Mitsubishi UFJ Asset Management Co. Ltd. Grows Holdings in Reddit Inc. $RDDT

Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in shares of Reddit Inc. (NYSE:RDDT) by 19.2% in the third quarter, HoldingsChannel.com reports. The firm owned 115,934 shares of the company’s stock after buying an additional 18,660 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Reddit were worth $26,664,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Raiffeisen Bank International AG purchased a new stake in Reddit in the third quarter valued at approximately $25,000. Cornerstone Planning Group LLC grew its stake in shares of Reddit by 13,500.0% in the third quarter. Cornerstone Planning Group LLC now owns 136 shares of the company’s stock valued at $31,000 after buying an additional 135 shares in the last quarter. GAMMA Investing LLC grew its stake in shares of Reddit by 8,650.0% in the third quarter. GAMMA Investing LLC now owns 175 shares of the company’s stock valued at $40,000 after buying an additional 173 shares in the last quarter. Cloud Capital Management LLC purchased a new stake in shares of Reddit in the 3rd quarter valued at $47,000. Finally, Covestor Ltd raised its holdings in shares of Reddit by 138.5% in the 3rd quarter. Covestor Ltd now owns 217 shares of the company’s stock valued at $50,000 after buying an additional 126 shares during the period.

Reddit Stock Down 3.9%

Shares of NYSE:RDDT opened at $145.31 on Monday. The firm’s 50 day moving average price is $195.79 and its 200 day moving average price is $210.99. The stock has a market cap of $27.76 billion, a price-to-earnings ratio of 55.46, a price-to-earnings-growth ratio of 1.06 and a beta of 2.17. Reddit Inc. has a fifty-two week low of $79.75 and a fifty-two week high of $282.95.

Reddit (NYSE:RDDT) last posted its quarterly earnings results on Thursday, February 5th. The company reported $1.24 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 analysts’ expectations of $665.80 million. During the same quarter in the previous year, the business posted $0.36 EPS. The firm’s revenue was up 69.7% on a year-over-year basis. On average, equities analysts anticipate that Reddit Inc. will post 1.12 EPS for the current year.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Roth Mkm raised their target price on Reddit from $210.00 to $215.00 and gave the company a “neutral” rating in a report on Friday, January 30th. Argus set a $300.00 price target on shares of Reddit in a research report on Friday, January 9th. Weiss Ratings restated a “hold (c-)” rating on shares of Reddit in a report on Monday, December 29th. B. Riley Financial upped their target price on shares of Reddit from $245.00 to $250.00 and gave the stock a “buy” rating in a research note on Friday, February 6th. Finally, Wells Fargo & Company set a $196.00 target price on shares of Reddit in a report on Monday, February 9th. One 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 given a Sell rating to the company. Based on data from MarketBeat, Reddit has an average rating of “Moderate Buy” and a consensus price target of $238.78.

Insider Activity

In related news, CEO Steve Ladd Huffman sold 18,000 shares of the stock in a transaction on Monday, December 15th. The stock was sold at an average price of $220.28, for a total value of $3,965,040.00. Following the transaction, the chief executive officer owned 448,576 shares of the company’s stock, valued at $98,812,321.28. This represents a 3.86% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Sarah E. Farrell purchased 43,800 shares of the business’s stock in a transaction on Tuesday, February 10th. The stock was acquired at an average price of $149.52 per share, for a total transaction of $6,548,976.00. Following the completion of the purchase, the director owned 43,800 shares of the company’s stock, valued at $6,548,976. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders have sold 431,084 shares of company stock valued at $91,126,289. Insiders own 34.25% of the company’s stock.

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.