192.72, for a total transaction of $12,223,651.44. Following the transaction, the chief operating officer owned 1,184,528 shares of the company’s stock, valued at approximately $228,282,236.16. This trade represents a 5.08% decrease in their position. The transaction was disclosed in a document filed with the SEC, 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 owned 62,608 shares of the company’s stock, valued at approximately $13,849,515.68. This represents a 46.77% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 474,246 shares of company stock worth $99,908,227. Corporate insiders own 34.25% of the company’s stock.

Reddit Stock Performance

Reddit stock opened at $253.87 on Friday. The company has a market capitalization of $48.11 billion, a PE ratio of 145.90, a P/E/G ratio of 1.72 and a beta of 2.17. The company has a 50 day moving average price of $217.70 and a 200-day moving average price of $206.10. Reddit Inc. has a fifty-two week low of $79.75 and a fifty-two week high of $282.95.

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

Reddit 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.