63,646 Shares in Reddit Inc. $RDDT Purchased by Nykredit A S

Nykredit A S bought a new stake in Reddit Inc. (NYSE:RDDT) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 63,646 shares of the company’s stock, valued at approximately $11,048,000.

Several other institutional investors and hedge funds also recently made changes to their positions in RDDT. NewEdge Advisors LLC increased its stake in shares of Reddit by 143.3% in the first quarter. NewEdge Advisors LLC now owns 7,982 shares of the company’s stock worth $837,000 after purchasing an additional 4,701 shares in the last quarter. Empowered Funds LLC purchased a new position in Reddit during the first quarter worth about $213,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in Reddit by 106.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 216,960 shares of the company’s stock valued at $22,759,000 after purchasing an additional 111,780 shares in the last quarter. Focus Partners Wealth lifted its holdings in shares of Reddit by 40.8% during the 1st quarter. Focus Partners Wealth now owns 10,224 shares of the company’s stock worth $1,073,000 after acquiring an additional 2,965 shares during the last quarter. Finally, Geneos Wealth Management Inc. increased its position in shares of Reddit by 344.6% during the 1st quarter. Geneos Wealth Management Inc. now owns 369 shares of the company’s stock valued at $39,000 after purchasing an additional 286 shares during the last quarter.

Reddit Trading Down 1.2%

Shares of NYSE:RDDT opened at $154.18 on Friday. The company has a market cap of $29.66 billion, a price-to-earnings ratio of 35.86, a PEG ratio of 0.71 and a beta of 2.02. The company has a 50-day moving average price of $170.58 and a 200 day moving average price of $158.80. Reddit Inc. has a 12 month low of $119.27 and a 12 month high of $282.95.

Reddit (NYSE:RDDT) last released its quarterly earnings results on Thursday, July 30th. The company reported $1.25 EPS for the quarter, topping analysts’ consensus estimates of $0.95 by $0.30. The firm had revenue of $804.91 million during the quarter, compared to analysts’ expectations of $731.00 million. Reddit had a net margin of 31.35% and a return on equity of 29.02%. The firm’s revenue for the quarter was up 61.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.45 EPS. As a group, equities analysts forecast that Reddit Inc. will post 5.27 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on RDDT shares. Zacks Research downgraded shares of Reddit from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 25th. Morgan Stanley dropped their target price on shares of Reddit from $240.00 to $210.00 and set an “overweight” rating on the stock in a report on Friday, August 21st. Needham & Company LLC reaffirmed a “buy” rating and set a $300.00 price objective on shares of Reddit in a research report on Wednesday, June 24th. KeyCorp began coverage on shares of Reddit in a report on Wednesday, July 29th. They issued an “overweight” rating and a $225.00 target price for the company. Finally, Evercore reissued an “outperform” rating and issued a $265.00 target price on shares of Reddit in a research report on Friday, July 31st. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and eleven have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $221.10.

Insider Buying and Selling

In other news, Director Robert Sauerberg sold 5,128 shares of the business’s stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $159.92, for a total value of $820,069.76. Following the completion of the transaction, the director directly owned 27,087 shares of the company’s stock, valued at approximately $4,331,753.04. The trade was a 15.92% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, 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 sale, the chief operating officer owned 1,050,339 shares of the company’s stock, valued at approximately $187,538,028.45. This trade represents a 6.66% 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 worth $36,375,252 over the last quarter. Insiders own 28.48% of the company’s stock.

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.