VIRGINIA RETIREMENT SYSTEMS ET Al Buys Shares of 19,773 Reddit Inc. $RDDT

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Reddit Inc. (NYSE:RDDT) in the 2nd quarter, HoldingsChannel reports. The fund bought 19,773 shares of the company’s stock, valued at approximately $3,432,000.

Several other large investors also recently made changes to their positions in the company. Sunbelt Securities Inc. boosted its position in shares of Reddit by 87.5% during the first quarter. Sunbelt Securities Inc. now owns 195 shares of the company’s stock worth $26,000 after buying an additional 91 shares during the period. Ascentis Independent Advisors bought a new position in Reddit in the 1st quarter worth approximately $30,000. EverSource Wealth Advisors LLC increased its position in Reddit by 48.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 197 shares of the company’s stock valued at $34,000 after acquiring an additional 64 shares during the period. Beacon Investment Advisory Services Inc. acquired a new stake in Reddit in the 2nd quarter valued at approximately $35,000. Finally, Geneos Wealth Management Inc. raised its stake in 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 acquiring an additional 286 shares in the last quarter.

Reddit Price Performance

Shares of RDDT opened at $146.80 on Thursday. The company has a 50-day moving average of $168.67 and a two-hundred day moving average of $159.06. Reddit Inc. has a one year low of $119.27 and a one year high of $282.95. The stock has a market cap of $28.25 billion, a price-to-earnings ratio of 34.14, a PEG ratio of 0.69 and a beta of 2.02.

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

Insider Activity at Reddit

In other Reddit news, COO Jennifer L. Wong sold 75,000 shares of the stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $178.55, for a total value of $13,391,250.00. Following the completion of the sale, the chief operating officer owned 1,050,339 shares in the company, valued at $187,538,028.45. This represents a 6.66% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Robert A. Sauerberg sold 5,128 shares of Reddit stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $159.92, for a total transaction of $820,069.76. Following the sale, the director directly owned 27,087 shares of the company’s stock, valued at $4,331,753.04. This trade represents a 15.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 210,102 shares of company stock valued at $36,375,252. Company insiders own 28.48% of the company’s stock.

Analysts Set New Price Targets

RDDT has been the subject of a number of analyst reports. Oppenheimer reduced their price target on Reddit from $225.00 to $200.00 and set an “outperform” rating for the company in a research report on Friday, July 31st. Needham & Company LLC reaffirmed a “buy” rating and issued a $300.00 price objective on shares of Reddit in a report on Wednesday, June 24th. Loop Capital reiterated a “buy” rating and issued a $260.00 target price on shares of Reddit in a research report on Thursday, June 4th. Sanford C. Bernstein reissued a “market perform” rating and set a $180.00 target price on shares of Reddit in a research note on Friday, July 31st. Finally, UBS Group restated a “buy” rating on shares of Reddit in a research report on Friday, July 31st. Two research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and eleven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Reddit has a consensus rating of “Moderate Buy” and an average target price of $221.10.

About Reddit

Reddit, Inc operates a global online platform where users participate in communities organized around shared interests, topics and discussions. Users can submit posts, links, images and videos, while community members can comment, vote and interact through publicly accessible forums known as subreddits.

The company generates revenue primarily through digital advertising and also offers premium memberships and other paid products. Reddit additionally provides data licensing and developer-related services that support the use of its platform content and technology.

Founded in 2005 by Steve Huffman, Alexis Ohanian and Aaron Swartz, Reddit serves users worldwide across a broad range of communities.