State of New Jersey Common Pension Fund D Acquires 12,422 Shares of Reddit Inc. $RDDT

State of New Jersey Common Pension Fund D raised its holdings in shares of Reddit Inc. (NYSE:RDDT) by 51.3% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 36,647 shares of the company’s stock after purchasing an additional 12,422 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Reddit were worth $8,428,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of RDDT. Resona Asset Management Co. Ltd. boosted its stake in shares of Reddit by 53.2% during the third quarter. Resona Asset Management Co. Ltd. now owns 30,944 shares of the company’s stock valued at $7,166,000 after purchasing an additional 10,743 shares in the last quarter. Teacher Retirement System of Texas boosted its position in Reddit by 880.5% during the 2nd quarter. Teacher Retirement System of Texas now owns 94,676 shares of the company’s stock worth $14,255,000 after buying an additional 85,020 shares during the period. Optimize Financial Inc acquired a new stake in Reddit during the 3rd quarter worth approximately $1,420,000. Plato Investment Management Ltd grew its holdings in Reddit by 120.2% during the 2nd quarter. Plato Investment Management Ltd now owns 2,970 shares of the company’s stock worth $446,000 after acquiring an additional 1,621 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its position in Reddit by 95.4% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 16,139 shares of the company’s stock valued at $3,712,000 after acquiring an additional 7,881 shares during the period.

Reddit Stock Performance

Shares of RDDT stock opened at $139.01 on Wednesday. The firm has a market cap of $26.34 billion, a price-to-earnings ratio of 53.06, a P/E/G ratio of 1.04 and a beta of 2.17. Reddit Inc. has a 52 week low of $79.75 and a 52 week high of $282.95. The firm’s 50-day simple moving average is $208.89 and its two-hundred day simple moving average is $214.83.

Reddit (NYSE:RDDT) last issued its quarterly earnings results on Thursday, February 5th. The company reported $1.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.96 by $0.28. Reddit had a net margin of 24.05% and a return on equity of 20.89%. The company had revenue of $725.61 million during the quarter, compared to analyst estimates of $665.80 million. During the same quarter last year, the business posted $0.36 EPS. Reddit’s quarterly revenue was up 69.7% compared to the same quarter last year. Analysts forecast that Reddit Inc. will post 1.12 earnings per share for the current year.

Insider Activity

In other Reddit news, Director Sarah E. Farrell purchased 6,700 shares of the company’s stock in a transaction dated Wednesday, February 11th. The stock was purchased at an average price of $139.27 per share, for a total transaction of $933,109.00. Following the transaction, the director owned 50,500 shares in the company, valued at $7,033,135. The trade was a 15.30% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Steve Ladd Huffman sold 18,000 shares of the business’s stock in a transaction dated Friday, January 30th. The stock was sold at an average price of $183.18, for a total value of $3,297,240.00. Following the transaction, the chief executive officer directly owned 448,576 shares of the company’s stock, valued at $82,170,151.68. The trade was a 3.86% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 502,975 shares of company stock valued at $109,585,305. 34.25% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

RDDT has been the topic of several analyst reports. JPMorgan Chase & Co. reduced their price objective on shares of Reddit from $227.00 to $200.00 and set a “neutral” rating on the stock in a research note on Friday, February 6th. Guggenheim upped their target price on shares of Reddit from $245.00 to $255.00 and gave the stock a “buy” rating in a report on Friday, February 6th. China Renaissance began coverage on Reddit in a report on Tuesday, December 9th. They set a “buy” rating and a $300.00 price objective for the company. Bank of America lifted their target price on Reddit from $180.00 to $210.00 and gave the company a “neutral” rating in a research report on Friday, October 31st. Finally, Wells Fargo & Company set a $196.00 price objective on Reddit in a research note on Monday, February 9th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $238.78.

Reddit Company 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.