Tredje AP fonden Has $19.38 Million Position in Reddit Inc. $RDDT

Tredje AP fonden cut its stake in Reddit Inc. (NYSE:RDDT) by 60.7% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 84,276 shares of the company’s stock after selling 130,259 shares during the period. Tredje AP fonden’s holdings in Reddit were worth $19,383,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Raiffeisen Bank International AG acquired a new position in Reddit in the third quarter valued at about $25,000. WT Asset Management Ltd acquired a new position in shares of Reddit in the 3rd quarter valued at approximately $92,973,000. L & S Advisors Inc bought a new stake in shares of Reddit during the 3rd quarter worth approximately $213,000. NewEdge Wealth LLC acquired a new stake in shares of Reddit during the 3rd quarter worth approximately $274,000. Finally, Axxcess Wealth Management LLC bought a new position in Reddit in the third quarter valued at approximately $241,000.

Insider Transactions at Reddit

In related news, CEO Steve Ladd Huffman sold 18,000 shares of the company’s stock in a transaction that occurred on Friday, February 13th. The stock was sold at an average price of $138.81, for a total value of $2,498,580.00. Following the sale, the chief executive officer directly owned 448,576 shares in the company, valued at $62,266,834.56. This represents a 3.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CTO Christopher Brian Slowe sold 11,464 shares of the firm’s stock in a transaction that occurred on Tuesday, February 10th. The stock was sold at an average price of $149.74, for a total transaction of $1,716,619.36. Following the transaction, the chief technology officer owned 165,694 shares of the company’s stock, valued at approximately $24,811,019.56. The trade was a 6.47% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 520,975 shares of company stock worth $112,083,885. 34.25% of the stock is currently owned by insiders.

Reddit Stock Performance

Shares of NYSE RDDT opened at $150.18 on Friday. The firm has a 50 day moving average price of $203.85 and a two-hundred day moving average price of $213.53. The stock has a market cap of $28.69 billion, a P/E ratio of 57.32, a price-to-earnings-growth ratio of 1.09 and a beta of 2.17. Reddit Inc. has a 52-week low of $79.75 and a 52-week high of $282.95.

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

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on RDDT shares. Wall Street Zen raised Reddit from a “hold” rating to a “buy” rating in a report on Saturday, February 14th. Wells Fargo & Company set a $196.00 target price on Reddit in a research note on Monday, February 9th. Piper Sandler restated an “overweight” rating and issued a $205.00 price target (down from $290.00) on shares of Reddit in a research note on Friday, February 6th. Argus set a $300.00 price objective on shares of Reddit in a research report on Friday, January 9th. Finally, China Renaissance initiated coverage on shares of Reddit in a research report on Tuesday, December 9th. They issued a “buy” rating and a $300.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $238.78.

About Reddit

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.