Reddit Inc. $RDDT Shares Bought by AustralianSuper Pty Ltd

AustralianSuper Pty Ltd increased its position in Reddit Inc. (NYSE:RDDT) by 112.8% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 17,228 shares of the company’s stock after acquiring an additional 9,134 shares during the period. AustralianSuper Pty Ltd’s holdings in Reddit were worth $3,962,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Huntington National Bank grew its holdings in Reddit by 25.6% in the third quarter. Huntington National Bank now owns 270 shares of the company’s stock valued at $62,000 after purchasing an additional 55 shares during the last quarter. Resona Asset Management Co. Ltd. boosted its position in shares of Reddit by 0.3% in the 2nd quarter. Resona Asset Management Co. Ltd. now owns 20,201 shares of the company’s stock worth $3,023,000 after buying an additional 65 shares in the last quarter. AdvisorNet Financial Inc grew its stake in Reddit by 2.8% in the 3rd quarter. AdvisorNet Financial Inc now owns 2,464 shares of the company’s stock valued at $567,000 after acquiring an additional 66 shares during the last quarter. Kingswood Wealth Advisors LLC increased its holdings in Reddit by 5.0% during the 3rd quarter. Kingswood Wealth Advisors LLC now owns 1,439 shares of the company’s stock valued at $331,000 after acquiring an additional 69 shares in the last quarter. Finally, Bienville Capital Management LLC lifted its holdings in shares of Reddit by 0.5% in the second quarter. Bienville Capital Management LLC now owns 16,153 shares of the company’s stock valued at $2,432,000 after purchasing an additional 76 shares in the last quarter.

Reddit Stock Up 1.0%

NYSE:RDDT opened at $147.19 on Thursday. The company has a market cap of $28.12 billion, a P/E ratio of 56.18, a P/E/G ratio of 1.06 and a beta of 2.40. The firm’s 50 day moving average is $190.89 and its two-hundred day moving average is $209.17. Reddit Inc. has a fifty-two week low of $79.75 and a fifty-two week high of $282.95.

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

Insider Activity at Reddit

In other news, COO Jennifer L. Wong sold 8,466 shares of Reddit stock in a transaction dated Tuesday, February 24th. The stock was sold at an average price of $143.37, for a total value of $1,213,770.42. Following the transaction, the chief operating officer directly owned 41,658 shares of the company’s stock, valued at $5,972,507.46. The trade was a 16.89% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Benjamin Seong Lee sold 5,575 shares of the business’s stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $143.35, for a total value of $799,176.25. Following the sale, the insider owned 79,309 shares of the company’s stock, valued at $11,368,945.15. The trade was a 6.57% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 449,084 shares of company stock valued at $93,738,449 over the last three months. Insiders own 34.25% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on RDDT shares. Evercore reaffirmed an “outperform” rating and issued a $290.00 target price on shares of Reddit in a research note on Friday, February 6th. Jefferies Financial Group boosted their target price on shares of Reddit from $300.00 to $325.00 and gave the company a “buy” rating in a research note on Thursday, December 11th. Truist Financial upped their target price on shares of Reddit from $270.00 to $275.00 and gave the company a “buy” rating in a report on Friday, February 6th. Wells Fargo & Company set a $196.00 price target on shares of Reddit in a report on Monday, February 9th. Finally, UBS Group set a $265.00 price objective on shares of Reddit in a research report on Tuesday, January 13th. One 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 issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average 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.